Leveraging competitive intelligence: what’s in it for your business?
In a transitional world, brands are defined by the content they create and understanding what content is resonating with your competition is critical to the success of your business. Moreover, having a solid understanding of your competitors and how you differentiate yourself and your business paves the way to success. Being cognizant of your similarities is very important, especially when it comes to your marketing strategy and your consumers. This is where competitive intelligence helps. It acts as a key to sound market research and helps identify your niche. Competitive intelligence enables you to fine tune your content on what works for your market based on the successes and failures of your competitor’s content. Furthermore, it provides insights and intelligence on what is needed to thrive in the ever-changing world in which we work and live. In this article, we have talked about some of the effective ways competitive intelligence can drive your marketing strategy and boost your ROI.
How can competitive intelligence drive your marketing strategy?
#1. Competitive intelligence helps in analyzing the content that resonates
If there are too many players in your marketplace, there is a lot of information that you can tap into to create a solid marketing strategy. Competitive intelligence helps you to identify what works for your target market. It helps in researching your content and makes your experiment more focused and the learning curve less steep. It also aids in unveiling the content that drives the most engagement. This way you can design your marketing campaign better.
#2. Competitive intelligence aids in examining the pricing that adds value
Competitive intelligence helps you understand the pricing regime in your industry which allows you to deliberately pitch yourself as a credible alternative. By knowing what the top players in your industry charge vs their services vs customer loyalty, you can gain actionable insights into what the market values are and their existing business models.
#3. Competitive intelligence assists in formulating sales strategy that works
Sales strategy is perhaps the most crucial aspect to the success of any business. Competitor intelligence helps you to understand what your competitors are offering. This further paves the smooth way of engagement with the existing customers in your industry. This is also sometimes called a competitor displacement strategy. Acquiring new customers will also be easier if you spend time studying the successes and failures of your competitors.
Want to know how Infiniti’s competitive intelligence services can help you gain smarter insights and take real-time decisions? Contact us now!
Competition is a part and parcel of business. But the challenge here for companies is to identify the right strategies to go for the gold. Forward-thinking organizations must always keep a close watch on their peers in the market. Ignoring competition will result in problems that will be manifested through declining market share, lower sales, reduction in the number of customers, and to top it all cash-flow problems. These complications will consequently become elements of destruction for the business. Competitor analysis is the solution to prevent companies from being bowled-over by such mishaps. In this blog, our industry experts discuss three questions that companies must find answers in order to reap the benefits of competitor analysis:
#1: What is competitor analysis?
Competitor analysis is a strategic assessment of the strengths and weaknesses of the current and potential competitors in the industry. Mere knowledge about the company’s competitors in insufficient in competitor analysis. Rather, businesses must undertake a systematic analysis of their competitors by gathering a wide array of information so that it is easier to make well-informed strategic decisions.
#2: What does competitor analysis do?
The first and foremost criteria that companies must fulfill before undertaking competitor analysis is to understand its purpose and the solution it provides. Competitor analysis primarily aims at Identifying the company’s competitors and evaluating their strategies to determine the strengths and weaknesses relative to those of your own. It is a strong step toward building a competent and dynamic marketing plan. Competitor analysis not only helps understand the competition, but it also helps enterprises evaluate what makes their company unique in a saturated business climate.
#3: How to conduct competitor analysis?
Competitor analysis is a great approach to undertake a comprehensive SWOT analysis of your company as well as the other players in the market. For this, it is essential to identify all the companies in the industry that could qualify as a potential competitor for your products and services. This can include both direct and indirect competitors to the business. Once the list is compiled, the next step is to group each of these competitors based on their degree of competition with your business. Some of the relevant questions to ask here include:
- What is the scope of the competitor’s market share?
- What are their previous and current marketing strategies?
- What are the potential threats that these competitors pose to your business?
Not sure how to find answers to these questions? Get in touch with us to know more.
