Imagine India as a huge jigsaw puzzle. Every single piece of it is one different consumer, culture, and preference. It is mind-boggling to try and figure out how everything fits together. That’s why market research companies in India are the puzzle masters who can put that Indian market together for you.
They ask all the right questions, listen carefully, and then analyse the findings to discover the hidden patterns and trends. They help businesses know what makes Indian consumers tick, from what they like snacking on to what brings them anxiety.
So, if you are curious about knowing who are behind this comprehension of India’s gigantic market, let’s explore the world of market research companies.
Role of Market Research Companies
The Indian market research industry was estimated to be around US$15 billion for the period from 2017 to 2018, but has continued growing since then, having been further driven by an increase in inflow of information-driven strategic decision-making, among others, to drive organizations to stay ahead in competition
Their key roles include the following:
- They carry out surveys, interviews, focus groups, and so on, gathering information about consumer preferences, demographics, and purchase behaviours.
- They help monitor market trends, competitive landscapes, as well as economic and fiscal conditions in terms of tracking opportunities and challenges.
- This leads to the development of new products or improvement of existing ones by giving birth to insights on what the customers want and wish to have.
- They facilitate the proper development of marketing strategy by identifying the target audience and understanding why such an audience is a key driver to read their motivations and find the messenger and channels that can drive the biggest bang.
- They allow the firms to establish a well-developed brand and to position themselves in the marketplace.
- They monitor the levels of customer satisfaction and identify and work on the weaknesses that ensure increased customer loyalty and retention.
Industries focused by market research companies
Market research companies typically track a broad range of industries to deliver information, trends, and analysis to its clients. The industries’ key focus are:
1. Consumer Goods and Retail
- Apparel and Footwear
- Food and Beverages
- Beauty and Personal Care
- Electronics and Appliances
- Household goods and Furniture
2. Healthcare and Pharmaceuticals
- Biotechnology
- Medical Devices
- Hospitals and Clinics
- Health Insurance
- Over-the-Counter (OTC) and Prescription Drugs
3. Technology and Telecommunications
- Software and Applications
- Information Technology Services
- Hardware and Equipment
- Telecommunications Providers
- Internet and E-commerce
4. Finance and Banking
- Investment Banking
- Insurance
- Retail Banking
- Fintech
- Wealth Management
5. Automotive and Transportation
- Automotive Manufacturing (Electric Vehicles, Automobiles, Trucks)
- Parts for vehicles
- Logistics and Supply Chain
- Public Transportation
6. Energy and Utilities
- Oil and Gas
- Renewable Energy Source: (Solar, Wind, etc.)
- Electric Utilities
- Water and Waste Management
7. Travel and Hospitality
- Airlines
- Hotels and Resorts
- Cruise lines
- Travel agencies and Tour Operators
8. Agriculture and Food Production
- Farm and crop production
- Equipment farming
- Food processing and packaging
- Aquaculture
9. Media and Entertainment
- Film and Television
- Music and streaming services
- Gaming
- Media: (Books, Magazines, etc.)
10. Construction and Real Estate
- House and Commercial building construction
- Real Estate Development
- Property Management
- Infrastructure Development
11. Education and Training
- K-12 Education
- Higher Education
- E-Learning and Online Courses
- Corporate Training Programs
12. Manufacturing and Industrial
- Machinery and Equipment
- Chemicals and Materials
- Aerospace and Defence
- Textiles
13. Environment and Sustainability
- Climate Solutions
- Sustainable Products
- Environmental Consulting
14. Public Sector and Government
- Public Policy and Administration
- Defence and Security
- Infrastructure Development
Top 10 Market Research Companies in India
Here are the India’s best market research companies offering excellent research, analytics, and consulting services:
1. Nielsen India
Nielsen India is one of the biggest global market research companies dealing with insights that can be garnered from a vast array of consumer behaviour, media consumption, retail performance, and digital analytics.
2. Kantar IMRB (Now Kantar)
Kantar IMRB is a leader in market research companies, offering deep know-how with their expertise in consumer insights, brand health, media research, and market measurement
3. Ipsos India
Ipsos is renowned for their public opinion, advertising, marketing, and media research, which provide business-specific and tailor-made solutions for different verticals.
