Summary
Facing threats to its business, a chemical and industrial manufacturing company decided to introduce and apply a comprehensive competitive intelligence solution. Our Insightsfirst platform supplied the client with a fully searchable knowledge repository, as well as continual tracking and regular deep dives on its 10 main competitors.
The quality competitive intelligence data the client received enabled them to stay one step ahead of their competition, helping them make strategic decisions and brace for any future threats to their success.
The Challenge
The chemical manufacturer was dealing with a serious threat to their business. Many of their primary chemical products and chemical families are being phased out in developed countries – first in Europe and now in the United States. While they are investing heavily in research and development to create new and innovative chemicals, they also want to make sure they can sell their existing products, likely in less-regulated markets such as those in Asia and the Middle East.
This threat to their business has led the company to try to switch gears on its overall strategy. They sought to boost their baseline level of competitive intelligence knowledge throughout the organization through receiving regular reports and presentations on the latest CI news. However, after speaking with one of our representatives, they decided to implement a forward-looking, comprehensive competitive intelligence program to help meet the demands of a dynamic, evolving market.
Our Solution
Our experts customized and deployed Insightsfirst, a customized competitive intelligence solution, to meet the client’s needs.
Insightsfirst is an AI-powered, cloud-based platform and a one-stop shop for competitive intelligence data, providing clients with advanced visualizations and a fully searchable knowledge repository.
The client’s custom Insightsfirst platform:
- Continually monitors 10 competitors, covering news in areas including product launch, new market entry, mergers and acquisitions, and partnerships. That continuous monitoring takes the form of newsfeeds updated daily with relevant competitor news.
- Offers users the opportunity to curate newsletters to track competitive intelligence of particular interest to them.
- Provides quarterly in-depth profiles put together by our analysts on those main 10 competitors.
The client, as needed, is also provided with deep-dive and high-level profiles on competitors who do not fall within the 10 they identified as their primary ones.
Business Impact
Our competitive intelligence solution, Insightsfirst, helped the client understand the competitive dynamics between their primary competitors so product managers could make strategic decisions regarding sales, marketing, and product development and, ultimately, outflank their competitors.
In an industry such as chemical manufacturing, it’s particularly crucial to stay on top of all the latest developments and innovations in the market. The client’s previous experience with a chemical’s phase-out led them to understand the importance of quality competitive intelligence insights when making strategic decisions.
Our Insightsfirst solution fills that gap for the client, helping them understand the competitive dynamics between their primary competitors. Now, their product managers have the data and knowledge necessary to make informed, strategic decisions regarding sales, marketing, and product development that will help the chemical manufacturer ultimately outflank its competitors.