Brainchild

Part
01
of four
Part
01

The Futures Target Market: US

The potential US target market for an on-demand graphics design company that provides a quick turnaround for the 2016-2026 period is projected to grow at a rate of about 4% and to create close to 11,000 jobs. The top industries that outsource on-demand graphics design services include manufacturing, advertising, publishing, and computer systems design. Forbes, Bloomberg, Inc., npr, mindbody, LG, and BusinessWeek are among the companies that use on-demand graphic design services.

Financesonline Analysis

  • According to Financesonline, the graphics design industry in the US is undergoing several changes especially due to emerging technology. Overall, Financesonline stated that the graphics design industry in the US, including on-demand graphics design, has shown steadfast growth over the years.
  • The US graphic design industry, including on-demand graphics design, was projected to grow at a rate of about 3% in 2019 to reach a revenue of about $15 billion. The CAGR for this industry, including the on-demand graphics design sector for the 2014-2019 period was about 3.5%.
  • Francisonline reports that in 2016, about 266,000 people were employed in the graphics design industry in the US, including the on-demand graphics design sector. In the 2016-2026 period, the industry is projected to grow at a rate of about 4% and to create close to 11,000 jobs.

Top Users of Graphic Design

  • Best Degree Programs lists the top 5 industries that hire the highest number of graphic designers in the US. Your research team assumed that since these industries hire the highest number of graphic designers, they are highly likely to outsource the services of the on-demand graphics design firms.
  • On-demand graphics design tasks in the manufacturing industry include packaging design, image combination, and designs that cause browsers to become buyers.
  • In the publishing industry, graphic designers, including on-demand graphics designers create items, such as images, adverts, and logos. These items are mostly used in books, magazines, newspapers, and other forms of print media. BLS projects that the highest demand for graphic designers, including on-demand graphic designers will be for those who have the ability to design digital media and print layouts.
  • According to Best Degree Programs, the advertising industry needs graphics designers, including on-demand graphic designers to create visual and animation graphics for adverts. They also make the layouts for pulling together the images and text.
  • Best Degree Programs reports that the computer systems design industry is among the key users of graphic design and BLS predicts that the demand for graphic design jobs in computer systems design is likely to rise by about 21% over the next decade due to the increased use of the internet.

Smartsites' Clients

Part
02
of four
Part
02

The Futures Target Market: UK

After analyzing the main United Kingdom based clients of The Futures and other top graphic design companies operating in the United Kingdom, we determined that The Futures focus their sales on technology or software-adjacent markets. This includes companies from several verticals such as market research, event management, finance, and software that integrate technology or software service into their offerings. In addition, other United Kingdom-based graphic design firms have worked with similar tech companies with the addition of retail brands such as Starbuck, Redbull, and Coca Cola. Details of our findings have been provided below.

The Futures UK Target Market

Graphic Design Company Clients

Research Strategy

In order to determine the potential target market for an on-demand graphics design company with quick turn around in the United Kingdom, we began our research by scouring media publications, research articles, and research databases such as The Manifest, Deloitte, and Grandview Research. Unfortunately, we were unable to find any publicly available data that provided any insight into a target market for that kind of company in the United Kingdom or globally. Through this search, we were only able to find data regarding top companies that provide graphic design services, job boards for freelance graphic designers, and other various company offerings or job boards.

Through our public search, we determined that the best way to determine the target market for companies that provide these services was to analyze the provided company, The Futures. The goal was to determine the target market of that company specifically in the United Kingdom. We began this process by looking for an actual definition of their United Kingdom target market. In addition, we included examples of the companies clients in the United Kingdom. Unfortunately, after scouring the company website, company press releases, media reports, company profiles, and SEC filings, we were unable to find any data that accurately defined the companies target market specifically in the United Kingdom. Details of what we were able to find have been provided above.

