Competitor Analysis for a Food and Beverage Company
With the food and beverage industry evolving rapidly, businesses must constantly assess market changes and identify new initiatives undertaken by competitors. Also, business leaders must find new ways to differentiate their brand in the crowded marketplace. Competitor analysis solution enables better business performance and accelerates win rates. In addition, competitor analysis aids businesses to understand the weaknesses of their competitors and identify profitable opportunities.
The client is a food and beverage company based out of Ireland.
Our client, a food and beverage firm, faced difficulties in meeting their sales target. Also, the client’s unstructured approach to product marketing resulted in huge losses for the company. In addition, the client faced challenges in keeping tabs on market trends and industry developments. Due to this, they started losing their valuable customers to competitors. The client, therefore, wanted to analyze the strategies and business models of their key competitors. By doing so, they wanted to make changes to their business models accordingly.
Also, by leveraging Infiniti’s competitor analysis solution, the client wanted to:
- Understand their market position in comparison to their competitors
- Anticipate what their competitors are planning next and make changes to business plans accordingly
- Identify gaps in competitors’ product offerings and define a unique value proposition
- Understand competitors’ pricing strategies
- Evaluate the effectiveness of their rivals’ marketing strategies
Infiniti’s competitor analysis engagement involved a four-phased approach that included:
A market research study to gather comprehensive insights into the regional market trends and industry developments
A competitive study to analyze the key competitors and understand their marketing models
A pricing strategy engagement to analyze the factors impacting product prices in the market. This phase of the competitor analysis engagement also involved comparing the client’s pricing strategy with that of their competitors
A competitive benchmarking analysis to compare the client’s product offerings to that of their competitors.
The insights obtained from Infiniti’s competitor analysis engagement helped the client to identify their strengths and weaknesses in comparison to their competitors. This helped them to identify areas that needed improvement. Also, a thorough analysis of competitors’ business strategies and plans helped the client to anticipate their competitors’ next move.
Additionally, by leveraging Infiniti’s competitor research engagement, the client was able to compare and measure the effectiveness of their marketing campaigns to that of their competitors. Also, by analyzing pricing models of their competitors, the client was able to set the right prices for their products. Within eight months of leveraging our competitor analysis solution, the company was able to enhance sales and increase profits by 31%.