CoLAB Consulting: Market Research

by | May 11, 2020

THE CHALLENGE

Launch of a new consultancy firm for the nuclear industry

Loretta Browne worked in business development for the defence and nuclear industries for over a decade and came to me when she was ready to branch out into consultancy. She was aware of significant government investment aiming to get small and medium-sized businesses into nuclear industry procurement and saw an opportunity to create a consulting company that supported them through the various hurdles to do so. She developed a name and a niche but she needed market research to create a target audience so that she could tier her product offering at the right price and work out the communications touchpoints she would need to invest in.

THE RISE

Going back to basics

We decided that a classic market report needed to happen with further market research once we had whittled down the segments and sorted a product offering. The report contained an overview of current research with statistical analysis, a look at the geographical vs digital opportunities, a break down of the current barriers to entry, competitive analysis and SWOT analysis, and finally, an evaluation of CoLAB’s unique selling points.  This resulted in a three-tier product offering consisting of a regionally targeted consultation package, and a UK-wide digital training package and coaching program. Once we had the product offering we went on to develop a market research questionnaire to test the communications message and tone and gauge customer awareness and desire, whilst simultaneously collecting warm leads. 

THE RESULT

Long term consultancy relationships

Loretta won two big contracts immediately, the first as a Customer Relationships Course Leader with Hinkley Point C feeder school Bridgewater and Taunton College and the second as a tier one and two Engagement Officer for the Hinkley Supply Chain Team at the Somerset Chamber of Commerce. This coincided with Loretta starting a family, so the digital aspect of her plan got put on hold, for now.

Lorretta was asked to join the Executive Board for Women In Nuclear UK and has become a their spokesperson for business development.

www.colabconsulting.co.uk