Market Research Service
We can provide tailored market research solutions if you are an international or domestic company trying to enter, grow, or adapt to the dynamic Indian market. We are familiar with the peculiarities of the Indian market and can assist you in designing and carrying out various forms of secondary, qualitative, and quantitative research. Actionable insights on target markets, customer evaluation, market size and growth, competition, distribution structure, growth strategy, regulatory framework, risk assessment, and much more can be obtained from our study.
What role do market research services play?
To successfully enter a new market, launch a new product, or increase the existing market share, thorough market research is required. Market research can assist in learning about the market's size, growth prospects, demand, etc. Market research can also aid in creating useful client categories based on factors such as income level, location, behavioural patterns, and demography.
Similarly, market research can shed light on consumer psychology and help determine how the desired target market perceives a product or brand. Market research can assist in revealing consumer demands and wants during the launch of a new product and help pinpoint the missing feature of the existing offering. This can significantly aid product managers and marketers in adjusting their product and service offerings.
How Market Research Collects Data
Primary information is that which has been obtained by the business or a person it has employed, while secondary information is that which an outside source has gathered. These two types of information are combined in market research.
Primary data is information that a corporation has directly gathered or that has been gathered by a person or company that has been paid to do the research. Exploratory and focused research are the two main subcategories of this information kind.
Exploratory research, which is less structured and uses more open-ended inquiries, produces problems or concerns that the business may need to address. Experimental research frequently draws attention to problems that specific research addresses by providing solutions.
Secondary data is information that an outside party has already obtained. This can include demographic data from official census records, research studies published by trade associations, or presented findings from another company engaged in the same industry.
Market research example
Many businesses utilise market research to test new products or learn what kinds of goods and services people want but still need to get an insight to the market and consumers.
For instance, a business that is thinking about opening up a shop may carry out market research to gauge the viability of its good or service. If consumer interest is supported by market research, the company can confidently move forward with the business plan. If not, the business should use the market research findings to modify the product to align it with consumer preferences.
Market research's past
In Germany, formal market research first appeared in the 1920s. During the Golden Age of Radio's advertising boom, market research in the United States began to take off at about the same time. Companies that ran radio commercials started to comprehend the demographics that various radio shows' sponsors revealed.
Market Research Methods
Enterslice for conclusive Market Research takes up the following methods.
From there, businesses were created that would talk to individuals on the street about the magazines and newspapers they read and ask them whether they recognised any of the advertisements or the brands contained inside the advertisements. The effectiveness of this advertising was determined by comparing the information from these interviews with the publication's circulation. These early methods were modified to create market research and surveys. Grasp demand, market size, economic indicators, location, market saturation, and price can help you understand your market.
The focus groups
A focus group is made up of a select group of people who are asked to test out a product or view an advertisement. The group is then asked for input on how they feel about the product, the company's brand, or rival items.
Data was then gathered over the phone, negating the need for in-person interactions. A telephone operator could gather data or plan focus groups sooner, more efficiently, and with greater organisation. This technique significantly enhanced the market research model.
Surveys are a more affordable option than focus groups for finding out what consumers think without having to do in-person interviews. Consumers receive surveys in the mail, frequently along with a discount or coupon to encourage participation. These polls aid in understanding how customers feel about a given product, brand, and price range.
Researching markets online
Many market research operations have moved online as individuals spend more time online. Even if the platform may have changed, surveys are still frequently used to collect data. But people can sign up and do surveys and provide thoughts when they have time, rather than firms aggressively seeking participants by finding them on the street or cold calling them on the phone. As a result, the process is far less invasive and hurried because people can participate at their own pace and will.
Performing Market Research
Establishing the study's objectives is the first stage in doing effective market research. Each analysis should aim to resolve a specific, well-defined issue. For instance, a business might look for consumer preferences, brand familiarity, or the relative efficacy of several ad campaigns.
The next step is to decide who will be a part of the research after that. Because market research is expensive, a business cannot squander resources by gathering pointless information. The company should establish in advance which consumer groups will be examined in the study and how the information will be gathered. They should also consider the likelihood of statistical mistakes or bias in sampling.
The next stage is to gather the information and examine the findings. This should be simple if the first two steps were correctly carried out. The survey findings will be gathered by the researchers, who will record each respondent's age, gender, and other pertinent information. The outcomes of their research are then explained in a marketing report that analyses this.
The final step involves business decisions being made by firm executives based on their market research. Depending on the findings of their study, they can decide to focus on a different kind of consumer, alter their product's pricing point, or adjust other characteristics. The outcomes of these adjustments may later be evaluated in additional market research, and the procedure will start afresh.