The need for competitive intelligence will continue to evolve given the ever-increasing competition across industries. Infiniti Research is a leading provider of actionable competitive intelligence solutions that help global organizations compete and triumph in their respective industries. With over 15 years of expertise in helping clients from across the globe, our competitive intelligence team follows highly tailored and proven methodologies to analyze the market competition. We also provide succinct solutions for business decisions in areas including market opportunity assessment, emerging market planning, benchmarking, value-channel analysis, and customer segmentation.
Running a race blindfolded is never easy and getting to the finish line is even more difficult. You could say the same thing about an organization that doesn’t use effective competitive intelligence services. A company that is not able to analyze and monitor what is happening in the world outside the business is very similar to a blindfolded runner who can’t see hurdles, changes in direction, or other runners in his path. Competitive intelligence services help gain a real-time view of your competitive landscape. These services focus primarily on the competitors of a business. They also help record the competitive actions in the market and observe and analyze the data to derive effective conclusions. With the help of competitive intelligence services, companies can keep a track of the past activities of their competitors, which further helps them to forecast the activities of the future. This aids businesses to formulate proper business strategies and improve the financial operations of the businesses. Thus, businesses never lose the vision of their goals. We at Infiniti, have discovered are a few essential uses of competitive intelligence services that no business can avoid. (more…)
LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence solution for a quick service restaurant client. A quick service restaurant includes fast casual restaurants and fast food restaurants. The population growth and rising incomes are some of the main reasons for the rise in the number of players in the quick service restaurant space. With the rising awareness of a healthier lifestyle, players in this sector are striving to offer higher transparency in food preparation and sourcing.
“Competitive intelligence solutions help firms gather, analyze, and manage market information to make strategic and informed business decisions. Furthermore, the solution help organizations profile the competitors and boost their competitiveness in the market. “says an expert at Infiniti Research.
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The solution offered helped the quick service restaurant client to identify the top competitors and continuously monitor their activities. The solution also assisted the client in evaluating the key performance indicators and efficiently analyzing their marketing resources to meet the business requirements. The client also gained detailed insights into the competitors’ value proposition.
Additional Benefits of The Competitive Intelligence Solution
- Optimize business process and strategies by comparing them with that of the competitors
- Collect data on the products, services, pricing models, and identify the unique selling propositions.
- To know more, request a free proposal
To know more about how our competitive intelligence solution helped the quick service restaurant client
Over the last couple of years, the global banking industry is driven by a weak global economy, digitization, and stringent regulations. Investment banks at large play a pivotal role in assisting companies, government, and other market participants to raise capital. With the recent regulatory concern, prominent investment banks are planning to shift from traditional underwriting businesses to mergers and acquisition advisory to reduce the capital investments. In addition, the recent recovery from the financial crisis is also compelling banks to redefine their business models to reduce operational costs and manage potential risks.
Several factors that may curtail the growth of the investment banking space include:
- Block-chain technology: Despite robust advancements, leading investment banks are facing the need to streamline their front-office functions to improve their efficiency and leverage new business opportunities. With the introduction of the blockchain technology, prominent banks in the financial sector are necessitating the need for these technologies to minimize counterparty risks and increase transparency into the process.
- Cybersecurity: In the recent years, cybersecurity becomes a major concern for the businesses in the investment banking space, where it becomes essential for the business to safeguard customer and transaction data. The current environment has witnessed a relentless growth in the cyber threats with criminals hacking operations and stealing information about institutional vulnerabilities. So, to keep pace with the rising threats, investment banking businesses should maintain and allocate their internal resources to actively curtail the vulnerabilities.
To address such challenges and gain relative insights into the market landscape, organizations are augmenting the need for a market intelligence solution.
A market intelligence solution provides a comprehensive understanding of the market landscape, the direct and the indirect competitors, and the financial factors in the market. A market intelligence solution also helps businesses in the investment banking space gather information on various data sets to improve the business models and projections.
