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Role of Market research specialist in today’s marketplace

Marketing research specialist is the person authorized to help companies figure out what sells. They analyze market data on a local regional or national level and regulate what people are buying what gaps are in the market what kinds of people buy what products and what individuals are keen to spend on those products. Marketing Specialists have their finger on the throb of what sells around the country investigating demographic data buying and shopping ways looking at a participant and their pricing creating and managing surveys questionnaires and other information congregation devices measuring current stratagems and much more all in an exertion to help skillfully understand the finest way to market products and make the company money. A postgraduate qualification is not typically required although for some kinds of roles a Masters or diploma in a statistics related subject may boost candidates chances mainly if their first degree is not statistical.

JOB SKILLS AND REQUIREMENTS for a Market Research Specialist:

•  Analytical Skills: Marketing specialists look at many brooks of data to regulate the demographics and buying inclinations of current and potential clienteles. Understanding this statistic will be critical to the job role. •  Communication: In the process of gathering and presenting information and statics marketing specialists requires to be able to converse and listen well. •  Critical Thinking: Being able to process the data in a way to make references takes critical thinking. •  Attention to Detail: Evaluating data to display trends takes precision.     Role and Responsibilities:

•  Gathering and evaluating data on customer demographics likings necessities and buying habits to recognize latent markets and features affecting product demand. •  Gathering data on participants and inspect their prices sales and method of marketing and distribution. •  Monitoring business statistics and track trends in trade literature. •  Formulating reports of findings demonstrating data vividly and rendering complex findings into written text. •  Pursuing and providing information to help businesses regulate their position in the market. • Conducting research on consumer opinions and marketing approaches collaborating with marketing professionals calculators pollsters and other specialists. •  Devising and evaluating methods and procedures for gathering data such as surveys opinion polls or questionnaires or arranging to obtain existing data. •  Forecasting and tracking market and sales trends analyzing collected data. •  Measuring and assessing customer and employee satisfaction. • Attending staff conferences to provide management with information regarding the promotion distribution design and valuing of business products or services. •  Developing and implementing procedures for identifying advertising needs. •  Measuring the efficiency of marketing advertising and communications programs and strategies.

What to expect from a role of Market Research Specialist

•  It can be a desk based job but some market researchers do travel nationally and seldom globally to visit client administrations and to complete their research. For this role Short term contracts are also available through recruitment agencies though these are usually for more senior market research posts. Singapore and UK clients who are looking at entering Indian market have enough of opportunities for people in this field. But this can be a fast paced pressurized role due to the tight goals but it is also stimulating varied and rewarding. Competition for jobs is tough and strong. so speculative approaches can be more fruitful than trusting on advertised vacancies.

THE FUTURE OF Market Research Specialists

Data is king in todays marketplace and most companies want to know more about their clienteles. Market research specialists jobs is expected to grow by 40 pecent by 2020. If you are looking for a money spinning job with room for growth you can consider becoming a marketing specialist.

The rapid growth of global business and developments in information technology has formed worldwide prospects in this field. With a virtuous level of experience in your professional area you can progress to work as a research specialist either autonomously or in a partnership. You may also want to contemplate setting up your own consultancy or working as a freelance but this is only possible if you have extensive experience and have a good network.

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The best 5 kind of Qualitative Research Services you can opt for your Business

Qualitative research is an essential part of the understanding impact and is mainly suited for learning and improving as you go. You may have quantitative statistics to suggest you have made a difference, but without good qualitative research to supplement it the picture is not complete; qualitative research gives you a much more comprehensive understanding by presenting how the impact occurred, how it could be constant, and the aspects linked with success and failure. Today, companies are using Qualitative Research Services to make sure they are providing the customers with exactly what they need. In fact, Singapore and UK clients who are looking at entering Indian market are paying utmost attention to qualitative research before launching a product or service. The five qualitative research services that you must surely opt for your company. 1. Ethnography Ethnographic research is the most conversant and appropriate qualitative method to UX professionals. In ethnography, you plunge yourself in the target participants' environment to comprehend the goals, challenges, cultures, motivations, and themes that arise. Ethnography has its origins in cultural anthropology where researchers dip themselves within a culture, often for years! Rather than trusting on interviews or surveys, you practice the environment first hand, and sometimes as a "participant witness”. For instance, one way of finding the unmet requirements of customers is to "trail them home" and perceive them as they intermingle with the product. You don't come armed with any theories to necessarily test; rather, you're observing to find out how a product is used. 2. Narrative The narrative style weaves together a sequence of events, typically from just one or two people to form a unified story. You conduct exhaustive interviews, read documents, and look for themes; in other words, how does a specific story demonstrate the larger life influences that formed it. Often interviews are steered over weeks, months, or even years, but the final narrative doesn't prerequisite to be in sequential order. Rather it can be presented as a story with themes and can merge conflicting stories and highlight tensions and challenges which can be prospects for innovation. 3. Phenomenological When you want to define an event, activity, or phenomenon, the appropriately named phenomenological study is a suitable qualitative method. In a phenomenological study, you use a mixture of methods, such as reading documents, conducting interviews, watching videos, or visiting places and events, to comprehend the meaning participants place on whatever's being observed. You depend on the participants' own standpoints to provide insight into their drives. Like other qualitative methods, you don't jump with a well-formed theory. In a phenomenological study, you often conduct a lot of interviews, usually between 5 and 25 for general themes, to shape a sufficient dataset to look for emerging themes and to use other members to authenticate your findings. For instance, there's been a burst in the last 5 years in online courses and training. But how do students involve with these courses? While you can inspect, time spent and content retrieved using log data and even assess student attainment vis-a-vis in-person courses, a phenomenological study would object to better understand the student’s involvement and how that may influence comprehension of the material. 4. Grounded Theory Grounded theory looks to deliver an explanation or theory behind the events. You use chiefly interviews and existing documents to shape a theory based on the data. You go through a sequence of open and axial coding methods to identify themes and build the philosophy. Sample sizes are often also larger—between 20 to 70—with these studies to better launch a theory. Grounded theory can help enlighten design decisions by better understanding how a community of users presently use a product or perform tasks. For instance, a grounded theory study could include understanding how software developers use portals to connect and write code or how small retail merchants agree or decline customers for credit. 5. Case Study A case study includes a deep understanding through numerous types of data sources. Case studies can be descriptive, investigative, or describing an event. For instance, a case study of how a large multi-national company introduced UX methods into an agile development environment would be informative to many organizations. Qualitative Research case study practice delivers tools for researchers to investigate complex phenomena within their frameworks. The aim of case study research is to describe that specific case in detail and take learning from that and develop theory from that method - it is particularistic and circumstantial.

