Diversification into a new industry
Client
This client is a small-medium sized enterprise with annual turnover around £20 million, and is part of a £2 billion turnover group manufacturing products for aerospace, medical and other applications.
Research Brief
The client organisation had been approached by an entrepreneur with an innovative new product with 'massive future potential' in the security industry, a sector where our client had no prior experience. The goal was to identify the true market potential for the new product.
Results
The research clearly showed that the realistic market potential was very small, less than 20% of the minimum viable market size and had peaked two years previously. The client was pleased to be able to decide not to enter a non-viable market.