Market intelligence isn’t any silver bullet, but certainly it’s a powerful tool!
Market intelligence is significant for businesses across sectors since it helps them develop an accurate and deep-enough understanding of how their offerings are perceived and interpreted by target customers. Manufacturing businesses, i.e., businesses that make use of human labor, chemicals, and various equipment to transform commodities or parts into finished goods, are no exception. Market research enables manufacturers to understand the extent to which customers know about their products and the impressions and opinions they carry about them. Market intelligence tells manufacturers what design features, functionalities, and positive feelings around the brand are valued most by users. By building these inputs into the ideation and creation of new products, manufacturing industry continuously “sweetens” its offerings, thus giving customers compelling reasons to stick to them.
More importantly, manufacturers can avoid the worst kind of risk of taking the right product to the wrong market (product-market mismatch) or the other way round based on so-called educated guesses. Typically, participants in the manufacturing sector gather a diverse set of market intelligence. They also stockpile significant data on competitor products as well as their strategies and motivations. This apart, market research intelligence experts in the manufacturing space routinely tune in to key factors like customer motivations, tastes, habits and the actions and decisions they take with respect to specific products.
Importance of the Market Research Intelligence Service
Come to grips with the competition
“Know the enemy and know yourself, in a hundred battles you will never be in peril” (Sun Tzu). Understanding the ways and means by which competitors continue to craft differentiated products and achieve a superior positioning in the mind space of customers is a prerequisite to making better decisions around growth, and profitability, among other things. Evaluating the performance of top competitors (as evidenced by their market share, pricing, SEO strategy, social media marketing, geographic presence, customer reviews) is no less important. There are a number of tools in the market to help manufacturers get a firm grip on competitor trends like website traffic, SEO performance, and backlink monitoring, to name a few.
Spot market trends early enough
Market intelligence keeps businesses in the loop about the general direction in which the market is moving, and this is intimately connected to the actions, decisions, and preferences of target customers. With market intelligence around to give them a heads-up, businesses can smooth and sharpen their product and sales and polish up the customer experience based on market trends and customer insights. This obviates any risk of the product strategy falling out of sync with emerging market trends. The chances of businesses being caught in the crosscurrents of the market are next to nothing with the right kind of data-driven market insights. So, with market intelligence putting wind in their sails, there is no reason why businesses shouldn’t go on to generate even more success even in a turbulent market.
Ensure to bring all factors into the equation
Is market intelligence all about competitive watch and market trend analysis? Not quite. In fact, practitioners of this discipline gather granular data on a host of things that matter to businesses, such as economic and trade factors, for instance. These include economic growth, inflation, interest, exchange rates, commodity pricing, trade policies, export competitiveness, and lots more.
How Infiniti Research can help you?
Companies must continuously track market dynamics in order to be able to frame comprehensive business strategies and demonstrate unparalleled performance. At Infiniti Research, we put power in the hands of our clientele by way of rich, accurate, and timely insights, so they can make more informed decisions around growth, profitability, risks, and sustainability.
Our growing team of seasoned researchers with firsthand experience in developing and implementing market intelligence solutions is always at your service. With more than two decades of direct experience and proven expertise, our teams conduct interviews with industry stakeholders and statisticians who understand the target industry like the back of their hand. Our market research intelligence practice line comprises an optimal mix of subject matter experts, cultural talent, and QA associates, further backed by the very latest market intelligence tools. This helps clients keep a tab on consumer behavior, industry trends, and open new growth windows, besides evaluating the performance of their product marketing.
A customer success story in market research intelligence from the winding wires segment
Winding wires or insulated copper wires wrap densely around the core of electric motors that power battery-electric vehicles (“EVs”). The global market for such winding wires (aka magnetic or enamel wire) is in a state of flux, and this is the backdrop against which our client operates. Competition for the client comes from a variety of market participants, including EV OEMs, EV motor manufacturers, EV motor winding wire companies, EV motor winding wire resin producers and suppliers. Our market intelligence team profiled as many as 5 key competitors each in the winding wire and winding wire resin markets. To improve traction in the global market for winding wires and maintain its competitive advantage, the client turned to our intelligence experts for a market assessment covering the period 2023-2030.
As mandated by the client, our team of market intelligence professionals proceeded to perform a granular study of the market for winding wires for EV motors. Our experts segmented the EV main engine motor market by geography (e.g., the Americas, APAC, and EMEA) and, furthermore, by voltage systems (400V, 600V, 800V). Likewise, the EV main engine motor winding wire market was also segregated by geography and voltage. The EV main engine motor winding wire resin market was broken down by resin type (such as polyamide-imide, polyimide, polyesterimide), apart from geography and voltage. The market assessment also included separate supplier mappings (e.g., magnetic wire suppliers, coating suppliers) for systems of up to 600V as well as 600V or higher.
Our market intelligence team profiled as many as 5 key competitors each in various winding wire markets. Our market intelligence experts offered the client a comprehensive analysis of the current market for winding wires for EV motors. This engagement also helped the client identify major business and technology trends across key markets, namely, the Americas, APAC, and EMEA.
Conclusion
Our client is a provider of winding wires, a rather volatile segment. To improve traction in the global market for winding wires and maintain its competitive advantage, the client turned to our intelligence experts for a market assessment covering the period 2023-2030. Our market intelligence team profiled as many as 5 key competitors each in various winding wire markets. Our market intelligence experts offered the client a comprehensive analysis of the current market for winding wires for EV motors. Notably, this engagement helped the client identify major business and technology trends across key markets in the Americas, APAC, and EMEA.
