The food and beverage industry witnessed a significant decline in growth rate and revenue through 2020 due to the COVID-19 pandemic. Consumers’ preferences shifted toward home-cooked meals while dining out and ordering in reduced significantly. As the industry attempts to recover from the pandemic’s business implications, there has also been a significant shift in consumers’ needs and preferences, market trends, and the competitive environment within the industry. These changes have given rise to the growing demand for competitive intelligence in the food and beverage industry.
Competitive intelligence solutions include identifying, researching, analyzing, and interpreting relevant data regarding the competitive environment, industry benchmarks, and competitors’ strategies. Companies analyzing competitor intelligence can also successfully:
- Predict future market trends
- Differentiate offerings from competitors’ by identifying their upcoming initiatives
- Improve ROI
- Make significant operational and logistical changes,
- Improve their marketing and pricing strategies,
- Maintain an unparalleled strategic edge.
To help food and beverage companies better understand competitive intelligence in their market, Infiniti’s experts have detailed the importance and significant benefits in this article.
Competing in a challenging industry and unsure of how your business can stand out? Request a free proposal to leverage our competitive intelligence solutions and gain an unparalleled strategic edge in your industry.
Why is Competitive Intelligence Important in the F&B industry?
A highly consumer-centric space, the food and beverage industry often faces dramatic shifts, and industry players struggle to keep pace with these changes. Additionally, being among the most competitive industries globally, companies in this market often grapple with the need to differentiate their offerings, improve customer satisfaction, and stay a step ahead of competitors. Therefore, industry leaders leverage competitive intelligence solutions. These solutions enable data-driven decision making, provide a comprehensive understanding of consumers’ needs, and help companies prepare for current and future trends while keeping track of competitors’ initiatives and strategies.
The Benefits of Competitive Intelligence in the F&B Industry
While there are various operational, economic, and functional benefits of competitor intelligence insights in the food and beverage industry, evaluating the most significant benefits is crucial to capitalize on these solutions successfully. Infiniti’s experts identified the following three significant benefits of competitive intelligence solutions in the F&B industry.
Predict and Prepare for Competitors’ Initiatives
Identifying, analyzing, and understanding competitors’ initiatives can provide companies with an incomparable strategic advantage. In a competitive market, developing novel offerings and constant innovation are imperative to succeed. To keep pace with the competition, industry and competitor intelligence experts advise tracking competitors’ strategies, developing new and improved product development and marketing initiatives before other industry players, and maintaining a distinctive strategic advantage within the industry.
With Infiniti’s competitive intelligence solutions, businesses can gain in-depth, data-driven insights into new offerings entering the market, strategize to differentiate their offerings, and reduces the probability of launching clashing or extremely competitive offerings.
The food and beverage industry is extremely challenging and fast-paced, and competitive advantage is imperative. Request more information to learn how Infiniti’s competitive intelligence solutions can help your business acquire an edge.
Keep Pace with Changing Industry Developments
A fast-paced, consumer-centric industry witnesses a series of trends, challenges, growth drivers, and risks. Keeping track of these various market dynamics is necessary for businesses attempting to stay ahead of the curve and their competitors. Competitor intelligence insights and data are highly influenced by changing dynamics in the surrounding market, and crucial business decisions can be severely impacted if market trends and challenges are not appropriately addressed.
Additionally, the food and beverage industry is vast and witnesses significant changes over short periods due to consumers’ changing preferences. Therefore, Infiniti’s competitive intelligence solutions include insight into end-consumers’ demands, competitors’ offerings, and significant industry developments. These insights also enable efficient strategizing for future trends, capitalizing on upcoming growth drivers, and mitigating potential market risks.
Enhance Speed-to-Market and Decision-Making
The sooner a company launches a new offering, the lower the chances of conflicting competition in the market. Researching, developing, testing, and launching a new offering requires significant investments, and the process can often fail if competitors’ offerings enter the market first. Various trends enter and exit the food and beverage market within short periods, making it increasingly necessary to improve speed-to-market times. To enhance speed-to-market, companies require a comprehensive understanding of the factors impacting the market, similar offerings and competitors in the market, and necessary improvements.
Additionally, the insights enable well-informed decision-making and improved ROI for companies. With reduced product launch failure risks, the company can efficiently invest in its new offerings and determine significant revenue expectations. Infiniti’s competitive intelligence solutions help companies profile their company, identify weaknesses or gaps and strategize to mitigate the challenges caused by them. Our solutions also help address potential factors impacting the launch or development of a new offering and substantially reduce the probability of failure.
Speak with our industry experts to learn how Infiniti’s competitive intelligence solutions can help your business stay a step ahead of the curve, enhance speed-to-market, and significantly improve decision-making.