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7 Components for a Comprehensive Brand Building Strategy

When people talk about a brand, generally they're referring to the visual or graphic parts. They think about their emblem, the colors they use or their fonts. But actually, a brand of an organization is so much more than that. It's also how you sound, and how your staffs answer the phone. It's what sort of experience you offer and how you connect to customers. In a true sense, your brand is your company's personality. Branding is what makes people select one company over another. In fact, Singapore and UK clients who are looking at entering Indian market are taking utmost care of Brand Building Strategy because they believe branding is a way of defining a business to yourself, your team and your external audiences.  So, to help you restraint in what many marketers contemplate more of an art and less of a science, we've broken down 5 essential components of a wide-ranging brand strategy that will help retain your company around for ages. 1. Purpose Every brand makes a promise but in a market in which client confidence is low and financial vigilance is high, it’s not just a promise that separates one brand from the other but having a significant purpose. For instance, IKEA's aim is not just to sell furniture, but relatively, to create a better everyday life. This approach is tempting to potential customers, as it determines their commitment to providing value beyond the point of sale. When defining your business' purpose, keep this instance in mind. While making, money is a priority, functioning under that idea alone does little to set your brand apart from others in your business. 2. Consistency The key to consistency is to evade talking about things that don’t relate to or improve your brand. Planning to add a new photo to your business' Facebook Page? Does it align with your message, or was it just something humorous that would, quite honestly, confuse your audience? In an exertion to give your brand a podium to stand on, you require to be sure that all of your messaging is unified. Consistency contributes to brand acknowledgement, which ultimately fuels customer loyalty. To avoid leaving latent customers besieged to put the disconnected pieces of your business together, consider the benefits of creating a style guide. A style guide can include everything from the tone of voice you will use to the color scheme you'll employ to the way you'll place certain products or services. Emotion: Find a way to connect with your customers on a deeper and more emotional way. Use emotional triggers to strengthen your association and foster loyalty. For instance, Harley Davidson uses emotional branding by generating a community around their brand. They began Harley Owners Group (HOG) to tie their customers with their brand and each other. By provided their customers with a chance to feel like they are a part of a bigger group that is more tight-knit than just a group of motorcycle riders Harley Davidson is able to spot themselves as an apparent choice for someone willing to buy a bike. Flexibility: While consistency objects to set the standard for your brand, flexibility allows you to make modifications that build interest and differentiate your approach from that of your opposition. Effective brand strategy in marketing require enough consistency to be recognizable, but enough distinction to keep things fresh and human. Take the chance to engage your customers in fresh, new ways. Are there some out-of-the-box partnerships your brand can make? Are there qualities about your product you never emphasized? Use those to connect with new clienteles and prompt your old ones why they love you. Loyalty: If you already have customers that love you, your business, and your brand, don’t just sit there. Reward them for that love. These customers have gone out their means to write about you, to tell their networks about you, and to turn as your brand ambassadors. Refining loyalty from these people early on will harvest more returning customers and more profit for your commercial. Sometimes, just a thank you note is all that's desirable. Other times, it is a better idea to go above and beyond. Write them a tailored letter or send them some special swag. Ask them to write a review on your product or feature them glaringly on your website. Brand Building Strategy could be named the business’ “identity”, but only on the understanding that it symbolizes the central of what the business is and its standards, not just what it looks and sounds like

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Why your Brand needs a Qualitative Research?

When it comes to qualitative market research, it is about observational and natural examination of the different philosophies which govern the behavior of the customers. The framework and direction of the research is revised at a regular interval in order to gain new information. This allows the researcher to assess subjects and issues in a more detailed and comprehensive manner. The quality of the out of the research conducted is determined by the researcher’s skill s and ability.  It is the job of the Qualitative Market Research Companies to not only determine the thoughts of the people, but at the same time to find out why people think in that way. It is a process through which people are allowed to express their thoughts and opinions so that their feelings towards a specific product can be understood. It is all about getting in-depth feedback. Group discussions and face to face interviews are the best ways to go about it. The process of Qualitative Market Research comes real handy when someone is planning to design new products or is about to launch marketing campaign. This is a very common methodology which is being used by the companies in order to make sure that their marketing campaigns bring out the best of results. What are the Reasons for such Research? When it comes to undertaking any sort of marketing activities, research is one of the most important steps and it includes the following - •  SWOT Analysis •  Designing an effective marketing strategy •  Branding •  Product Development, and •  Pricing Talking about marketing research, the internet plays a very important role. The social media websites and other platforms can be used effectively in order to collect data. They are very useful and reliable mediums when it comes to interacting with people and collecting their feedback and opinions, which are the main outputs of a marketing research. Marketing Research can also help to improve the quality of the services and products and ensure that the needs and demands of the target audience are being met. For example, if a restaurant is planning to add new items to their dinner menu, in that case they can invite few people and ask them to taste their new items and give a feedback on the quality and the price. These types of exercises can at times be quite costly and might take a considerable amount of time; however they are very useful and have proven to be quite effective when it comes to customer feedback and analysis. The feedback received can be used to modify the services and the products and make them more likeable for the customers. Before a new product is launched, it is very important it makes sure that the product is being tested by a section of the target audience. There are a couple of important questions which needs to be addressed, here are some of them •  Is the product easy to use? •  Does it serve the purpose for what it has been designed? •  Does it look appealing and attractive? •  Is the price a right one? The process of market research is all about getting an idea about what the customers feel on the existing products and those which are about to be launched. What information can be gained from such Research? There are different types of useful information which can be derived from an effective market research campaign. Here are some of them •  What are thoughts and feeling of the customers with regards to the services or products? •  How do customers make a choice when it comes to selecting a supplier? •  What motivate the customers to go for a particular supplier? •  How designing, processing and branding influence the customers •  What are the different marketing messages which would have the best impact on the customers and what can turn them off? •  How is customer’s decision making is affected by price? •  Is there a demand for new services and products? Successful firms in countries like Singapore and UK rely largely on Qualitative Market Research Companies for their product development.

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What are the Benefits and Components of Qualitative Market Research

Qualitative market research is one of the keys to the success of any product or service. It is through the process of market research the companies get to know about all the different aspects of the market which determines the success or failure of a particular product. When it comes to market research qualitative, it is all about assessing the market with the help of different analytical tool and coming to a logical conclusion. Here the term “market” includes different parties like the dealers, suppliers and most importantly the consumers. Qualitative market research focuses more on the consumers in order to assess their feedback about the product which is being planned to be launched. When it Market Research Qualitative, it has numerous benefits. The fact that the trend of the market and the prospect of the products and services could be assessed makes it such a useful tool.  Companies from all over the world, especially in the UK and Singapore use these services to great effects. What are the Benefits of Qualitative Market Research? Here are some of the benefits which Qualitative Market Research has to offer •  Subjects and issues which are covered can be analysed in detail and depth

•  When it comes to the interview sessions, they are not limited to any particular questions and can be guided or redirected by the researchers

•  It is possible to revise the framework and direction of the research the moment fresh and new information are available

When it comes to qualitative research, the data collected depends on the human experience which is more powerful and compelling compared to the data which is gathered using quantitative research

•  Usually, data is gathered from few cases or individuals. As a result the outcomes and findings cannot be distributed among the larger populations; however, as far as the findings are concerned, they can be transferred to other settings. •  With the help of this kind of research, the researcher knows exactly what he can expect. The results acquired are based on real facts and figures What are the Components of such Research? 