Finally, after determining some of the top graphic design firms in the United Kingdom, we analyzed the clients of the top 10 companies according to The Manifest to provide examples of recurring clients and create a potential target market profile.
Part
03
of four
Part
03

The Futures Target Market: South Korea

An exhaustive search through media articles, industry publications, industry surveys, and websites of leading graphic design companies in South Korea did not reveal any pre-compiled information in the public domain regarding the target market for an on-demand graphics design company that provides a quick turnaround. However, we have provided below a list of top industries catered to by leading graphic design companies in South Korea, which serves as a close proxy for the required data. Based on a sample of 10 leading graphic design companies in South Korea, the potential target market for an on-demand graphics design company in South Korea primarily consists of consumer products & services, business services, advertising & marketing, and arts, entertainment & music industries. Few leading graphic design firms also target financial services, government, and energy & natural resources industries in South Korea. Additionally, based on the available client lists of some graphic design companies, it can be concluded that graphic design companies in South Korea generally target large to medium-sized firms across their respective industry verticals.

Graphics Design Potential Target Market in South Korea

  • The Futures company primarily caters to business owners, agencies, entrepreneurs, marketers, and individual graphic designers across the globe. It caters to firms of all sizes. The company's list of key clients on its website did not feature any organization from South Korea. A majority of its clients are based in the UK and the US.
  • While there was no data available specifically for South Korea, an article by DPI Graphics highlighted that the top 5 industries that leverage the services of graphic designers globally include Advertising & Marketing, Products Packaging & Manufacturing, Magazine & Textbook Publishing, Specialized Design, and Motion Picture & Video. It can be logically assumed that these industries are also likely to be among the key target market for on-demand graphics design companies in South Korea.
  • Some top graphic design companies in South Korea include MYKC Studio, Arup, D'art Design, Craft Combine, Cobb Studio, Studio Juliette, Second White, Dotmot, Offof, and Grabit Inc, among others. The same is based on a list of top graphic design firms in South Korea curated by Clutch.
  • MYKC Studio, Craft Combine, Studio Juliette, Offof, and D'art Design primarily target companies operating in consumer products & services, business services, and arts, entertainment & music industries. Cobb Studio and Grabit Inc, on the other hand, target the advertising & marketing industry as well in addition to the arts, entertainment & music, and business services industries.
  • Arup targets financial services, government, and energy & natural resources industries while Second White and Dotmot focus on clients in business services, consumer products & services, and financial services industries.
  • Additionally, Grabit and D'art Design clients primarily include large to medium-sized firms within their respective industry verticals. Some of Grabit's leading clients include Naver, Line, Webtoon, Samsung, Tencent, NetMarble, Nexon, and JYP Entertainment, among others, while those of D'art Design include Nexon, 3M, Adidas, AEG, Aldo, Amtico, Arte, B. Braun, BMW, etc.

Research Strategy

To find the required information, we began by scouring through the media publications, research articles, and research databases such as Clutch.io, Manifest, Deloitte, Korea Times, Forbes, Bloomberg, The Conversation, and Grandview Research, among others. Unfortunately, we were unable to find any publicly available data that provided insights specifically into the target market for an on-demand graphics design company providing a quick turnaround in South Korea or globally. Through this search, we were only able to find data regarding the top graphic design companies in South Korea, job boards for freelance graphic designers, and top examples of Korean graphic design works. Through our public search, we determined that the next best way to determine the target market for companies that provide these services was to analyze the provided company, The Futures. The goal was to determine the target market of that company, specifically in South Korea. We began this process by looking for an actual definition of its South Korean target market, along with a list of its clients in South Korea. However, after an exhaustive search through the company website, company press releases, media reports, and filings, we were unable to find any data that accurately defined the company's target market, specifically in South Korea. Also, none of the provided clients were from South Korea.

In the absence of any pre-compiled data, we have triangulated the required information by looking at the industry focus or target market of a sample of 10 leading graphic design companies in South Korea. We have also analyzed the client profile of these companies, wherever available, to determine the size of companies that they target within their respective industry verticals. We have assumed that the target market for a graphic design company in South Korea will also be relevant for an "on-demand" graphic design company.
Part
04
of four
Part
04

English Language Websites in South Korea

To accommodate for citizens that may struggle with advanced English phrases, native English-speaking companies should translate their websites into Korean. Nevertheless, English is a widely taught language in South Korea.

