Manchester-based product intelligence platform, Vypr, has announced its expansion of its services into the US market.
The business, which provides global brands with quick and actionable consumer insight to either help bring successful new products to market or to improve their current ranges, now offers access to US consumers.
The strategic move is expected to see the business’s turnover quadruple over the next three years and create over 30 international job opportunities, with many more in the UK.
Vypr has more than quadrupled revenues since YFM Equity Partners invested in 2021. This has primarily been driven by Vypr’s customers accessing consumer insights for the UK market. The US market presents an opportunity for the business to continue its strong growth.
In 2023, over £100bn ($137bn) was spent on market research services globally and the market is growing by 6% per year according to ESOMAR, an association that tracks the market research industry. Over half (56%) of global spend occurs in the US, which is more than six times the size of spend in the second largest market, the UK.
The US expansion builds on Vypr’s recent launch of consumer insights for the Australian market and existing capabilities in the UK and Europe where it provides fast, cost-effective consumer insights to major brands in sectors such as Retail, Food & Drink, Health & Beauty, Automotive, and Professional Services.
These include companies such as Costa Coffee, Ella’s Kitchen, and Marks & Spencer. Vypr’s existing US-headquartered clients trading in the UK and Europe include Kraft Heinz and Starbucks.
Vypr differs from conventional consumer market research and survey providers. It helps businesses to understand their target consumers faster and better through its proprietary consumer panels which build an in-depth picture of every consumer answering questions. Rooted in behavioural science, this method provides more tailored and accurate insights from targeted demographics and ensures Vypr’s customers can more accurately refine their existing and new products and services.
Chris Williams, Vypr CEO, commented: “US expansion is the inevitable next step for us and will accelerate our already impressive trajectory. We predict our turnover to quadruple over the next three years, as we capitalise on the excellent market opportunity and take our first-class product intelligence platform across the pond.”
Vypr’s US consumer panel offers extensive targeting capabilities, enabling brands and manufacturers to gain insights into diverse demographics, technological trends, and evolving preferences across the country. This comprehensive and diverse proprietary panel provides access to previously hard-to-reach US audiences, which can be segmented by a variety of standard and custom demographics.
