Reputation important for a high quality firm
Aug 4 2009 The Next Step, The Journal
NAME of business: Marketwise Strategies Limited
Location: Westgate Road, Newcastle City Centre
Line of business: Market analysis and marketing strategy support
Director: Jacquie Potts
How long have you been established?
Since August 2000
What have been the biggest achievements so far?
The reputation that we have built up for being a very high quality market research company with excellent customer service. We rarely go looking for work – most of the time it comes to us.
It has also been a great achievement to attract high-level clients and projects. We still work with SMEs but we also work with public sector agencies and universities and colleges.
When I went into business, I was very conscious of the culture that I wanted to develop. I have worked in organisations where internal politics was problematic and customer focus was almost non-existent. I was determined to build a business that my team and I were happy to work within and that customers would recommend.
What have been the biggest hurdles so far?
It has not been easy to find the right calibre of staff to carry out the high level market research that we specialise in.
Much of our work involves researching into technical markets such as computer software and medical products, and so we need to select staff not only for their research skills but their ability to grasp new and often complex subjects very quickly.
It is also important that our staff have excellent communication skills and are commercially minded. It’s a tough brief to match, so I’ve chosen to grow the business relatively slowly and to focus upon building the right team.
Where do you go for advice?
Close friends and a highly experienced accountant at Horwath Clark Whitehill, who has very kindly acted as an informal mentor for many years.
How is running the business different from the early days?
Now I spend much more time in meetings. I have found that there is also much less time for networking, so I am very selective about the events that I do attend.
Have you met your financial targets?
Yes, we have achieved steady, year on year growth.
How do you attract sales?
Most of our work comes via our reputation and contacts. Networking has been the best method, I don’t attend as many networking events as I would like, but when I do, I almost always find that there are benefits.
We have also built good relationships with some marketing agencies and technology companies We sometimes partner with those companies to bid for work, particularly for large contracts that require complementary skills. It has resulted in number of contracts in the South of England.
How has your business plan changed?
We have strengthened our focus upon knowledge-based industries, education and the public sector.
What does the future hold?
In the next 12 to 18 months I aim to ramp up the pace of growth. Increasingly, we will be promoting ourselves on a national level.
Are you glad you did it?
Yes, very much so.
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