The financial services industry in the US is poised to experience unprecedented changes as it moves towards digitalization. The digitalization of financial services along with the adoption of cloud computing, smart devices, and data accessibility have steered the financial service industry to the brink of disruption. And, as the challenges in the financial services industry continue to escalate, it becomes imperative for companies in the financial services industry to evaluate and improve their services to keep up with the fast pace of changes in the industry. Moreover, with the entry of new players in the industry, the domestic markets have become saturated. As a result, financial service providers are, therefore, turning their attention to international markets to increase their market shares, revenues, and profits. To avoid being left behind, it becomes imperative for companies to leverage competitive landscape analysis solutions.
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Business Challenge
The client is a renowned financial service provider based out of the United States. The company was established in 1989. With many financial service providers vying for a pole position in the US market, the client approached Infiniti Research to uncover new market opportunities and analyze the competitive landscape in international markets. The client wanted to evaluate the competitive landscape in Brazil, China, Russia, and South Africa, featuring leading player profiles and their main service offerings. Furthermore, our client sought to understand the market size and determine growth opportunities in each country.
Other challenges faced by the client were:
- With a number of competing financial service providers offering the same services, the client was facing difficulties in understanding the competitive landscape. With the aid of Infiniti’s competitive landscape analysis, the client wanted to gain deep insights into their competitors’ service offerings to evaluate their position in the target market.
- As the client was looking to expand their operations across Brazil, China, Russia, and South Africa regions, they wanted to understand the requirements and the demands of the people in those regions to serve them better. With Infiniti’s competitive landscape analysis solution, they also wanted to understand the service offerings and pricing strategies of key competitors in the target countries.
- In today’s customer-oriented business world, the client realized the need to differentiate their business from other major players in the market. With the aid of competitive landscape analysis, the client wanted to keep tabs on the competition and enhance business outcomes.
- By leveraging Infiniti’s expertise in offering competitive landscape analysis, the client wanted to gather enough data about the international markets and required recommendations from the experts to mitigate barriers to entry in foreign markets.
Solutions Offered and Value Delivered
To help the client tackle the above-mentioned challenges, the experts at Infiniti Research leverage competitive landscape analysis engagement. The competitive landscape analysis engagement followed a 3-phased approach.
- The initial phase of the competitive landscape analysis approach involved gathering data on competitors’ key service offerings and pricing strategies. Our experts also conducted an analysis of the leading international market players to get an initial sense of most-effective service offerings as well as market drivers and trends.
- After analyzing the leading players and their service offerings, the next step involved identifying the right business partners for the client and the best route to enter the target markets.
- The final phase of the competitive landscape analysis engagement involved the creation of a competitive matrix and recording the data gathered. This helped the client to rank themselves compared with their competitors. Also, they were able to analyze the key business areas where they needed to focus more.
Infiniti’s competitive landscape analysis solution helped the client to validate their internal perspective for international growth and helped them realize the real potential of select markets. The competitive landscape analysis further helped the client to prioritize the next steps in their international expansion, assign resources, and fine-tune their business strategy.
Also, with Infiniti’s competitive landscape analysis engagement, the client was able to better benchmark their market position relative to their competitors and develop strategies to maximize opportunities and mitigate threats. This further helped the client to monitor competitors’ USPs and adjust their strategy to attract new customers. In addition to improving customer experience, with Infiniti’s solution, the client was able to outperform our expectations with a 23% increase in revenue within 8 weeks.
Want to find out what your competitors are up to in the international markets? Infiniti Research can help you gain a leading edge in the market. Request a FREE proposal to know how.
What is competitive landscape analysis?
Whether you’re running a start-up or a global company, it’s imperative to beat your competition to better position your business. To do so, you’ll need a strategic business plan and insights into your competitors and industry. This is where a competitive landscape analysis comes into play. It can help your company gain insights into the current industry landscape and forecast plans of your key competitors.
