A Manchester-based consumer insights company, Vypr, is set to expand into the US market, aiming to significantly grow its operations. The company, which leverages a robust ‘product intelligence’ platform, plans to increase its workforce by 100 and quadruple its size over the next few years.
With a strong foothold in the UK, France, and Germany, Vypr has been instrumental for major brands such as Kraft Heinz and Starbucks. The planned expansion is expected to further enhance Vypr’s market presence and drive substantial revenue growth.
Growth Through Innovation
Vypr has cultivated a 70,000-strong ‘digital community’ that aids brands in product development and refinement. The ‘product intelligence’ platform allows businesses to efficiently gather consumer insights, thereby facilitating informed decision-making. This innovative approach has significantly boosted the company’s performance, with annual recurring revenue reaching £5 million.
Since receiving investment from YFM Equity Partners in 2021, Vypr has quadrupled its revenues. This financial backing has been pivotal in enabling the company to explore new markets, including its latest ventures in Australia and upcoming expansion into the United States.
Strategic International Expansion
Vypr’s CEO, Chris Williams, has highlighted the company’s meticulous preparation for international growth. ‘We’ve spent the last few years ensuring our product and market positioning are optimal in the UK,’ he stated, noting the company’s move beyond food and drink sectors to other fast-moving consumer goods (FMCG) sectors.
Williams emphasized that the next phase involves transforming Vypr into a truly international business while maintaining robust growth in the UK. Leveraging strong relationships with existing corporate clients like Kraft Heinz and Starbucks, Vypr aims to establish a firm footing in the US market.
Leveraging Existing Relationships
When Chris Williams joined Vypr three years ago, he was impressed by the company’s established relationships with major brands despite its relatively small size.
‘Having logos like Kraft Heinz and Starbucks gives us a competitive edge as we enter the US market,’ Williams explained. These relationships are expected to facilitate Vypr’s transition into the new market smoothly.
Initially, the UK-based team will handle US operations. However, Williams anticipates hiring local talent in the US as the company gains traction, further contributing to its growth ambitions.
Employment and Economic Impact
Vypr aims to expand its team from 60 to 200 within four years, with up to 40 new employees based overseas and the remaining growth happening in Manchester and across the UK.
This expansion is not just about numbers; it’s about diversifying the skill sets within the company and enhancing its capacity to drive innovation in consumer intelligence. Williams believes that this strategic growth will significantly impact both the local and international markets.
The company’s efforts in expanding its workforce align with its broader objectives of scaling operations, improving service delivery, and maintaining its competitive edge in the industry.
Innovative Market Research Methods
Vypr’s platform integrates behavioural science techniques, offering a contemporary approach to market research. Unlike traditional focus groups, Vypr’s app engages consumers through gamification, making participation both efficient and enjoyable.
‘Our retention is extremely high,’ Williams said, attributing this to the engaging nature of the app. ‘Consumers appreciate knowing that their insights are valued and can provide feedback quickly and conveniently.’
This modern methodology allows users to contribute insights seamlessly, whether they’re waiting at a bus stop or relaxing at home. Such flexibility positions Vypr as a leading innovator in the market research sector.
Future Outlook
Looking ahead, Williams is confident in Vypr’s potential to become a major international player. ‘This move is crucial for maintaining our growth trajectory and expanding our influence,’ he noted.
The company plans to continue leveraging its technological advantages and existing client relationships to establish a strong presence in the US market. With a strategic approach, Vypr aims to sustain its upward momentum and achieve its ambitious growth targets.
By focusing on innovation and expanding its market reach, Vypr is well-positioned to enhance its service offerings and solidify its standing as an industry leader.
Conclusion
Vypr’s expansion into the US market marks a significant milestone for the company, underscoring its commitment to growth and innovation.
With strategic planning and robust client relationships, Vypr is poised for substantial success as it embarks on this new chapter. The anticipated growth in size and workforce reflects Vypr’s vision of becoming a global leader in consumer intelligence.
Vypr’s expansion into the US market marks a significant milestone for the company, underscoring its commitment to growth and innovation.
With strategic planning and robust client relationships, Vypr is poised for substantial success as it embarks on this new chapter. The anticipated growth in size and workforce reflects Vypr’s vision of becoming a global leader in consumer intelligence.
