Investigating a potential revenue stream
Niagara Precision’s current business model is to machine parts for clients utilizing the clients’ intellectual property (IP), making the company heavily dependent on its clients. They would like to add a product line that is independent of third-party IP to diversify their business model and add a new revenue stream.
The research team has identified the accessible target market for a specific product: signage. The team completed a competitive analysis to understand the sign ecosystem. In early 2014 an online survey was sent out to a sample of Niagara businesses to inform the research team on buyer behaviour in this market.