Manchester-based product intelligence platform has announced its expansion of services into the US market.
The business, which provides global brands with quick and actionable consumer insights to either help bring successful new products to market or to improve their current ranges, now offers access to US consumers. The strategic move is expected to see the business’s turnover quadruple over the next three years and create over 30 international job opportunities, with many more in the UK.
Since YFM Equity Partners’ investment in 2021, revenues have more than quadrupled, primarily driven by customers accessing consumer insights for the UK market. The US market presents an opportunity for the business to continue its strong growth. In 2023, over £100bn ($137bn) was spent on market research services globally, with the market growing by 6% per year according to ESOMAR.
Over half of global market research spending occurs in the US, which is more than six times the size of the second largest market, the UK. This US expansion builds on the recent launch of consumer insights for the Australian market and existing capabilities in the UK and Europe, offering fast, cost-effective consumer insights to major brands in sectors such as Retail, Food & Drink, Health & Beauty, Automotive, and Professional Services.
This includes companies such as Costa Coffee, Ella’s Kitchen, and Marks & Spencer. Existing US-headquartered clients trading in the UK and Europe include Kraft Heinz and Starbucks.
This platform differs from conventional consumer market research and survey providers. It helps businesses to understand their target consumers faster and better through its proprietary consumer panels, which build an in-depth picture of every consumer answering questions. Rooted in behavioural science, this method provides more tailored and accurate insights from targeted demographics, ensuring customers can more accurately refine their existing and new products and services.
Chris Williams, the CEO, commented: “US expansion is the inevitable next step for us and will accelerate our already impressive trajectory. We predict our turnover to quadruple over the next three years, as we capitalise on the excellent market opportunity and take our first-class product intelligence platform across the pond.”
The US consumer panel offers extensive targeting capabilities, enabling brands and manufacturers to gain insights into diverse demographics, technological trends, and evolving preferences across the country. This comprehensive and diverse proprietary panel provides access to previously hard-to-reach US audiences, which can be segmented by a variety of standard and custom demographics.
The expansion into the US market represents a significant milestone, poised to drive substantial growth and job creation while offering unparalleled consumer insights to global brands.