To keep pace with the growing demands of customers, food and beverage companies are constantly brainstorming new ideas, leveraging market research, and investing millions of dollars into finding the right market niche for their product offerings. Amidst the rising competition, companies that lack knowledge about changes in the market, competitor offerings, and customers’ preferences may find it difficult to thrive in the market. As a result, the need to have a marketing intelligence strategy in place has become vital for businesses.
The client, a leading food and beverage company in the US, introduced a new product in the market. They spent over $7 million on advertising the product on television and in print. But the product failed to gain traction from customers as the company targeted the wrong customer group. Moreover, customers found the product price to be quite expensive. Owing to this, the overall sales of the company plunged by 15%. Due to the dip in sales rate, the company had to discontinue the product in less than a year after it was introduced.
To make up for the lost sales, the client decided to introduce another healthy food product in the market. Before the product launch, the client wanted to thoroughly analyze the target audiences and research their competitors. With Infiniti’s marketing intelligence solution, the client wanted to build a robust marketing strategy, measure marketing progress, set competitive prices for the product, and deliver growth across all customer segments.
Solutions Offered and Value Delivered
Infiniti’s marketing intelligence research involved a detailed analysis of the client’s target audiences, key competitors, and profitable market segments. The marketing intelligence research offered to the client also helped them in devising a robust marketing strategy to promote their new food product. Also, by closely analyzing competitors, the client was able to ascertain the demand for similar products in the target market. This helped them set competitive prices for their new product.
They were also able to measure marketing progress and wisely spend their resources and money on advertising. With this, the client was able to attract lucrative customer segments and enhance sales for their newly introduced product. Within one year of product introduction, the client was able to exceed the sales expectations. As a result of the marketing intelligence study, the company was able to increase their profit margins by 25%.