Start-up Day 2019 – How to spot the key UK market trends right now with Mintel
Did you know you can access Mintel reports at the BIPC for free? If you need to do some market research, but aren’t sure where to start, Jack Duckett, Associate Director at Mintel, gave Start-up Day attendees some great pointers…
The importance of market research
Ask yourself, who is our core customer and how can we engage with them? How can I contextualise my offering? Market research can reinforce your offering. Place emphasis on what products you offer. Market research helps businesses to understand what is happening right now, and what might happen tomorrow.
You can use market research to show the importance of your product and its sector’s growth to potential funders.
Start-ups are in a great position to get ahead of the market as they are responding to problems in an innovative way.
What’s happening elsewhere, other than your immediate sector? You can contextualise your product. Start-ups are often in a bit of a cocoon and you can become blinded by what is going on around you. You have to understand the market around you.
You know your customer, you understand your customer in a way so many big businesses struggle to. You understand them as you created your product with a need, you created your service around that need. Understanding that you have an affinity with your customer. Nourish that connection. It’s the most important part of your start-up.
Nourish the experience
Don’t just focus on a low price, offer something else, offer an experience.
Ethics in business
You need to be bold about highlighting the ethical parts of your business.
To watch Jack's full talk, check out his video below: