How can you make informed business decisions without doing your research?
In the current climate it is more important than ever to make sure you know all your facts before you launch a new product, service or move into a new market. RTC North has always understood this, and has a research department who work with an array of clients to help them uncover the answers to market questions like:
- How big is the market we want to move into?
- What geographical areas should we consider?
- Who are our prospective clients?
- Where are they based?
- What age/social demographic are they?
- Who is already doing what we are thinking about doing?
- Is there a market for what we want to do
Clients on all RTC North programmes can access the research department and the service is also available commercially. Fast growing and scaling businesses on the Scaleup North East programme, companies on the Innovate to Succeed programme developing innovative new products for markets; and those looking to enter new markets or reach higher value customers on the Supply Chain North East can all make use the resource.
A regional brewery service wanted to start exporting their ales to Europe and needed information on which countries were drinking the most craft beers, which were importing the most British ales, if there were particular countries where craft beer was more popular and what flavours were the most successful, so they enlisted RTC North’s research function to help them discover more.
RTC has access to a database of market research reports and collated data from a range of sources. The British Beer and Pub Association supplied some market insight and figures from HM Customs and Excise showed the volume of exports to Europe (and if you’re interested the Irish Republic import the most!). Published market research on the Craft Beer Market in Europe gave further insight and from this, the brewery were able to decide which countries to start targeting first.
Looking at New Markets
Another client, supplying commercial LED lighting, were looking to expand their business into a new market, the poultry industry. They needed to know who was already supplying lighting to the poultry farms and how big the sector was. A research report was produced around the current market landscape, along with analysis on the size and scale of the market with information from Eurostat and the Food and Agriculture section of the UN. The result was a report that gave the company insight into the biggest poultry producing countries, contacts for the largest farms and details of their potential competitors if they decided to expand into this market.
RTC North has also conducted research for a designer/manufacturer of bespoke plywood furniture and lighting who needed to understand sales figures for the markets they were selling in. They wanted to know how much was being spent on products like theirs across the UK. Government Retail Sales figures gave an indication of how much was being spent and, crucially, how much actual disposable income households have to buy luxury products. This information could be used to inform marketing and advertising campaigns and to help find new geographical areas to target sales. Information was put together on how to get their products featured in lifestyle magazines along with details of awards, competitions, events, trade fairs and websites curating and selling similar products.
If you think that your business could benefit from the RTC North research team, then please get in touch via email or call 0191 516 4400.
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