Market research benefits
In order to increase brand loyalty and consumer happiness, market research is crucial. A comprehensive market research study can aid in identifying the main demographics and market groups that are most likely to purchase a certain product because it is doubtful that a product will appeal to every consumer equally.
Market research is also crucial to creating a company's advertising initiatives. The business can direct its adverts to one network rather than another if market research shows that its customers are more likely to use Facebook than Twitter. They could also focus on upgrading the product rather than lowering pricing if they find that their target market is more value-sensitive than price-sensitive.
What Kinds of Market Research Are the Most Common?
Primary market research, which includes focus groups, polls, and surveys; secondary market research, which includes articles, infographics, and white papers; qualitative research, which provides insights into how customers feel and think; and quantitative research, which employs data and statistics, including website views, social media engagement, and subscriber counts, are the main types of market research.
Online market research: What Is It?
Online market research is that which is carried out via the Internet. Online market research has the same structure as primary and secondary market research approaches and can be qualitative or quantitative.
What Do Surveys for Paid Market Research Do?
A group of people are paid to participate in a research study in paid market research. This may entail participating in research panels, group studies, questionnaires, and other activities. Typically, the people are already chosen and receive financial compensation for their time and work.
A Market Study: What Is It?
The proactive examination of consumer demand for a good or service is known as a market study. A market analysis examines every element of the market that affects the demand for that good or service. Price, location, rivalry, clones, and overall economic activity are all included in this.
Companies can use market research to understand their product's demand, viability, and potential performance. Primary or secondary information, which gives distinctive insights into a company's offering, is used in market research. A crucial part of a company's research and development (R&D) phase and an essential factor in its success and expansion is market research.
What modifications have been made to the Market Research Advisory
The field of market research is undergoing a massive technological shift. Numerous issues arise from this transformation for both brands and research agencies. Defining the issue, choosing the best solution, putting the best technological tools in place to collect and distribute consumer data, and eventually obtaining valuable insights. Given the abundance of options available for choosing the best solutions, all these difficulties have been heightened. In order to clear the clutter and obtain better and more rapid insights throughout the entire value chain, Enterslice can be a strategic partner for your business in this situation. The Research & Analytics (R&A) solutions bring a smart blend of deep domain knowledge in Market Research and Analytics along with the core Technology DNA of Enterslice. These solutions range from Process Consulting and Customer Journey Mapping to Data Capture, automation, Analytics, Reporting/Dashboards, and agile & actionable insights. Research & Analytics makes use of the most recent technology, such as Robotic Process Automation, Enterprise Data Management, Mobility, and Digital Experiences (RPA).
Why is a marketing research consulting more important now that the pandemic has passed?
Even though economies worldwide are recovering from the pandemic, there are more dangers and uncertainties now than before. To assist business owners in making informed decisions, reducing risk, and protecting their investments, prudent market research can provide beneficial insights, information, and viewpoints.
Investors and company owners should perform market research before beginning a new venture or launching a new product to assess the market's overall potential and find prospective opportunities. An established product or service's offering can be improved by doing a feedback study.
Similar to how creating strong consumer profiles can aid in channel selection and marketing budget optimisation.
What should the strategy be for an Indian market research service to be successful?
India's sizeable market and booming economy offer countless opportunities for companies to expand and prosper. It has one of the largest and fastest-growing consumer classes of any significant economy in the world. The Indian consumer market is anticipated to grow to USD 6 trillion during the next ten years.
Solid structural underpinnings have supported Indian consumer economy development. While a sizable fraction of Indian homes has recently emerged from poverty, the number of middle-class households in India is expanding at an astounding rate. By enabling millions of Indians to adopt internet consumer space daily, the epidemic has also introduced another layer to Indian consumerism.
India's market is complicated, albeit it is not at all heterogeneous. Businesses must have a thorough grasp of Indian consumers in order to expand and adapt in India successfully. This includes knowing their purchasing habits, requirements, wants, expectations, etc. Market research can assist in supplying this information. Consequently, market research is crucial.
Offering Market Research Services, Enterslices
The distinctions between conventional market research and data-backed strategy advising need to be clarified by Enterslice's holistic approach to market research consulting. Our market research consulting service helps firms assess the viability of business/product ideas and create an in-depth launch plan. It also offers comprehensive insights and data on Indian consumer psychology and brand positioning standards. To provide our clients with insightful information, The India Watch combines meticulous data collection research with sharp secondary analysis and consultative techniques. Our market research advisory helps businesses with the following.
- India Entry Strategy
- Investments in India
- Know how of the massive Indian Market
- Customer reactions to the products and services