How INTEGRIS Used Market Research to Drive Sales
INTEGRIS Group is primarily known for our engineering knowledge, however, we have a talented marketing team that works in conjunction with engineering to provide market research. We were approached to investigate a further push into an existing market and since we understood the engineering behind the product it made sense to keep this project at INTEGRIS. Our goal was to determine if there was a significant need for new or replacement grain transfer equipment throughout the Midwest. They had been dabbling the industry for about the past decade, but have not made great strides in acquiring market share and while they have learned from mistakes, they wanted to ensure the effort was proving to be fruitful both now and in the future. INTEGRIS agreed and we put together a market research portfolio analyzing both existing and future needs while being ever mindful of how to capture these markets as we learned about their potential needs.
The client was in need of effective and detailed market research to better push into a product market in which they had a small presence. However, the interest and desire to enter this market was due to a favorable competition level and the ROI possibilities this new markets potentially presented. Entering a new market is no easy task and therefore they teamed with INTEGRIS to help get the job done.
The overall market footprint was small and therefore, presented a challenge for INTEGRIS to find the most efficient way of market entry. Efficient market entry became the goal INTEGRIS and the client wanted to achieve. To achieve this goal, INTEGRIS had to use any and all appropriate resources to complete the task at hand.
How Product Helped
Our methodical approach involved researching and analyzing each aspect of the industry and then providing detailed company, SWOT, customer, competition, and marketing mix analyses, as well as predictions and recommendations on how to effectively use the information provided. These different analyses allowed INTEGRIS to combine the appropriate information to produce a detailed report for the client’s review and utilization to gain and maintain a share within the desired grain transfer industry. Our engineering knowledge also allowed us to identify specific technical features that could prove to have significant competitive advantage over the existing competition.
INTEGRIS utilized multiple methods for this research project including collecting and analyzing information from grain transfer companies, researching historical data, future grain production predictions, grain transfer trends, online databases, and the use of surveys, among other methods.
Results, Return on Investment and Future Plans
INTEGRIS provided the detailed information needed to make a rational and appropriate business decision to pursue entry further into the grain transfer industry.
Upon the completion of the market analysis report, the client has since furthered their position within the grain transfer industry. They have done this by establishing their brand and their product with multiple grain transfer companies who have the need to utilize the client’s product. The market analysis report allowed the client to correctly and efficiently push the sales of their gain transfer product to new consumers driving ROI.
Please visit the INTEGRIS company website to view more case studies as well as details on our services and capabilities. You can visit the site at: http://engineering.integrisgp.com/