Recently the Department for Business Innovation and Skills (BIS) concluded that globalisation of the value chain has led to manufacturers carrying out more activity in different locations around the world, which in turn has led to increased and intensified competition for UK companies in both domestic and international markets.
Over the next few decades the demand for products and services is set to change, this will be driven by environmental standards, demographic and lifestyle change, technological progress and rapid growth in emerging markets. This change will influence UK manufacturing with the emergence of new industries, and in particular those based around new technologies.
Clearly there has never been a greater need for UK companies to increase the usage of a product or service and to develop new or existing market potential.
The process of identifying new market opportunity is achieved by:
- Undertaking analysis of existing product offer, capability and commercial performance
- Researching the current market landscape and identifying additional opportunities
- Evidencing potential new routes to market and providing validating evidence
- Ascertaining the likelihood of product take-up and adoption
Case Study: RotaFlow, Derbyshire
RotaFlow design, manufacture and service 360 degree swivel joints for a range of industries. TBAT Innovation were approached to investigate these markets and prioritise these into the largest and the highest growth potential markets for RotaFlow. The product which the project focused on was the 'Multiport Swivel Connector'. It was identified that the oil and gas industries offered the largest sales and growth potential and should be the market which RotaFlow concentrated their sales effort on. As part of the project TBAT also identified a number of potential intermediaries and customers which operate in the oil and gas markets. RotaFlow now work with some of the largest global oil and gas companies developing innovative swivel joints in a range of projects and countries.
Commercial Benefit:
Selling to a wider market presents a welcome and obvious financial benefit to any company, but the steps involved in identifying and realising that opportunity can be both difficult and time consuming. Therefore utilising industry experts to research and evidence new markets on your behalf can add significant value by:
- Reducing financial risk and exposure to initial market entry
- Minimising impact and distraction
- Avoid aggressive or over marketing of brand
- Identifying long term market strategies
- Identifying and targeting likely adopters
TBAT Innovation Ltd would be pleased to talk to you further about how market development activity could be undertaken to open up new opportunities for your products and services. For further information please contact 01509 670610 or email
info@tbat.co.uk