The easiest way to explain technology-driven market intelligence (TDMI) is by telling a short story. Northwest Industrial Resource Center (NWIRC) had the privilege of working with Advantage Metal Powders, Inc. (AMP), located in Ridgway, PA, to help their goal of increasing revenue through expanding customer base and entering new markets. AMP was founded in 2001 and supplies quality re-mill and virgin powder metal mixes. A TDMI project was initiated with the planned deliverable of a compiled list of potential customers for their existing products and services, as well as documented research of other industries that have a need for powder and blending services.
Michael Griffith, Manufacturing Technology Engineer with NWIRC, conducted market research of the metal powder industry including market size, competitors, material uses, industries and processes using metal powders. Through his research, he identified fourteen (14) markets that utilize metal powders in their operations, of which five (5) were viable markets for AMP to direct business development resources. In addition, he identified ten to twenty prospects in each market for AMP to contact and inquire need and fit. The impact of the project will be most evident after one year, but the goal was to use the information to create 1-3 new customers within a year and increase revenue by $4-5M over 5 years. Upon receiving the final deliverable, AMP began their work of contacting the identified leads, and the first two leads contacted have already become customers. “The research and report identifying 14 potential markets for our industry, and 10-20 prospects in each market, is extremely beneficial for future sales and business growth. We are now getting business from companies we didn’t know existed,” said Jason Gabler, Advantage Metal Powders.
In a nutshell, TDMI is a market research process designed specifically for technology-based assets. TDMI helps you understand whether investing resources in a product idea or market diversification opportunity is worthwhile, which markets and applications are most promising, and what steps to take to exploit market opportunities. Ideal scenarios for
using TDMI are companies that have a new technology or product they want to commercialize or companies that have maximized opportunities in current markets and need to diversify. Manufacturers that have declining business, whether due to a reduction in Department of Defense spending or other customer losses, are also good candidates for TDMI. NWIRC uses internal resources, and subject matter experts at research partner RTI International, to lead TDMI projects that help our Northwest PA manufacturers increase revenues and grow their business profitably.
Contact Michael Griffith to learn how this service can benefit your company’s growth plan.