When it comes to qualitative market research, it has different components. All these components put together brings out the exact facts and figures which help the companies in the course of decision making. Here are some of the important components of qualitative market research •  SWOT Analysis: SWOT Analysis is the process which is undertaken by the organisation in order to identify their strength and weaknesses and also to determine the opportunities and the external threats which they might encounter. With the help of SWOT Analysis, the companies can plan for counter strategies. It also allows the companies to set a path of operation which would let them achieve their goals. •  Marketing Strategy: This is one of the key components which are used when it comes to qualitative market research. Marketing is one of the most important aspects when it comes to determining the success or failure of a product or service. Therefore, it is essential to make sure that there is an effective and well-designed marketing strategy which is in place. Planning a proper marketing strategy is one of the elements of qualitative research •  Branding: Branding is one of the most important factors that determine the success or failure of any product. These days, branding is as important as advertising and the companies need to make sure that it is being taken care of with due importance. Determining the branding strategies is one of the essential elements when it comes to the qualitative research program •    Product Development: It is the product that matters the most. Therefore, it is important to make sure that this aspect is being taken care of.

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Services Rendered by the Qualitative Market Research Companies in India

When it comes to market research, it is one of the most important factors, as far launching any new products or services are concerned. The companies need to analyse the prospect of a particular product even before they start the manufacturing process. The idea is to ensure that the planned product would be accepted by the customers and it would contribute towards achieving the bottom line for the company, which is revenue. There have been multiple instances when a product was launched with a bang; however, after a certain period of time, it simply vanished from the market. This is something which is absolutely undesirable. Companies invest a huge amount of many and workforce when it comes to manufacturing a new product along with the promotional and advertising expenses. It all becomes useless if the product or the service fail to sustain in the market for a considerable period of time When in India, here we have a volatile market which is marked by the open economy. There are multiple manufacturers and suppliers of the same kind of product, therefore, in a country like India, it is necessary to carry out a thorough qualitative research prior launching any product. What are the Reasons which lead to the failure of any Product or Services? There can be multiple reasons which are responsible for a setback for the companies when it comes to new products. These are the reasons which form the basis of a qualitative research • No Demand: A product might fail because there is not enough demand in the market. This is the first important aspect which needs to be taken into consideration during a qualitative research. • Competitors: If there are multiple competitors on the same line of product, then the chances for the product to fail is quite high. Those companies who have already established themselves in the market would be very difficult to deal with unless the products are much better than that of their in terms of quality. Besides, it requires an extensive marketing mechanism which can be very expensive • Low Quality: There could be sufficient demand in the market; however, because of the inferior quality, the customers would invariably reject the product. The open market factor comes into play here, where there are many manufacturers and suppliers available. As a result, the customers don’t have to depend on any particular producer. • Lack of Advertising: Proper advertising forms the basis of success for any product or service. When it comes to a new product, it is very important to make sure that it is being highlighted as much a possible and is being brought to the notice of the target audience. Lack of proper marketing strategy and a bad marketing mechanism would invariably result in the collapse of a product or service; especially one which is newly launched. • Utility: Customers pay money to yield maximum utility out of a product or service. If they find that their requirements are not met, they would straight away reject it • Packaging: This is an age where everything needs to be attractive and appealing. The consumer needs to be pursued by the sheer look of the package. A dull packaging can result in the fall of demand Apart from these, there are various other reasons which contribute towards the failure of a particular product or service. What are the Services Rendered by the Indian Qualitative Research Companies When it comes to the Top Qualitative Research Company in India, there are many options available. These companies render an array of different types of services, here are some of them • Customer Feedback: They would carry out extensive surveys and let you know about the feedback received from the targeted audience • The Motivating Factor: They would let you know what motivates the customers to go for a particular product or service • Designing and Branding: They would offer you valuable suggestion in terms of branding and designing • Demand: After carrying out extensive research, they would let you know if there are any demand for the product or service which you are planning for Besides India, in countries like UK and Singapore, the services of the Qualitative Research are used extensively

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How Marketing Consumer Research can help in Brand Development

Consumer research is usually viewed in terms of a company’s relationship with its consumers, specifically about its marketing and product. But consumer research can prove valuable for other functions like brand development.

Brands are ultimately a matter of public perception. Your brand is not just the logo and colors, it is about how people at large see you. Marketing Consumer Research focuses on these very consumers. Researchers use various methods, including interviews and observation to understand consumer behavior, their motivations and desires.

Consumer research when applied to brand development can be short term or a much longer affair. Short-term research usually aims to gauge a particular aspect. But, since brand development is a long-term strategy, research must be conducted periodically, especially an evaluation of the brand’s standing.

Some of the specific areas where consumer research is critical for brand development are:

Improving communication: In today’s hyper-connected modern space, communication with the user has become more important than ever before. A brand that communicates frequently and effectively with its market remains relevant and easy to recall. But what is it that people want to hear? How can we link our core product to the information flow all around us? What is the language that your users understand — its nuances and idioms? Not just the language, we are also looking at the right content.

Connecting with consumers: The average consumer today is not walking around looking at pamphlets and hoardings. Chances are they are working on or surfing the internet. So, how do you connect with this new user, yet retain your old base? Researchers are today looking at communication patterns in social media, informal chatter to understand how we can better relate to the average person, whether or not he/she is an existing consumer.

Checking preferences: Often we develop a product with a fairly fixed idea of our market, its drives and motivations. But, in a country as vast as India with its many regional variations, consumer preferences often change from one place to another. This can affect not just product development, but also branding strategy. Consumer preference influences every aspect of how we can develop a brand — from designing a logo, packaging to deciding on communication channels.

Test running Ads: Advertisements are undoubtedly the biggest means of brand promotion. No advertisement today can pass without some basic Marketing Consumer Research. This is conducted before and after a promotional event. Even before you get a creative agency to formulate an idea, you will need some basic data like the average age, occupation, income status.

Once we have the ad, we again use a simple survey or observation to see how the audience receives it. Does it communicate your product and brand effectively? Can people recall the brand hours after they watch the ad? Does the ad confirm to your brand’s core image or does it mark a stark departure?

