The Lay of the Land

Unsure where your new business sits within its market? BIPC Sussex has the tools for the job.

You have a viable business idea, and your start-up business is on a roll. You have a good overview of costs and regulations, and where the premises will be. But those notes and post-its won’t impress the bank or give you competitive advantage. You need something solid to pull this together into a cohesive plan of action – you need market research. 

Why market research?

Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy to establish and grow your brand into one that’s better than the competition. It’s also the simplest way for entrepreneurs to keep up with market trends and maintain a competitive edge by sizing up your business opportunity.

Research your competitors in the market, the purchasing habits of your customers, how the national and international market is playing out and look ahead to future trends, so you’re always prepared. How crowded is the marketplace? Which brands are performing best and why? Find out if demand for your product type is on the rise or in decline? If it is declining, don’t be disheartened as market research can help you find a niche or another path to market. 

With this data led information, you can then set out a business plan with confidence, for both, your own use and when you apply for grants, funding or loans. Your business plan should not be a static document, it should change and grow with your business. The data in your research will have solid statistics and numbers which will lend weight to any funding pitch, proving that your product and business strategy is financially secure.

Where can you get all this information from?

Like any time when you need reliable, up to date and impartial information, visit the library and more specifically the regional centre of the Business & IP Centre (BIPC) Sussex, located in the Jubilee Library in Brighton.

BIPC Sussex has four industry and market databases – all free to use – to give you the insider knowledge you need on your chosen industry. Our information specialists will show you how to use them, and you can then explore these databases by yourself:

IBIS World

This is a fantastic database not only for the huge amount of up-to-date information it has on industries in the UK and Ireland, but the incredibly comprehensive, user-friendly manner, in which the data is presented. If the idea of data-led market research is something which you find intimidating, begin with this gem to discover how easy it is to find and pin down what you need for your research.

EMIS 

This database is ideal for international industry news, company information and market reports on both long-standing and newer, emerging markets – waxing fruit, anyone? For broad reports on the chocolate retail market in Europe or something as up and coming as the micro fermentation market, you’ll find plenty of data on here.

Euromonitor

A global database which analyses markets and compares them in a variety of ways, so not only can you look for what you need, you can choose how to examine it. Prefer pure numbers? Head for the stats and enter the markets and countries you’re interested in, in your preferred currency. Need to compare the fashion retail market in specific countries? Try the map screen for key visuals. Prefer text-based reporting? Choose the analyses for reports on countries, global sectors, retail markets, customer markets or mix and match your needs to see how the manufacturing industry in Europe has been affected by COVID.

Mintel 

Where the other databases focus namely on markets and industries, this database takes a different view, also focusing in equal amount on customer habits and spending. Examining the UK and Ireland market and customer information in ten sectors (B2B construction, B2B Technology, Financial Services Big Picture, Food, Foodservice, Leisure, Media, Retail overview, Technology, Travel) you can discover not only how the pizza market has fared during this year, but also quite niche topics – just how has COVID effected the gift-buying market of grandparents this year?

You don’t know what you don’t know!

Regular market research will help your business stay on top of the market – keep up with the latest industry changes and trends to keep your business stable, secure its place in the market and ensure its longevity. Learn about your customers, their habits, and problems to think of solutions, examine price brackets and competitor actions and supply chains with ease.

Information from the BIPC can help improve the survival rate of new businesses, to beyond the usual three year make-or-break timeframe. This simple step of visiting the BIPC regularly to keep your finger on the pulse of your industry & market can make all the difference, and staff are here to help every step of the way. 

With over £50K worth of data at your fingertips, all available for free to anyone starting or running a business in Sussex, why would you not make use of this incredible resource?

Find out more at www.brighton-hove.gov.uk/bipc or email bipc@brighton-hove.gov.uk