Tag: marketing strategy

competitive intelligence

Identifying Potential Market Segments with the Aid of a Market Assessment Framework – An Infiniti Research Success Story

About the Client 

The client is a leading luxury cars brand, known for its luxurious cars and automobile parts. Based out of the United States, the company is slowly expanding its reach worldwide.

Business Challenge 

The future looks sharp for the automotive industry. With global economic growth, innovations, and the adoption of the latest technologies, revenue for the automotive industry is poised for growth. However, with the evolving automotive industry trends, automotive manufacturers need to rely on innovations to meet the growing demands for customization. Moreover, automotive manufacturing companies need to find innovative ways to reach out to the customers, while meeting the quality standards.

These challenges have urged players in the automotive industry to leverage the market assessment framework to outsmart the global competition. Market assessment framework provides comprehensive insights into the automotive manufacturing space in terms of the demographic and economic overview, location mapping, competitor analysis, and key demand drivers.

Business Case: The client, a leading luxury car manufacturer approached Infiniti Research to engage in a market assessment study. With Infiniti’s market assessment framework, the client wanted to seek ways to identify the most profitable segments and refine their relationship with the consumer base. Additionally, they also wanted to gain adequate insights into customer experience, buying patterns, their perceptions of the brand, and major competitors in the automotive manufacturing space.

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Top Challenges Faced by the Luxury Cars Manufacturer 

Problem Statement 1

With the increase in disposable income of the consumers and the rise in luxury offerings in vehicles, the demand for luxury cars have increased significantly. This compelled the client to invest in developing a business strategy model that could meet their business goals. With Infiniti’s market assessment framework, the client wanted to identify market trends and opportunities to develop robust business strategies.

Problem Statement 2

Using market assessment framework, the client wanted to identify their weaknesses and strengths in order to enhance the value of services and products being offered.

Problem Statement 3

Their inability to understand the current customer landscape proved to be costly, leading to a sharp decline in customer retention rate. This prompted them to devise a market assessment framework to understand their customer base better.

Problem Statement 4

With Infiniti’s market assessment framework, the client wanted to gain insights into their current market scenario to develop customized value propositions.

Gain data-driven insights to deliver profitable results by leveraging Infiniti's market assessment framework. Request for more info!

Solutions Offered and Value Delivered 

To tackle the above-mentioned challenges, the experts at Infiniti adopted a comprehensive marketing strategy framework. The marketing framework included the following phases:

Phase 1

Our researchers conducted in-depth market surveys and compiled data from a wide array of secondary sources such as government bodies, industry forums, and company presentations in the automotive industry space.

Phase 2

Based on the data collected, the experts at Infiniti created a market assessment framework, that combined detailed information on their business goals, budgets, major action items and timelines to effectively market their products to the target customers.

Phase 3

The devised market assessment framework helped the client to analyze competitors in terms of market penetration, product and market development, and clearly illustrated their market positioning in the target markets.

With the aid of Infiniti’s market assessment framework, the client was able to obtain a holistic view of the entire market, in terms of market value, customer behavior, global competition, and entry barriers. This enabled the client to better understand and analyze the potential market opportunities that aligned with their business goals. Additionally, the client also gained insights on market trends that helped them make necessary adjustments in their design and development approach and product marketing strategies.

 

Why leverage Infiniti’s market assessment framework?

Businesses need to have a precise understanding of their market and customers to succeed in the long-term. This helps them in developing a successful marketing strategy framework and gaining in-depth insights into the factors affecting their business. A market assessment framework is designed to provide a quantitative and qualitative assessment of the market and to determine the market size, customer segments, buying patterns, and economic barriers for businesses.

Infiniti’s market assessment framework provides a comprehensive view of the industry. It gives predictive insights about industry growth and defines key metrics such as size, trends, and projected growth. Infiniti’s market assessment framework includes all the details of businesses operating in similar domains and helps in understanding the larger landscape that your business is competing in.

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product research

Competitive Pricing: Competitor Pricing Strategies and Customer Spending Behavior Assessment for a Retail Company

 

Competitive Pricing Strategy for a Retail Company

About the Client 

The client is a leading retail company, with a workforce of around 7500. The firm caters its customer’s requirements in 6 countries worldwide.

The Business Challenge 

With new technologies, intensifying competition, and increasingly sophisticated customers, competition in the retail market is on a constant rise. Moreover, as e-commerce has taken pricing to the next level, retailers need to take a few actions to make sure that they don’t get left behind. Hence, companies in the retail industry need to keep an eye on their competitors’ behavior while setting prices in order to get the much-needed competitive edge in the market. A competitive pricing strategy helps businesses attract more customers via optimizing prices. A successful pricing strategy can significantly increase sales, optimize cooperation with suppliers, and boost revenue.