Understanding consumer behavior: This is the main goal of any Marketing Consumer Research and it is vital for brand development. How your consumer behaves, understanding their motivations, desires and preferences is critical for all decisions we take regarding brand development, such as planning communication and promotion strategy.

Check communication effectiveness: Planning communication is not enough. We must also determine whether it is effective or not. Communication here covers a wide ambit, any form that is used for brand development, such as emails, SEO content and advertisements.

Researchers focus on whether people see the brand either directly or indirectly. Does the SEO content lead the reader to better brand awareness? Are we aligned to the right websites and other content? How effective is our engagement with the consumers? Should we step up our communication channels or is there a risk of over-exposure?

Evaluating brands: As mentioned above, brands are for life and brand development strategy must be devised for a long-time period. This makes it necessary that we evaluate our direction periodically and this is where research comes in.

Marketing Consumer Research focuses on how the consumer sees the brand. Do they recognise the logo and design immediately? How do they place it vis-a-vis the competition? Does it make them feel good, sad or indifferent? How loyal are they to the brand?

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Top 6 Tips on Brand Building Strategy For Small Business

Brands are often seen as the domain of big businesses. Many small entrepreneurs consider it unnecessary and often, unattainable. But this is rather short-sighted and misinformed. Brands may be exclusive, but they are not the domain of only one sector. Every business -- big or small -- has a brand that is its own. What small businesses often lack is an awareness of their brand. Consequently, they rarely focus on a comprehensive Brand Building Strategy for Business. In addition, brand building is a long-term function and small businesses often find themselves reluctant to make that investment. But, if carefully planned, brand building is neither expensive nor difficult. These are some handy tips that small businesses can use when planning their strategy: Define your brand: We start with understanding and defining a brand. We must first find what a brand stands for, what its core idea is and how can we align it to the company philosophy. We have to focus on what our brand will stand for. What is its relationship with its environment -- economic and social? Find a niche: The only way a brand can make a mark is by finding a niche. This is a unique feature or image that the brand conveys. In a market overcrowded with competing brands, this is the only way to stand out. Once we have defined the brand, we identify what makes it unique. Once we find the value proposition of the brand, we adopt a branding strategy that emphasizes this quality. By carving a niche, we not only get the chance to exploit a ready market, we can also slowly position ourselves as the foremost brand in that space. A successful strategy is when your brand becomes synonymous with this niche space. Treat your brand as a human being: Brands are imaginary concepts. We can have a fixed symbol, font and colors, but the concept of a brand is much bigger than that. The trick is to see it as a growing human being. In the beginning, it is like a little baby who must be nurtured in order for it to grow into a healthy robust adult. We start by personalizing a brand. Name it and give it a distinct shape. We then carefully think and plan the relationships it will form with its environment -- the consumers, press and even the distributors. Just as in the case of human relationships, these have to be nurtured and carefully developed for a long-term. Don't copy: You will read many success stories of brands that have become synonymous with the product, like Band-Aid or Xerox. But, while these success stories are great inspirations, you cannot copy these blindly for your own strategy. What worked for one brand at that particular time and space may not work for your own brand. Any Brand Building Strategy for Small Business must take into account the various factors that make its environment. Also, keep in mind that the consumer today is smart with easy access to information. You do not want to be known as a copycat! Don't overpush it: The problem with many marketeers and business owners is that they tend over overpush their brand when planning a promotion. You will see the brand virtually everywhere -- from company emails, signages, corporate gifts and every other business related matter. This is often counterproductive. Too much leads to over exhaustion. Be Bold: One of the common features for all successful brand stories is how they took a risk and did something different. It could have been a bold advertising campaign, promotional strategy or an interesting innovation. In a market teeming with competitive brands, an innovative strategy ensures that you will catch the attention of the consumers. If it is really different, they will remember you every time a similar concept is raised. Use social media: For small businesses the social media has been a huge boon. It is the perfect tool for brand building strategy. You can use platforms like Twitter to engage with the market. Other sites like Facebook can be used to create a constant dialogue and connection with the market. These tips can help you plan a comprehensive Brand Building Strategy -- from its inception and through its lifetime. Timely evaluation will help you measure your success and course correct when required.

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How Marketing Research Services Can Help the Textile Industry

The textile industry is one of the largest Indian industry that provides employment to both skilled and unskilled labor in India. It is also one of the most rapidly developing industry. Booming trade has helped both the rural sector as well as the urban centers. In addition, we now have sizeable foreign investment and expertise flowing into the Indian textile in-dusty.

Corresponding with this growth is the story of Marketing Research Services in the textile industry. Whether dealing with a B2B company or a consumer services business, market-ing research has made an immense difference in how these businesses are making criti-cal decisions on branding, sourcing, marketing, communication and even business ex-pansion.

As the Indian textile industry becomes more competitive, marketing research services will have an even greater role to play. For foreign companies from countries like UK and Sin-gapore, research is even more important, since it helps them to understand the complex Indian market. Some of the ways in which marketing research has made a significant im-pact in the textile industry are:

Consumer segregation: Unlike most industries, the consumer’s preference are the key here. In a country like India where multiple textiles and fashion trends exist and thrive simultaneously, it is important to know just who your customer is. Marketing research will focus on the basics like lifestyle, taste, preference, age and income of the consumer. This helps us to price, expand and plan our entire growth strategy.

Brand development: The brand is a major commodity in the textile industry, especially in retail. Here the brand plays an important role because it helps us carve out a niche and exploit it further. As a long-term research function, brand development focuses on overall strategies to improve brand image. It helps us to pinpoint the brand, whether it is a luxury, cost-effective, exclusive, urban, eco-friendly and so on.

Need-gap analysis: A by-product of a rapid spread has been the over-saturation in some areas of the textile sector. Research focuses on whether the demand actually exists. What is the level of competition and where can your company enter? Is there space for your product? What is the demand and supply in the given market?

This analysis is essential in creating estimates for future demand, which is the critical el-ement in creating strategies. This information will affect all our decisions — deciding on production capacity, demand and supply of products in the B2B area, pricing strategy and promotional activities.

Gauging expansion need: Too many companies go bust for expanding too soon. The two most common reasons of faulty expansion are overcommitting business assets and enter-ing an over-saturated market. Most often this can be easily avoided by timely research. Apart from need-gap analysis as stated above, research will also focus on the company’s own capabilities.

Usage & attitude study: It is important to understand how people and businesses are us-ing textiles. There has been considerable innovation, change in style and preferences of the average consumer. Marketing Research Services study the changing usage patterns as well as people’s attitude towards a brand and its product.

Retail research: For B2C companies the retail experience is a critical part of their busi-ness organization. The customer experience, their feedback and perception can make all the difference between success and failure. Research focuses on the layout of stores, how shoppers make their selection, what attracts them to rival brands and so on.

