Businesses from across the West Midlands heard how they could maximise growth using targeted market intelligence at an event hosted by Yorkshire Bank in Birmingham.
Around 12 business professionals from across the region joined the teleconference and were provided with expert analysis on the use of targeted research to identify niche markets by Richard Wallace, Yorkshire Bank’s Head of Regional Business and Private Banking Centre in Temple Row, Birmingham.
Richard was joined by key speakers Toby Clark and Gustaf Schalin from Mintel, a supplier of high quality market research on a wide variety of industries and markets.
The event highlighted the insight that Mintel’s research can give companies into existing and potential customers at a time of continued economic challenges. With GDP rising and unemployment levelling-off, the retail price index is still growing faster than wages meaning consumers are making considered choices.
Mintel’s research highlights that the majority of people are reasonably confident about the economy. 67% said their financial health was OK or healthy; 46% said their finances were better than a year ago; while 55% said that they were concerned about the year ahead although they felt they would be fine.
This improving personal position comes while shopping habits are in flux although consumer spending last year was still more than £1trillion. 76% of people polled said they kept a closer eye on their finances – clothes, savings and holidays were the top spending priorities for the last three months with the same items identified for the coming three months.
Meanwhile, people are questioning the value of brands and focusing on value not price. This leaves businesses with an opportunity to reach out to people who are receptive to new products at a time when they are reassessing spending priorities.
Richard said: “The event shed a fascinating insight into the current consumer market and offered a wealth of information on how market intelligence can be used to encourage growth.
“Although there may be a perception that people do not have money to spend there does seem to be a real opportunity for companies looking to reassess how their products are viewed and to make a new case for value at a time when people want the most for their money.
“The telecon offered participants the opportunity to consider the use of targeted research to complement their existing business models at a time when increasing profitability has never been more important.”
The teleconference formed part of a nationwide series of events being hosted by Yorkshire Bank to allow business customers the chance to network and hear from some of the UK’s leading economists and professionals. Recent events have covered a number of subjects including the UK budget, trade in emerging markets, and the care home sector.
