Vypr, a prominent UK-based consumer insights group, plans to significantly expand its presence by entering the U.S. market. The company aims to quadruple its size and create 100 new jobs.
- Vypr has assembled a “digital community” of 70,000 individuals to assist in product development for major brands.
- The firm has achieved significant revenue growth since partnering with YFM Equity Partners in 2021, reaching £5m in annual recurrent revenue.
- Plans are underway to expand into the U.S., with ambitions to increase turnover fourfold in the next three to four years.
- Vypr’s innovative market research app utilizes behavioral science to enhance consumer engagement, promising a modern alternative to traditional focus groups.
Vypr, a Manchester-based consumer insights company, is making bold strides into the U.S. market with plans to significantly expand its operations. The company, which has already built a “digital community” of 70,000 individuals across the UK, France, and Germany, collaborates with leading brands to develop and refine products by leveraging market insights. Chief Executive Officer Chris Williams has outlined an ambitious goal to quadruple the company’s size and create 100 new jobs.
Since receiving investment from YFM Equity Partners in 2021, Vypr has experienced substantial growth, reaching £5 million in annual recurring revenue. This financial achievement has provided a solid foundation for the company’s planned expansion into the United States and Australia. By building on this momentum, Vypr aims to enhance its consumer panels and increase its market footprint.
Vypr is particularly focused on leveraging its established relationships with major players like Kraft Heinz and Starbucks as it ventures into the U.S. market. These corporate partnerships, which have been cultivated since Williams joined the company three years ago, represent a crucial asset for reinforcing Vypr’s competitive position internationally. Williams is optimistic that the existing brand recognition will facilitate a smooth transition and substantial growth in the U.S.
Initially, Vypr’s UK-based team will manage U.S. operations, but the company plans to expand its workforce both globally and locally. The goal is to increase the total number of employees from 60 to 200 in four years, with a significant portion stationed in the U.S. This strategic hiring plan underscores Vypr’s commitment to nurturing its presence in the international market while continuing substantial growth in Manchester and the broader UK market.
Vypr’s product intelligence platform is hailed as a “new age” approach to focus groups, incorporating behavioral science to augment customer engagement. The company’s app facilitates quick, real-time feedback from consumers, obviating the need for lengthy email surveys. The gamification of market research not only enhances user retention but also ensures that consumers feel valued in the decision-making process. This innovative method allows for swift consumer responses, making market research more accessible and appealing.
Vypr’s strategic expansion into the U.S. signals an evolutionary step for the company and its innovative approach to market research, promising substantial growth and industry influence.