The Business Challenge
- The client: A renowned investment banking service provider
The client, a renowned investment banking company, wanted to gain relevant insights into the existing company’s market, customers, problems, and competition and the growth potential for new products and services. With the help of a market intelligence solution, the investment banking client needed to analyze the market opportunity to drive better decision making. The primary concern of the investment banking company was to increase the presence of the brand in the market and minimize the risk of investment decisions made wrong.
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To gather intelligence specifically to customer satisfaction, Infiniti’s market intelligence experts carried out extensive research comprising interviews and discussions with prominent stakeholders in the investment banking space. To fine-tune their resources, the experts also compiled information across a wide array of reliable sources such as trade shows, paid industry databases, and company presentations in the banking industry.
The Solution Benefits and the Business Impact
The market intelligence solution offered by Infiniti helped the investment banking client better understand the market, competition, and the landscape surrounding the target audience. The solution offered insightful ways for the investment banking company to reach out to the target audience, with the right channel, and at the right time. Infiniti’s market intelligence solution also focused on potential ways to analyze the competition and devote more resources to meet the business requirements specifically. In addition, the investment banking client was further able to deliver more personalized offerings to generate better returns on the investment.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the investment banking industry
Globally, the manufacturing industry accounts for approximately 16% of the GDP and 14% of the employment.
The machine tools market is expected to witness considerable growth due to the advent of new technologies and the development of machine tools with robot-based automation features. Machine tools are used to cut and shape metals and other materials based on product specifications. However, in this industry, the growing concern for versatility and productivity is compelling businesses to rely on innovations to improve their production capabilities. The growth of the machine tools manufacturing space can be attributed to factors such as the integration of 3D printing technology and rising demand for fabricated metals from the construction and machinery industry.
However, factors such as the rising demand for faster, intelligent, and more versatile machinery are posing a challenge for manufacturing companies and are bringing to light the dire need for implementing automation into their service architecture. A couple of additional factors that pose a challenge for companies in the machine tools market are:
- Relentless technological advances: Over the last decade, companies in this industry have had to witness the mechanization of small and medium scale industries. With the rising preference for automation, various small and medium enterprises have started to face the need to re-invent their technological capabilities to meet the demand among the end-user segments.
- The slowdown in the Chinese economy: The recent slow down in the Chinese economy hurt the growth of the manufacturing companies across the globe. With China registering 34% of the overall growth in the machine tools manufacturing space, the slowdown has dramatically affected their production capabilities.
Competitive intelligence solutions help businesses monitor the competitive scenario in the market and accordingly predict the next possible move to stay ahead of the competition. Moreover, the such solutions also focus on gathering, analyzing, and managing market information to make strategic and informed business decisions.
The Business Challenge
- The client– A renowned machine tools manufacturer
The client, a renowned machine tools manufacturer, wanted to identify and profile their key competitors and enhance competitiveness in the market. The client wanted to gain strategic insights into the business environment and understand the marketing strategies of the key players in the machine tools manufacturing space. With the help of this competitive intelligence solution, the manufacturer wanted to formulate effective business strategies to stay one step ahead of the competition.
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To analyze the strengths and weaknesses of the key manufacturers, the competitive intelligence experts at Infiniti carried out extensive research comprising interviews and discussions with prominent stakeholders in the machine tools manufacturing space. Additionally, the experts also compiled information from a wide array of reliable sources such as trade shows, paid industry databases, and company presentations in the manufacturing industry.
The Solution Benefits and the Business Impact
The competitive intelligence solution offered by Infiniti assisted the machine tools manufacturer in compiling data on the competitors in terms of their products and service features, pricing models, and marketing strategies. The engagement offered granular insights to the machine tools manufacturer to help them identify the unique selling propositions and competitive pricing. Infiniti’s solution also helped the client refine their existing business models to lower risk tremendously and convert threats into opportunities.