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competitive benchmarking

Marketing Strategy : Building a Robust Marketing Plan and Increasing Profit Margins by 25% for a Chemical Company

With the increasing pressure caused by new entrants in the market, lack of innovation, and diminishing opportunities to differentiate against competitors, the chemical companies are on the verge of disruption. Thus, chemical companies are realizing that, in order to address the next wave of opportunity and enter new markets, they will have to shift from a historic “operations-driven” focus to more agile service-driven businesses. But the question major players in the chemical industry come accross is, how to gain a competitive advantage? Well, this is where a marketing strategy comes into play. A robust marketing strategy is a marketing plan that help businesses keep tabs on target market segments, analyze their target customer, forecast demand-supply shifts, track emerging market trends, regional market developments, and provide insights on the potential impact of changing factors on business segments for gaining a competitive advantage in the market. So, let’s find out how Infiniti’s marketing strategy solution helped a chemical company gain a competitive advantage in the market.

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professional services

Think You Know All About What’s Trending in Professional Services This Year? Take a look

The professional services market is growing at a rapid pace. All credit goes to the rising demand for professional services such as accounting, legal, advertising, photographic services, and others from companies across various industries. As more number of companies develop or expand their global leadership positions, the demand for these services also rises. Employees in the professional services industry are often highly paid since they are being paid for their professional knowledge and expertise. However, as the industry is evolving, professionals can no longer rest on their laurels. They must stay on top of emerging trends since it’ll help them stay a step ahead of the competition. Here are some of the professional services marketing trends that firms need to keep in mind while planning their strategies to reach out to customers and have an advantage over competitors:Get more info

Ultra-personalization 

Customizing and personalizing the content based on how relevant it is to an individual client or prospect will significantly impact the ability to connect and retain the audiences. Forward-thinking marketers of professional services are deploying strategies and next-generation marketing technologies to deliver an ultra-personalized content experience that adds more value to the client relationship. This approach is aimed at solving the ongoing battle between fee earners and relationship owners who want to control what is best for their clients and marketing teams who want to take control of the brand and review the marketing content.

Virtual firms 

Factors such as changing technology trends increased pressure to reduce costs and the increased use of smartphones is increasing the popularity of virtual firms in the professional services market. More number of companies offering professional services are expected to go virtual and have fewer permanent offices in the years to come. This can be done by hiring contract employees, placing the entire infrastructure in the cloud, and utilizing a small number of physical offices. Professional services firms can cut their costs and help increase their revenue through this technique.

cta ir

Social media

Social media is one of the top marketing trends for most companies today. Professional services companies too are following suit and adopting such marketing trends for finding and engaging clients online, marketing services, and monitoring competitors. By establishing a strong social media presence, professional services companies can improve brand awareness, increase their client base, boost client satisfaction, and deepen client relationships.

Automation of back-end processes

Automating back-end processes help companies to eliminate paper-driven processes. Companies in this sector, especially accounting and legal firms are automating back-end processes to match front-end services. This is compelling several companies to change over from the old processes of scanning and filing paper checks. to electronic check records.


To know more about the challenges and opportunities in the professional services market:

go to market strategy

Disadvantages of Marketing Strategies for Product and Services Promotions

Your business is new, not many people know it yet. The product or service is really good, but how do you tell the masses about it? Organizations big or small all rely on marketing strategies for product and services promotions to get a word about their brand out in the market. That’s how people come to know about new products and services and their benefits. As a result, companies pour in millions of dollars in marketing strategies for product and services promotions hoping it will yield them an increment in the sales figure. Sometimes, it works, and sometimes, it just doesn’t, sending all the hard-earned millions down the drain. One should be wary of the pitfalls and disadvantages ofRequest Proposal these marketing strategies for product and services promotions to survive and grow in the market.

The cost to quality perception

How often do we see an item on sale or its price chopped off significantly? Pretty often. Companies hope to increase their sales volume by lowering the cost, thinking the simple demand-supply equilibrium will fetch them extra dollars. But often it so happens that a consumer sees it as a sign for reduced product quality. For instance, supermarkets often mark down the price of a product when they are about to expire. So a consumer will think twice before buying a marked down product.

Customers get habituated to promotions

One of the major disadvantages of marketing strategies for product and services promotions is that over time, consumers will get habituated to it. For instance, if a consumer knows that a certain store always offers 50% discount, then the consumer would be unwilling to buy when stores sell products in MRSP. They will even be hesitant to buy undiscounted products in the future as they already set the base price they are willing to pay for that product.

Dubious long-term success

Apple products barely go on discount. If your store were to sell Apple products with 30% discount, then there will a long queue of customers waiting to buy the product from you. It boosts your sales; however, you might not gain much in profits. A pressing question to ask here would be, will the customers come back to make a purchase if the offer was reverted? They will either go the Apple store or go to another retailer who may offer some discount. As a result, the long-term success of marketing strategies for product and services promotions seems dubious.

High-demand

It is only natural for the demand to go up when the price is brought down by promotions. Sometimes though, such a growth in demand could go out of control. Suddenly, customers who weren’t even interested in the brand would jump on the opportunity to buy the product. Customers who actually were thinking on the purchase may miss out on this opportunity and the company may thus alienate loyal customers. Running out of inventory causes trust issues and negatively impacts the brand.

Cut-throat competition

When you come up with marketing strategies for product and services promotions, your competitors won’t stay quiet either. They would most likely respond to a price drop with higher price drops. This, in turn, leads the company into a downward spiral for price reduction which affects the profit margin over the long-term.

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