A new guide launched today by Invest Northern Ireland will give Northern Ireland businesses the inside track in the race to identify new customer and market opportunities.
The publication ‘Know your markets, a guide to sourcing market research’ has been compiled by Invest NI’s Business Information Services. It gives details of market research sources available at Invest NI’s Business Information Centre, including market intelligence relating to 17 industry sectors.
The guide also features key Internet sources of information on trade associations, statistical data, legislation and exporting.
Launching the publication Tracy Meharg, Managing Director of Innovation and Capability Development in Invest NI, commented: “Market research plays an essential role in providing businesses with accurate data to enable effective decision making. Reliable market intelligence is vital in helping companies find potential customers, identify market opportunities and develop the right products to meet the needs of current and new customers.”
Several local companies have already benefited from using Invest NI’s Business Information Services to help in market research. Among them is Invest NI client company Baxter Murray Creative Chocolate, which manufactures imaginative, bespoke chocolate products for the corporate market.
The company has increased their turnover by 20% following marketing activity based on information obtained from Invest NI’s Business Information Services.
The company wanted to send samples of their products to shopping centres throughout the UK and needed location and contact details. Company information was provided from the Kompass UK database and contact details for the shopping centres were provided from the Retail Directory, both held in Invest NI’s Business Information Centre.
The centre also holds comprehensive market intelligence, analysis and forecasting reports including Datamonitor, Keynote and Mintel. These provide information such as market size and trends, key players, consumer and country profiles for a wide range of industry sectors.
Baxter Murray has also received advice and support from Invest NI’s Design Advisory Service and their Technical Advisory Service to help with packaging design and developing moulds for the chocolate.