The machine tools manufacturing space will witness the growing demand for versatile and flexible products from the end-user segments such as the construction. With the rising preference for 3-D printing and automation, the industry players will have to streamline their production capabilities to improve accuracy of business processes and boost productivity.
LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence assessment for a smart grid technology provider. There is an increased emphasis on the need to implement robust operational measures such as smart grid technologies to efficiently control the production, distribution, and conditioning of electricity. The rise of cloud platforms, increasing adoption of IoT, and the need to conserve energy are some of the main reasons that have given rise to this technology.
“An effective competitive intelligence solution helps smart grid technology providers to gather, analyze, and manage market information to make strategic business decisions. Furthermore, organizations can profile the competitors and enhance their competitiveness in the market. “says an expert at Infiniti Research.
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The solution offered helped the smart grid technology provider to identify the top competitors and continuously monitor their activities. The solution also helps the client to analyze the key performance indicators and efficiently analyze their marketing resources to meet the business requirements.
Additional Benefits of The Competitor Intelligence Solution
- Formulate effective strategies to stay ahead of the competition.
- Optimize business process and strategy by comparing with that of the competitors.
- To know more, request a free proposal
To know more about how our competitor intelligence solution helped the smart grid technology client
It is estimated that between 2008 and 2013, e-commerce sales grew ten times faster when compared to the in-store segment.
Today, with the rising shift towards a consumer-driven economy, companies in the retail industry have started emphasizing on delivering authenticity, newness, convenience, and creativity in their product offerings. The retail market comprises of establishments who are engaged in selling merchandise for personal and household consumption. Moreover, factors such as the changing preferences of the customers are compelling retailers to find new ways to delight their customers and strengthen loyalty. The growth of the retail market can be attributed to factors such as rising GDP, disposable income, and consumer spending.
Some of the factors that may curtail the growth of the retail market include:
- Influence of mobile shopping: With the growth of the online retailing sector, prominent businesses have started witnessing a considerable rise in the mobile shopping activity. As of 2016, the mobile retail showed a 54% increase in the year-on-year performance. The relentless growth of technology is compelling businesses to stay updated and adapt to the current competitive environment.
- Attracting and retaining talent: The retail market comprises of several establishments offering a wide array of services to the customers. So, it becomes crucial for organizations to attract, retain, and develop a workforce that addresses the growing demands. Organizations should also ensure that they are attracting the talent with similar skill sets.
To address such challenges and gain a competitive edge over their competitors, businesses are leveraging competitive intelligence solutions. Competitive intelligence helps businesses identify and profile the prominent competitors and generate meaningful insights to enable informed decision-making. Also, competitive intelligence solutions help businesses enhance their competitiveness and establish their presence in the market.
The Business Challenge
- The client- A renowned player in the retail market
A prominent client in the retail market wanted to gain better insights into the company’s competitors and enhance their competitiveness in the market. With the aid of Infiniti’s competitive intelligence solution, the retail market firm wanted to profile the key competitors and benchmark their pricing plans. The client wanted to understand the prevailing competition to benchmark their products and accordingly allocate resources to meet the business requirements.
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To cater to the specific requirements of the retail market client, the competitive intelligence experts at Infiniti carried out extensive research comprising interviews and discussions with prominent stakeholders in the retail market. To formulate effective business strategies, the experts also compiled information across a wide array of reliable sources such as trade shows, paid industry databases, and company presentations.
The Solution Benefit and the Business Impact
The competitive intelligence solution offered by Infiniti helped the client in the retail market understand the strengths and weaknesses of the competitors and identify the unique selling propositions. The engagement also helped the retail client successfully launch and market new products and services. The engagement also sought ways for the client to identify the gaps in terms of their capabilities and performance and rank their business against the most successful competitors. The client in the retail market space gained detailed insights into the competitors’ value proposition, customers, finances, and infrastructure.
With the aid of innovations, digital stores will continue to infiltrate the four walls of traditional stores. Moreover, factors such as growing digitization will further influence the growth of the retail market over the next couple of years.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the retail market