A business based in Sandside, near Milnthorpe, says a market research product they began developing 10 years ago is reviving their fortunes and attracting worldwide interest.
This month’s FlexMR figures are set to be the best in the company’s 30 year history.
They have recorded an 80 per cent increase in revenue over the first half of the year – January to June 2017 compared with January to June 2016. They are also forecasting a 50-60 per cent increase in revenue for 2017, versus 2016.
FlexMR say interest continues to grow in the product they have developed, the world’s first fully integrated online research platform.
Built by researchers for researchers, it offers businesses 16 different tools to help them with anything from product development and testing to customer insights, through their own branded portal.
This year the company launched an office in Madrid, using a local partnership with a research company, in response to winning a two-year market research contract with one of Spain’s largest utility companies. This partnership also supports US clients who need research into their Hispanic customers and also those in Latin America.
Last month, FlexMR set up a subsidiary company in America, a sales office in South Carolina, to grow their business in the United States and to support the company’s existing US client base.
This year (2017) 40% of revenue will be generated from clients based overseas, an increase from 10% in 2016. Half of this will be North American clients, 30% Spanish and 20% European.
To meet the growing demand, the company has taken on new staff, in Germany, the USA and across the UK. The team operates in 17 languages including full-time expertise in Spanish, Polish, German and Romanian.
Paul Hudson, CEO since 2007, said: “The internet changed the nature of our industry forever. So we changed our business model to focus on a new product that would deliver client led flexible service levels. We have created a truly digital company that takes advantage of all of the trends in the 21st century.”