This research has been instrumental in creating more shopper-friendly layouts at many major stores, innovative retail strategy and better shopper experience on the whole.

Knowing Triggers: Like any industry, there are the triggers that cannot be crossed in a given market. These can be dictated by prevalent social or religious customs, norms and culture. A foreign brand must keep these in mind when entering into the textile business. Even Indian brands often fail to understand regional barriers.

For instance, Market Research Services for a big clothes retail chain that was planning to open a store in small town found little demand for their western women swear range. This was mostly due to local conservative culture. Consequently, the store focused on their ethnic wear with just a select selection of their western wear. This meant less wastage, more judicial use of its inventory and better retail experience.

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How Consumer Research Services Make a Difference in F&B Sector

Summary: The overcrowded F&B sector is India is fiercely competitive. Consumer Research Services India provide us with valuable insight into consumer behavior, giving us tools to carve our own space and build a brand.

The steadiest growing sector in most economies is the F&B sector. It is also one of the most fiercely competitive markets. In India the F&B sector has a vast scope today with a rapidly changing face. Ever since the opening up of the Indian economy, the F&B sector has been flooded with new names and products — both Indian and foreign.

The flip side of this rapid development is the overcrowding of the market with new entrants coming in every other month. But this is far less than many developing and developed economies. This combined with the massive size of its population means that the Indian market still has an enormous potential. The perfect tool to exploit this are the consumer research services.

Understanding Consumer Research

Although we see it more as a part of market research, consumer research is actually a type of applied sociology that attempts to understand the attitudes, behavior and preference of the consumer. In marketing we are usually concerned with how various marketing campaigns are received by the consumer, how it effects them and how their likes, disliked, moods and personalities affect their decisions.

It can involve observation, surveys, interviews and even experimentation. Most consumer research services include both quantitative and qualitative research. Although, it is concerned mainly with the study of the consumer, this field has a wide scope, including product, market, advertising and pricing research. This is because the consumer has a role in all these areas.

Most importantly, consumer research aims to understand the behavior of the most important factor of any business — the consumer. As a major B2C industry, consumer research is critical in the F&B sector. For foreign companies from UK and Singapore, this service is even more essential since they are yet to develop their own brand and niche.

There are simply too many benefits associated with consumer market research. Some of these are:

Gauging Demand: Despite the many names thronging the Indian F&B sector, there is ample space for newer entrants to grow and thrive. But it is important to know where this demand lies. Most companies fail because of an expansion that happened too early or too fast. For a new company it is crucial to gauge this demand. Consumer research shows us not just existing demand, but also the potential of growth in the market.

Building a Niche: One of the most effective means of growing in an overcrowded market is to build a niche for yourself. This helps in creating a brand that stands out and can, hence, find a ready market. But to do that, we must first find what the consumer is looking for — a particular area that can then be built into a niche.

For instance, Consumer Research Services hired by a beverage company found too many sugar-based drinks in the market. Consequently, it started a new fresh fruit health drink line, carving a unique niche for itself.

Building Consumer Relationship: The F&B sector is largely consumer-oriented industry. In our social media-driven society, consumer relationships have become more important than ever before. But before we approach them, we need to know what interests them, their language, cultural and social preferences.

The only way to find this is through consumer research. But research is not just about initiating contact, it also evaluates how the relationship is built over the years.

Brand Evaluation: No matter how small, every business has a brand even if only the owner knows about it! Building a brand is a long-term strategy which must be planned carefully. The most important component of this is the consumer. Before building a strategy we must first find out how the brand is perceived by the consumer. Do they recognize it instantly? Does it have a positive or negative image? How is it positioned vis-a-vis other brands?

Predicting the next big trend: In this fiercely competitive market, it is imperative that one stays a step ahead of the competition. The only way to do this is to innovate and find the next big trend. Consumer Research Services In India provide us an important tool for just that. By talking and observing users we can pinpoint emerging trends and concerns, their requirements and how we can meet them.

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Why go for Web Marketing Research Services and Reasons to be Cautious

In this age of internet domination, it is foolish to ignore it as a tool of marketing research. Like everything else, the web has revolutionized this function. Marketing Research Firms in India have taken to the web like duck to water. With a tech-savvy workforce, these firms are perfectly placed to exploit this opportunity.

But, this is not to say that web research is without its faults. Like all great tools, it has its own drawbacks. It is important to understand the pros and cons of online tools in marketing research services before one takes the plunge. As a client you must understand how your agency is gathering their data — what are the advantages and drawbacks of the methods used.

Pros

Access to a Large Sample: Web research gives us a chance to access a bigger sample than ever before. No real life sample group can ever meet the potential of an online survey group. Usually one is hampered by lack of space and the difficulty of gathering willing people. In contrast, the internet offers a number of alternatives like MROCs and online bulletin boards. These are usually formed by interested people who are already committed to the research.

A large sample group has an obvious benefit — statistical accuracy. The bigger your group, the more representative it is.

Access to a Diverse Sample: Today more and more businesses are crossing boundaries and going the multi-national way. One of their major requirement is access to research which covers this diverse market. This is possible only through online research. Today a research firm in Delhi can access markets as far away as Denmark.

The research tools usually used range from online bulletin boards to webcam focus groups, which are as good as face-to-face interviews. Again, a diverse sample increases the database statistical accuracy.

Speed: No real world research method can be quite as fast as the internet. For many Marketing Research Services professionals, speed is the web’s biggest advantage. When you want instant data, the internet is the only way. Not only can you hold the survey in a matter of minutes, the data is automatically codified, making the job even faster.

Multimedia: Research is now becoming multimedia. This is important in making presentations and preparing reports. A report with varied multimedia components like graphs, videos, hyperlinks and other interactive features are easy for a layman to understand. Most of these features like hyperlinks and videos are made easier with internet. Some, like remote videos chats, are possible only through the web.

Reduced Costs: Using the web for research is seriously cost-effective. Many of these tools do not cost a dime. Add to this, the savings on overheads like travel, telephone bills and hiring research labs.

Cons

Despite its many benefits, the internet is not a fail proof tool. Marketing research services experts warn that over-reliance on the internet can often lead to faulty results.

Subject unreliability: The biggest drawback of online research is the unreliability of the subjects. While it is true that some samples like MROCs are made up of people who are motivated to participate in the research, the truth is that there is nothing to really stop your subject from getting up and leaving. In some cases subjects may attend more than once using aliases. In contrast, under traditional methods, respondents find it harder to leave a laboratory or a face-to-face interview.

Illusion of infallibility: Too many researchers think that the web is the answer to all their prayers. Some see its reach and scope as the infallible proof of its statistical merit. But, no research can claim to be completely error-proof. The internet has only given it depth, not infallibility.

