The Story
Similar product launches by other competitive players in recent years imposed a huge challenge for the company. Moreover, during the COVID, the demand for smart devices increased, and other companies raised their competition which was disrupting the sale of the organization. Research Nester evaluated that the demand for various smart devices, such as voice control devices jumped by 30% in 2020. There was a huge opportunity to fill, in the smart devices market, people were getting engaged to more comfort. Moreover, the high use of the internet during COVID boosted the efficiency of these technologies. The leading technology companies change their marketing strategies and were developing partnerships with the regional government to boost their market share in Asia Countries. To cover any shortcoming, the company seek the help of Research Nester to develop the best strategy for their business growth. The Research Nester team of consultants and analysts discovered that the organization fell short in the following significant areas:
- 1. Focus on health-related smart devices that solve social issues
- 2. Effective partnership for local regional companies
- 3. Lack of New Medium for Gaining Business Traction
Here, owing to the advent of the latest technologies, the company is incapable of keeping up with the pace. This is also causing a drop in the demand for the product. The competitive analysis and benchmarking is helpful in comparing the standard of the product.