You want to grow. To achieve this, you plan to reach more customers in both your current market and new markets. You reckon you know what these customers look like in theory, but there’s a hitch… do they actually exist? There’s only one way to find out; you need data.
In an article we wrote last year, we highlighted a valuable resource providing high-level market information in the form of the BIS (Department for Business Innovation & Skills). Just to remind you, the BIS is the government department responsible for certain statistical research into the UK economy. The reports it produces provide a wealth of analysis and statistics… And that means data.
When searching for B2B information, the BIS report – Business Population Estimates for the UK and Regions – is a particularly useful starting point, and it’s published annually.
The full report for 2015 can be downloaded here>> however, here are some interesting statistics to whet your appetite:
- There were a record 5.4 million private sector businesses in the UK at the start of 2015 – an increase of 146,000 since 2014.
- Small businesses accounted for 99.3% of all private sector businesses at the start of 2015.
- The combined annual turnover of SMEs was £1.8 trillion (47% of all private sector turnover in the UK).
- SMEs accounted for at least 99% of the businesses in every main industry sector.
- Based on head office location, London and the South East of England had considerably more businesses than any other UK county or region of England.
- Although Wholesale and Retail Trade and Repair only had the third highest share of SME numbers across all industrial sectors, it had the highest share of both SME employment and turnover.
So, if you didn’t already know where to get this sort of useful information, the BIS is a good starting point. Their regularly updated reports will enable you to make that important step towards familiarising yourself with the detail of the available and targetable business universe in which you operate. But once you’ve done that, then what? Well, we would suggest that you consider what additional information you need in order to grow by knowing what data is available.
If you’d like help in understanding your data requirements, or simply need to enhance the quality of the data you already have, please do not hesitate to contact a member of our team.