Lack of the sympathy factor: Online web researchers may have given us unparalleled access, but it also means a reduced role for the moderator. While some believe that it saves the research from moderator bias or expectations, it can also have its negative impact. This method loses out on the moderator’s ability to steer the research according to respondent mood or the ability to form any sympathetic bond.

In conclusion, the internet as an online research tool cannot be ignored. But, it must be used in conjunction with on-the-ground hard-nosed survey where the researcher’s own intuition helps Marketing Research Services to better understand its consumer.

[marketresearchservices]

How Consumer Research Services Can Help F&B Sector

What is the one thing that is important to every consumer around the world? It can be counted as an essential commodity, one with which we all have an emotional connection. We are talking of food and beverage industry. As one of the fastest growing industries around the world, it is also in need of comprehensive and relevant market research like never before. As a result what we see are a number of specialist F&B Consumer Research Services. The industry has specialized to such an extent that we now need experts to understand and conquer this market. The good news is that this is an industry with a vast untapped potential, especially in markets like India. But, it is not without its challenges. Challenges in the F&B industry Increasing Specialization: This is not just a simple division between food and drinks. Now we have multiple segmentation within the industry. Health food, organic food, fast food, special cuisine, Ayurveda food, alcoholic beverages and so on. It is important to find your niche in this spectrum. Health concerns: A dominating factor when it comes to concerns regarding the F&B industry today are health concerns. From the intrepid blogger to the award-winning scientist — everyone has something to say about it and chances are that it is not always good news for you. Despite this, we find during F&B consumer research services that many clients are still not aware of this impending roadblock. Reducing Operational Costs: One of the overriding concerns for any globalized industry is the spiraling operational costs. This also applies to the F&B industry. These costs are associated with factors like sourcing of ingredients, bringing new operational methods and steep taxes. Consumer Research Services in Food Industry With its direct interaction and dependence on the consumer, the food industry can benefit enormously from consumer research services. This is not just essential to meet the above challenges, research can give us valuable insight and help us meet any impending risks. Finding a Niche: The food industry is actually a wide ambit and includes animal food, dietary supplements, food ingredients, fast food chains, fine dining, food retail chains and more. This makes the food industry a complex and an extremely competitive business. Over time it has also become increasingly specialized. This makes it essential that you are clear on what your niche is. For instance, the category of food retail industry is not sufficient. One must now specify whether their products come under organic, Pharmaceutical, Ayurveda and so on. This is  important in further branding and marketing strategies. Consumer Research Services tell us what people are looking for, emerging trends and food concerns. Finding the Right Market: Too often entrepreneurs have preconceived notions about who their target market is. This is even more common for foreign firms with little understanding of Indian culture and traditions. Consumer research services often reveal surprising results in this scenario. Even when the results are expected, research can reveal a completely unexpected outcome.     For instance, a catering service repackaged itself as a corporate tiffing service after research revealed a growing need for home-cooked lunch service in its market. They found their niche and a brand new market! Anticipating the Next Big Trend: The food industry is one of the fastest changing industries. What was fashionable an year ago seems almost retro today. Consumer research services are often the only way of anticipating the next big trend. It can keep you a step ahead of the vicious competition in the field. For instance, a snack joint switched over to breakfast with super food ingredients a couple of years ago after research revealed that its customers were looking for something different from traditional options. Research also revealed a growing demand for health food. Finding Potential: For many overseas F&B companies the main concern remains the acceptance of their product by the largely traditional Indian market. While some products like instant noodles may find takers across the board, other exotic or elitist items, like wine, are restricted to smaller pockets. Consumer research services can reveal where this potential market exists so that it can be further exploited. Consumer Research Services have become an inseparable part of the F&B sector. It is vital to evaluate the success of existing products, find improvements and new markets. Summary: The overcrowded and fiercely competitive F&B sector can benefit highly from consumer research services. It can help companies to find their niche and new markets.

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Why You Should Hire Qualitative Research Agencies in Delhi, India

There are many reasons why you need to invest in market research. But for overseas companies from countries like the UK and Singapore, the question is whether they should hire a local Indian firm. Many of these firms want to work with their local agencies, people they are familiar with. 

But this would be a mistake because you are no longer in your local environment and you are not dealing with a market you are familiar with. For a complex market like India, it is important to understand its intricacies and how you can work in it. For those looking for an Indian firm, Qualitative Research Agencies in Delhi, India are the best bet. The city has many well-known firms who are working on cutting-edge projects. Some of the advantages you get with a Delhi firm are: You get local expertise The Indian market is chaotic and extremely localized. Marketing must take into account local traditions, culture, lifestyles and taboos. This is not always easy for a foreign firm to understand. This lack of understanding can lead to miscommunication and the failure to understand the most important factor of any business — the consumer. The easiest solution is to hire a local agency. These are people who are well versed in the local market conditions. They understand the consumers, their lifestyle and background. They are also better placed to advise you on marketing and distribution channels, ad strategies and so on. You benefit from Technical expertise without the extra cost Today marketing research is a highly technical field. There are a number of research tools employed to carry out surveys, analyse and produce insight. But technical know-how is not usually the top priority of most businesses. They are usually interested in only limited investing in operational costs. By hiring a Qualitative Research Agency you can get access to all this technology, even if indirectly. Even if you have not invested a penny on all these tools, you still get the benefit of their reach and efficiency. Yes, there are free tools, but these are usually limited in their scope. A marketing research agency, on the other hand, will invest in the premium tools that are performance-driven. You get a trained staff without investing in training With cutting-edge research technology you also need a trained staff. You must also consider that technology and the field of qualitative research is changing even as you read this. So, you need to invest in periodic training programs to ensure that your staff stays on top of their game. All this means a fair bit of expense because a trained employee and training programs do not come cheap. Hiring qualitative research agencies in Delhi, India is the smartest short cut to ensure this. You have a team of highly specialized professionals who will be working for your campaigns. This has a two-fold effect — you save the money on high salaries and you free your own people and resources from time consuming research campaigns. Your own processes get more efficient The eventual goal of any market research project is increasing efficiency. Qualitative research attempts the same by understanding your market and consumer. In the process, you find out if there is any wastage of resources on your end. Hiring outside agencies also has a long-term effect. Without any outside help, most companies expand their marketing department as per requirement, which means they also often have to fire people when there is a dip. This, in turn, results in attrition costs, loss of employee morale and expertise. When you invest in an outside agency, you can focus on core functions of the organisations that need not be affected by every slight fluctuation. This makes your own process more efficient and productive. You get access to a trained work force One of the major concerns for business firms from countries like UK and Singapore is finding a research firm with good communication and technical skill. Fortunately, Delhi boasts of a number of premium institutions which not only ensures technical expertise, but also communication skills. Since English is widely spoken, most qualitative research agencies in Delhi, India will have English-speaking staff. There are clearly many benefits of hiring qualitative research agencies in Delhi, India. So, start shortlisting and decide the firm you want to hire.

