The growing food and beverage industry has witnessed many changes over recent years, which have led to increasing competition and the need for competitive pricing and marketing initiatives for industry players. It is imperative for food and beverage industry players to gain a comprehensive understanding of their competitors' pricing strategies, market share, and business performance. Infiniti's competitor analysis engagement enables companies to understand their competitors' business strategies and take preemptive initiatives to stay ahead of the curve.
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Competitor Analysis Solution for a Food and Beverage Industry Player: Our Approach (Graphic: Business Wire)
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"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," says a food and beverage industry expert at Infiniti Research.
Business Challenge:
The client, a food and beverage industry player based out of Europe, struggled to meet their sales target and faced huge losses due to their inefficient approach to product marketing. Consequently, the client lost ground to competitors, and their customer attrition rate increased. The food and beverage company also had difficulties understanding market trends and changes within industry developments. Therefore, the client sought to approach Infiniti Research to leverage our expertise in offering competitor analysis solutions to analyze the strategies adopted by their competitors. During the nine-week engagement, the food and beverage industry players wanted to understand their market position compared with their competitors, identify competitors' strengths and weaknesses, and evaluate competitors' pricing strategies.
Our Approach:
Infiniti's competitor analysis experts developed a four-phased approach to assist the food and beverage industry player, which included the following:
- Gathering insights regarding industry trends and developments in the client's region, using market research study
- Analyzing competitors' marketing models
- Evaluating various factors impacting product prices and comparing the client's pricing strategy with competitors through a pricing strategy engagement
- Comparing client's product offerings with competitors using a competitive benchmarking analysis
Business Outcome:
By leveraging Infiniti's competitor analysis engagement, the food and beverage industry client understood their strengths and weaknesses compared to their competitors and identified problematic areas. Additionally, the comprehensive analysis of their competitors' strategies enabled the client to gain a preemptive understanding of their competitors' next move. Infiniti's competitor research engagement provided the client with insights to compare and measure their campaigns to that of their competitors. Further, the food and beverage industry client successfully set the right prices for their products, with a comprehensive understanding of pricing models adopted by industry leaders. Lastly, the client was able to enhance sales and increase profits by 13% within eight months.
Speak to industry experts to gain comprehensive insights into your competitors' marketing and pricing initiatives and strategies in the food and beverage industry.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to analyze competitive activity, see beyond market disruptions and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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Contacts:
Infiniti Research
Anirban Choudhury
Marketing Manager
US: +1 844 778 0600
UK: +44 203 893 3400
https://www.infinitiresearch.com/contact-us