4. Market Xcel Data Matrix
Market Xcel is a full-service research agency offering customized research services in health care, automotive, FMCG, telecommunication segments, and other areas.
5. Hansa Research Group
Hansa is one of the largest market research houses in India, providing services in media measurement, social research, as well as customised market studies.
6. Claight Corporation (Expert Market Research)
Claight Corporation (Expert Market Research) provides comprehensive market research reports, delivering critical industry insights to businesses worldwide. Backed by experienced analysts, these reports offer data-driven analysis on market trends, competitive landscapes, and growth opportunities. EMR helps organizations make informed strategic decisions, stay competitive, and identify new opportunities in a rapidly evolving business environment
7. Majestic MRSS
It is one of the leading players in qualitative and quantitative research and is specialized in the automotive, FMCG, healthcare, and media sectors.
8. IMRB International
IMRB International is a pioneer and is operating in the Indian market. The company belongs to Kantar and specializes in market research services in the fields of consumer behaviour, media, and telecom.
9. TNS India (Part of Kantar Group)
TNS India is a subsidiary of Kantar Group. The company provides insights and analytics related to finance, healthcare, automotive, and technology.
10. RNB Research
RNB Research is a research company with offices across the globe and is focused on conducting consumer insights, brand analysis, and product research for clients.
11. ValueNotes
ValueNotes is among the top-ranking market research and intelligence firms that focus on providing know-how in finance, education, healthcare, and technology.
Influence of market research companies on Indian market
Positive Influence
â–ª Business Sources and Market Entry
Market research provides organizations with information that results in proper production launch, market entry, and internationalization through objective business decisions.
â–ª Product Customization and Innovation
Research helps corporations make their products and services suitable to the various markets in India. This makes a product successful and meet the needs of the customer.
â–ª Successful Marketing Campaigns
Market research helps firms to understand how they can create focused marketing campaigns, maximize their advertising expenditure, and get consumers interested in their product or service.
Negative Influence
â–ª Too Much Dependence on Research Results and Wrong Data
Over dependence on too much data from research work poses the wrong results of decisions if the data is either outdated or false. The greater the business entity the greater the flexibility in operation. For example, small business firms tend to over spend and compromise on the quality since they want more to achieve a broad scope of operation.
â–ª High Costs for Small Businesses
Quality market research is costly, therefore inaccessible to more modest-sized firms, thereby reinforcing a disadvantage relative to the larger firms.
â–ª Privacy Concerns and Ethical Issues
The generation of customer information has implications for privacy; unethical application can facilitate manipulation of vulnerable customers by exploitative use of marketing
Conclusion
Market research companies in India play a pivotal role in the formation of the Indian market, providing valuable inputs assimilated to formulate business strategies, products, and marketing them appropriately. They can offer companies all the information they need to form judgments about opportunities and threats.
This will help the organization accommodate different types of consumers while staying competitive in today’s dynamic marketplace. Still, such an influence comes with its challenges: dependence on data collected, the cost of conducting market research for smaller companies, and the protection of data collected regarding the privacy of the consumer.
For businesses marketing in India, intelligent use of market research could be the success mantra, but that needs to be tempered by creative and adaptive inputs required to resonate with the ever-changing Indian consumer.
FAQs regarding market research companies in India
What are some means that market research companies use to collect their data in India?
Market research companies source data through several means such as surveys, focus group interviews, internet trackings, and observational studies. There are different consumer segments and insights.
Are small scale units able to afford market research in India?
Although big companies have a bigger budget for significant research, the cost is quite a formidable barrier for smaller units, although low-cost options like online surveys are there.
What are the risks of applying market research information in India?
Risks involved in big data Overreliance on the data, inaccuracy through flawed methodologies, and privacy violation in the data collection processes are all embraced by big data.
What role do market research companies play in observing the rights of data in India?
In such an event of reprisal, ethical companies stick to rigid rules in the protection of the data and ensure a safe haven for the information of the consumers in regards to the data protection laws like the Personal Data Protection Bill (PDP).