[marketresearchservices]

Speaking Local with Market Research Companies in India

Business communications has never been as important as it is today. With the internet opening up the world and making it a really small place, it is important to understand how we can make communication work for us. It is, after all, our means of connecting with the public at large and our own work force.

The other facet of this is the growing importance of localizing communication efforts. Businesses are fast realizing that even as we gain access to more and more of the world’s market, their communication strategies should become more localized. This is where market research companies in India play an important role.

An Indian agency brings its expert knowledge on local culture that can have a critical effect on communication strategy. For overseas firms from countries like UK and Singapore they can make a crucial difference. This local knowledge can help them avoid mistakes and tailor their communication for maximum effectiveness.

There are a number of areas that come under business communications. It includes all avenues of interacting with the general public, such as:

Advertising Memos, manuals etc Public relation Direct sales Signages Exhibition or trade show experiences Social media Flyers, e-mails and other direct communication

Usually an organization’s communication strategy is combination of all these. These are both direct and indirect means. The challenge lies in molding all these channels according to the market, business needs and changing environment. Market research Company in India is the only means of achieving that. Some of the way in which market research can make a difference is:

Understanding the language: This is not just important for overseas firm who are unaware of local language nuances. It is also important for established local firms. This is because how we communicate changes with time. In India there is also the added complication of regional languages and cultures. A market research company in India works to understand how people are talking to each other, what are their taboos and the language they use?

Understanding brand positioning: This may come under branding, but it is communication research that tells us how a brand is positioned in the market. Media chatter and direct Market Research can tell us where the brand is positioned.

Research also tells us about brand identity. How do people see it? Do they understand its philosophy? How good is the brand recall and how effective is the brand development strategy. It is also essential to see how various communication means project a cohesive brand position.

Improving effectiveness of information packages: Businesses often issue public information packages. These could be concerned with the product or service like an instruction manual or communiques about the company activities. In both cases there are business goals. Research focuses on the effectiveness of these messages. Do the people understand the instructions? Are these easy to follow? Does it answer any query that the user may have?

Evaluating ad effectiveness: Advertisements are essential tools for any business and they spend millions on ad campaigns. But just how effective are these strategies? Advertising research is a vast research field and covers a number of important issues. Do the people understand the message conveyed? How close is it to the company philosophy? Does it generate curiosity? How many people are motivated to go and buy the product after seeing the ad? How many people remember the ad later on?

Gauging social media chatter: The social media has become an important point of communication today. It can give us crucial clues on how people are talking about the brand, product or service. It can be particularly useful for quick research, such as gauging initial reaction to a product launch.

Improving mail communications: The mailers of old have received a new lease of life with e-mails. But the truth is that most people just junk the mail as soon as they receive it. The challenge then lies in keeping the attention of those who do click on your mail. The key is in understanding what people want to read.

For instance, market research for a woman clothing manufacturer shows that the most common past-time for its target users was reading fashion magazines to understand fashion trends. Consequently, the company mailers started including news on the fashion world with tips and trends.

These are just some of the ways and means through which a Market Research Company in India can improve and hone business communication.

[marketresearchservices]

Role of Consumer Research Services in Hospitality Sector

With its consumer orientation, the hospitality sector has large applications for  consumer research services. Research is used to plan new ventures, test innovations and timely evaluation.

For the hospitality industry that is centred around the consumer, understanding the latter is not just important, it is essential. Yet, for many years its application in this sector in India was largely ignored or not realised. Most businesses in the industry relied on their own know-how of their consumers. Fortunately, the situation has changed rapidly over the years. With so many hospitality businesses going bust within a few years, it became essential to find every tool to survive.Consumer research services help businesses to not just stay afloat, but to do so with élan. Like other businesses, the hospitality sector has used consumer research to plan better, avoid risks and keep a competitive edge.

Consumer research has many applications in the hospitality sector — from planning to evaluation.

Planning the right venture In the late 80s in the US Holiday Corporation ended its collaboration with Residence Inn hotel chain, almost ending its involvement in the lodging market. But it later emerged with extended stay lodging suits that were designed meticulously for travelling executives. These were luxurious suits where travelling professionals and business people could stay for an extended period of time. Interestingly, this was not a shot in the dark by Holiday Corporation. Behind their remodelling was meticulously carried out research, one where they designed a careful tracking system. They used mail services to track traveling habits from a large consumer panel. These were stored and tabulated to understand what professionals are looking for. The result were these homely lodges with a cozy atmosphere. The corporation later successfully adapted the same model for their vacationing consumers.

Here consumer research was used at the very beginning of a venture. The sample was carefully curated from traveling professionals to understand what they actually need. This was the basis for the entire design philosophy of the new lodges.

Testing innovations For any successful venture, every detail must matter and each change or inclusion must be considered carefully. Some of these are operational, while some are consumer-oriented. Since, these impact the user, consumer research services are often used to gauge the effect of any change. How does it add value to your service? How does it effect the consumer? What is the instant response?

For example, a restaurant decided to introduce weekly menus. To test its possible success a test run was conducted for a month and its regulars were specially invited on different days. Consumer research later focused on their response. What was their immediate reaction to the change? Did they like the idea? Would they visit each week to try out a new menu or did they like the predictability of the old one? What was their favourite and which changes they disliked?

Research revealed that while many regulars did not like the novel concept, there was a marked rise in interest with new consumers. Consequently, the restaurant decided to do one week of a different menu, keeping the usual menu for the rest of the month. The fixed menu kept its large number of regulars happy, while the weekly menu gave it a much needed innovative edge.

Improving services Perhaps the most frequently used consumer research service in the hospitality industry is the evaluation of services. Today every half decent restaurant will hand you a score card to mark their performance. A professional researcher, though, will focus on more than just the promptness of your server. Researchers use various tools to understand the service patterns, from possible delay stations to areas of improvement. Even established hotels and restaurants have found surprising elements in their service record — from an inefficient floor layout to cold toasts for breakfast! Keeping the competitive edge The biggest problem ailing the hospitality sector today is the global recession. Fortunately, the tide is turning. But businesses must now pull up their socks to keep their competitive edge. The trick lies in meeting consumer expectations that they are not even aware of! But, how does one achieve that? How does one understand what the consumer really want?

Consumer research services focus on just that. Researchers study the pattern of their stay, their lifestyle and aspirations. Understanding them is the only way to impress them. For hospitality giants from countries like UK and Singapore, local research services are really the only means of achieving this very critical element.

