A Company to Watch – BrainJuicer Group PLC
BrainJuicer Group PLC (BJU) is a leading international online market research agency.The Company carries out quantitative online research using innovative, bespoke software to produce insightful market research for large, multinational companies, including 24 of the world’s top 200 companies and 9 of the world’s top 20 advertisers. BrainJuicer has developed tools and award-winning techniques that enable it to provide a greater level of qualitative diagnostic insight within quantitative market research. These techniques enable clients to enhance their understanding of consumer preference and help them make decisions on the best way to develop their products and services. BrainJuicer’s automated research techniques also enable complicated studies to be conducted very quickly. BrainJuicer’s rapid deployment and results production, even on multi-country studies, provide clients with a speed to market advantage in the development of new products and services. Unlike the traditional research companies who maintain both on and offline data collection capabilities, BrainJuicer is able to focus on operating a scaleable online-only business model.
The Company holds a firm fundamental principle of innovation in market research and disrupting the traditional creative process. BrainJuicer’s clients are predominantly in the mass consumer market, the largest buyers of market research in the world and their products are focussed on the difficult earlier stages of their innovation development. The Company has had great success designing market research tools and techniques which can transform their clients’ innovation processes.
BrainJuicer has two categories of products; “Juicy” and “Twist”. Juicy products are new to the world techniques, entirely different from any available elsewhere and which challenge traditional approaches. In 2008 BrainJuicer enjoyed a 49% increase in revenue from their new market research tools ‘Predicitve Markets’, CommScanTM, Insight ValidationTM, Creative 6ersTM and Quali-TaxiTM. Twist products utilise industry standard quantitative research methods but add our unique quali-quant diagnostics; MindReader™ and FaceTrace™. Both are important to the business and appreciated by our clients but we believe it is our Juicy Products which will drive the long term growth of the Company. The Company’s growth to date is predominantly due to its new to the world, or ‘Juicy’ products. The success of BrainJuicer is evident in the increasing coverage of the market research market. The Company now has local offices covering 45% of the international research market and has operated in 54 countries and in 38 languages.
2008 also saw the launch of the JuicyBrains online Innovation Community. The JuicyBrains Community is a unique online environment which allows clients to work with handpicked creative consumers to maximize the number of good ideas entering the front end of the innovation funnel. Clients set up projects rapidly, recruit teams of consumer-advisors who collaborate through several stages of idea generation and improvement until there is a short-list of optimized marketing ideas.
BrainJuicer is also operating in the new mobile market for market research. Using technology developed by OnePoint, which leverages the simplicity of SMS text messaging, they conduct either a diary, an event based, or a retail experience mobile survey. Results are then blended and presented in a workshop to explore the gap between what consumers say they feel and do and their actual behaviour at the moment of the brand or product encounter.
In 2008 the Company expanded its global reach with new offices and projects in Germany and Canada. The Company is now well-represented in Europe, North America and Australasia, and will be looking at moving into Asia and South America in the coming years. The international expansion strategy will help BrainJuicer achieve its ambition of becoming a top ten global research agency.