Websites Should Be in Korean

  • English is one of the most popular spoken non-native languages in South Korea, and most of its citizens below 40 years of age have completed English courses. South Korea ranks number 37 (out of 100 countries) in the 2019 ranking for the EF English Proficiency Index, and it is considered to have a moderate proficiency in the language. Among nations in Asia, South Korea ranks sixth (out of 25 countries).
  • Moreover, it is estimated that nearly one-third of the university courses in the nation are currently taught in English, according to a recent report from Times Higher Education. A 2015 survey from Yoon English School revealed that up to 93% of parents in South Korea were in favor of maintaining their spending on English courses for their children.
  • Nonetheless, many of its citizens comprehend basic phrases in English because of inadequate practice, as well as dreading mispronunciation. Also, the country's proficiency rating has plummeted considerably over the past several years, falling from number 13 in 2011 to its current ranking of number 37.
  • An article providing advice on "Doing Business in South Korea" that was published by the International Market Advisor recommends using basic English in business settings with South Koreans as many of them are not comfortable communicating in the language. This advice could be extended to using English for websites.
  • Except for social media platforms and Google, the overwhelming majority of the top websites in South Korea (Republic of Korea), are in the Korean language. These include the websites for Naver, Daum, DC Inside, Tistory, Coupang, Kakao, Nate, Namu.wiki, RuliWeb, FM Korea, Donga, 11st, etc.
  • Also within the top websites in South Korea is the Korean version of the Google site, as listed by SimilarWeb. Interestingly, this version of the website appears to be slightly less popular than its English counterpart, as Google.com is ranked number two while Google.co.kr (Korean version) is ranked number eight.
  • Taking the above factors into account, it is reasonable to assume that it is a best practice for English-speaking companies to translate their websites into Korean to accommodate for those in South Korea that are not necessarily proficient in English. Another possible best practice would be to allow website visitors to switch between English and Korean on their own, as English is a language that is widely taught in the country. In fact, nearly all of the English-speaking companies that are present on the list of the top websites in South Korea, including Facebook, Twitter, Instagram, and Twitch TV, allow visitors to change the language setting from English to Korean, with many of them presenting the option as "한국어" (translated as "Korean").

Research Strategy:

To determine if the Korean market expects that websites from English-speaking companies be in Korean, we first searched for recently published studies and surveys to find any available hard data on the matter. For this, we explored for both English and Korean sources, such as Statistics Korea, among others. However, we were unable to find sufficient information to help us determine Koreans expectations on this subject.

We also searched for articles and reports discussing the use of English in South Korea. We searched through news and media sources such as the Korea Times, the Washington Post, The Conversation, etc., hoping that they would offer insight on whether Koreans desire to have English-speaking companies translate their websites into Korean. With this strategy, we discovered that basic English is understood by many younger Koreans, but there was no indication that they prefer websites to be translated into Korean.

Also, we searched for the percentage of websites visited by South Koreans that are in the English language by scanning reports and articles, statistical websites (such as Statista), and government sources. Nevertheless, we discovered that this information was not available in the public domain, as none of the sources we came across provided a relevant figure.

Additionally, we consulted articles from the Korea Economic Institute of America, World Atlas, International Market Advisor, among others. Moreover, we found South Korea's rating in regard to English proficiency, along with the top websites in the country. This strategy presented us with valuable information suggesting the extent of English use in South Korea that allowed us to come to some conclusions. We concluded that while English is used by many in South Korea, most of those speakers can only understand basic English. Furthermore, we concluded that the top websites in the country from English-speaking companies (e.g., Facebook, YouTube, Twitch TV, Twitter) offer the option of switching from English to Korean. Therefore, we made the assumption that the South Korean market does expect native English-speaking companies to either provide a Korean version of their websites or enable visitors to switch to Korean.
Sources
Sources