[marketresearchservices]

5 Mistakes to Avoid with Local and International Market Research

Although global expansion is becoming increasingly common, many firms still end up making expensive mistakes. Hiring local and international market research companies is the only solution.

Marketeers these days are the face of global expansion. Like traders of the ancient world, marketeers are the modern crusaders, entrusted to conquering new worlds. Modern businesses, big and small, are expanding rapidly and marketeers are leading this wave. They are the ones who have made the world a very small place. But this is not always easy. Unlike their past colleagues, these modern day crusaders cannot use armies and do not have the authorisation to use any force. Instead, they must charm the people of the new territory with stealth and cunning. Luckily, they have the support of local and international market research companies. Research is often the only thing that stands between an expensive failure and a slow and steady success path. Companies that combine both local and international market research have the unique position of offering valuable local insight, while keeping their clients’ global ambitions in perspective. Research firms are strategic partners with important contribution in all areas, not just marketing. Still, many companies often ignore this dual perspective. Some of them only sign on a generic global research company. Unfortunately, this often results in adverse results. Some of the mistakes you can avoid with the right research agency are: Ignoring the unique national character: For many business people in the western world the markets are seen as territorial blocks, such as Asian, African or European. Such a classification completely ignores the local characteristics of a particular nation. For instance, both Singapore and India may fall into Asia, but their markets are completely different with a unique consumer base and market conditions. Ignoring local product adaptations: Why tinker with anything that is a success? But in marketing that philosophy just never works, especially if you are taking your product to a new market. What worked in one market may not transition as smoothly to another. Most of the time it is just a minute adaptation that is required. This could be to do with the product or one of the business functions. For instance, an automobile company entering India finds its SUV market dominated by diesel engine-powered vehicles, forcing it to adapt the same. This local adaptation was unique to the market and were necessary to create a competitive base. Ignoring viability: One of the biggest perils of global expansion is stretching your resources too thinly or entering a market which is not ready for you. Only local and international market research companies can put its local viability with its international ambitions. Does the expansion hurt current resource base? Will the business be able to bear local staffing and business costs? Will the cost of localising the product be worth it? Are the revenues generated from the new market worth the cost of expansion? Is the market ready for your product/service? If not, can a new demand be created in a cost-effective manner? For instance, in the above example, a foreign company may decide to forgo a market with demand for diesel engine because it is contrary to its brand image. It instead focuses on other segments in the same market. Ignoring unique marketing channels/practises: Foreign businesses often fail in the understanding of local market and its people. This lack of knowledge affects not just its consumers, but also marketing channels and practices. A research firm is the only option for a better insight. For instance, research for an online retail store finds few takers for credit card payments. The store is hence, advised to install a cash-on-delivery option. Similarly, a garment manufacturer finds that selling through retailers is easier and more cost-effective than direct sales. Ignoring global rationalisation: Whatever the expansion goals of a business, these must ultimately be incorporated smoothly in a manner that is cost-effective, efficient and uses its resources wisely. This is global rationalisation. With their focus on local markets, local research firms often ignore this very crucial element of an international business. Local and international market research companies, though, bring this dual perspective. It sees every expansion in the sphere of ongoing operations. The research focuses on which marketing channels can be incorporated within the global operations, communication and marketing practices that align with company’s own philosophies and so on. Source:- http://hubpages.com/business/5-Mistakes-to-Avoid-with-Local-and-International-Market-Research

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The Changing Face of Market Research Companies in India

With the Indian economy growing steadily, the market research companies in India are also set for a boom. This is a far cry from its negligible presence two decades back.

Market research may have come to India a little late, but it has taken off with a bang! As the Indian economy grows and its talented workforce proves its mettle, local research as well as outsourced work is fuelling its growth story. Today Indian firms are not just engaged in the local market, they are fast emerging as the preferred choice in studying multi-national markets.

Market research companies in India have come a long way. Not too long ago there were just a handful of market research firms in India. Even these lacked the infrastructure that is so necessary for modern research. However, the last two decades have been revolutionary for Indian business and this has directly impacted the market research industry in India.

The pre-liberalisation era The Indian economy can perhaps be sharply divided into its pre and post liberalisation phases. In its earlier avatar its face was completely different. With lack of competition, market research was hardly needed and rarely carried out. Most of the time these were broad surveys, meant to gauge the ‘mood’ of the local consumer.

The consumer, on her part, was exposed to a pretty monopolised market where there was little competition or exposure to foreign products. Since, the information technology boom was yet to happen, access to information, news or knowledge of overseas markets and products was also limited. This meant a consumer with fairly low expectations.

Market research companies also faced a serious infrastructure challenge. Many research practices that were deemed essential in developed markets like America were difficult to carry out because of lack of infrastructure. For instance, something as simple as telephone interviews were impossible because of lack of telecom penetration in the country. Market research labs were almost non-existent.

The result was a market that saw little innovation or a drive to meet customer expectations. Most of the research was quantitative in nature. Qualitative research, so essential to understand the consumer, was sorely lacking. This would change dramatically as the Indian markets opened up with liberalisation.

The post-liberalisation era

Liberalisation or the opening up of the Indian markets brought about two significant developments that would impact the market research companies in India — rising competition and development of infrastructure. One made market research essential and the other made it possible.

Competition and its impact: As the markets allowed both foreign and Indian investment, Indians suddenly had more choice than ever before. This meant they were less likely to stay loyal to the old brands. Newer companies were now vying for a share of the pie. This forced companies to find better products, spurring on product innovation and development.  Suddenly, the old and trusted were no longer so sure of their position as new companies with better products and prices offered enticing alternatives.

For the first time the consumer was the king. It was becoming necessary to understand them and their rapidly changing expectations. Businesses now needed to stay a step ahead of the game. All this elevated market research from luxury to a dire necessity.

Infrastructure: While competition brought about the need for research, improving infrastructure made this possible. Indian market research firms had the means and the funds to invest in better technologies and hardware. Now, we have research labs that follow established practices. At the same time, telecom and the internet has made larger swaths of the population accessible for research.

Talent pool: Unlike many emerging economies India offers a talent pool that can compete with the best in the world. Indian professionals come from top educational institutions and are adept at English as well as local languages. The local competition has ensured an aggressive and result-driven industry that can match international standards.

The firm of choice For foreign companies from countries like Singapore and UK, the development of the market research industry is just what they needed. For these firms, used to more homogenous markets, the Indian market can be bewilderingly chaotic and confusing.  Research gives them a valuable insight into the very complex Indian market.

Market research companies in India are the helping hand they need for understanding the local consumer, markets, distribution and marketing channels. With more and more companies now fighting for the local market, the Indian market research industry is only set to expand further.

Source - http://www.apsense.com/article/the-changing-face-of-market-research-companies-in-india.html