Market Research service in India: An Overview
Market research is the exercise that is conducted when a domestic or an international business wants to enter a dynamic Indian market by offering tailor-made market research solutions.
Enterslice is well aware of the nuances of the Indian market and can help design and execute different kinds of qualitative, quantitative and secondary research. We offer precise insights into various aspects of the market, such as market size and growth, target segments, customer assessment, regulatory framework, growth strategy, risk evaluations and much more.
Market Research services in India
Enterslice has developed expertise in conducting thorough market research studies across the length and breadth of India and also across different industry verticals. The tools adopted for market research are as follows:
- Both Face to Face and online market surveys
- Face to Face, telephonic and computer-assisted telephone interviews for conducting Qualitative interviews
- Conducting interviews and surveys for triangulation market search
- Focus group interviews
- Secondary Research
- Observation research
- Mystery shopping
- Application Programming Interface (API) and Data Analytics
Importance of conducting market research services in India
There are a number of reasons for conducting market research in India:
Pre-requisite for entering new markets:
Undertaking market research is an essential pre-requisite for successfully making inroads in the ever-evolving, dynamic Indian market, especially before venturing into a new marketplace, launching a new product in the market or in case of expanding into a new market.
Insights into the addressable market:
Market research gives deep insights into the addressable market in terms of the total addressable market size, demand for the product in the market, major growth drivers in the market etc.
Builds customer segments:
Market research also helps in carving out effective customer segments on the basis of territory, income bracket, demography, behavioural patterns etc.
Gives clarity into consumer psychology:
A business also gains clarity regarding consumer psychology and consequently increases understanding of the product and makes changes in the brand positioning, if required, within the addressable market.
Helps in identifying shortcomings of the product:
After the launch of the product, market research helps the business to understand the unfulfilled needs and expectations of the consumers and also helps in the identification of the missing attributes of the product. This lays the groundwork for product managers and marketers to make improvements as required for their products and regarding the services offered.
Increased importance of Marketing Research post-pandemic in India
Although economies around the world are correcting after the shock of the pandemic, risks and uncertainties are still lingering among businesses across the market. A thorough market research can provide useful insights, appropriate data and different perspectives to help business owners make informed decisions while at the same time managing risk and safeguarding their investment in the business.
Therefore, it is suggested by consultants at Enterslice that investors and business owners should conduct market research before venturing out into a new market or introducing a new product in the market, as this will not only help in accessing the full potential of the market but also help in identifying possible gaps and opportunities in the prevailing business environment. Moreover, undertaking market research for an already launched product will help in enhancing the product/ service offering.
One of the features of good market research is profiling the consumers. Building effective consumer profiles during market research will help in optimizing market spending and help in effective channel selection.
Approach for Effective Market Research services in India
India is a vast economy having numerous opportunities for businesses to flourish. India is also one of the biggest and fastest growing economies of the world, which is marked by a big and powerful consumer class. In the coming 10 years, the Indian economy is slated to reach a milestone of USD 6 trillion.
This growth in the Indian consumer economy is a result of its strong fundamentals. The Indian middle class is an aspirational class that is growing at a tremendous pace, and a large portion of the population is making its way out from the shackles of poverty. The pandemic has played a role of a catalyst catapulting Indian consumerism, where millions of Indians have adopted internet consumer space every day.
However, it must be remembered that India is not a homogeneous market and is complex at the same time. In order to successfully grow in the Indian market, it is imperative for businesses to have a deeper understanding and knowledge of the Indian consumer, their buying behaviour, their expectations, their needs and wants etc. Having a sound understanding of these concepts can only ensure success in the Indian market. This data can be arranged with the help of a sound market research campaign which reminds us of the importance of comprehensive market research.