Author: Abhismith Pattanayak
Marketing Research is the systematic gathering and analysis of information about issues relating to marketing products and services. It helps businesses understand their target market, identify opportunities and challenges, and make informed decisions about marketing strategies, product development, and pricing.
Why is marketing research important?
Marketing research is fundamentally designed to aid decision-making in the marketing realm. While managers can never possess perfect knowledge, conducting market research effectively diminishes uncertainty, enabling them to make more confident and informed decisions. Organizations enhance profitability by engaging top market research companies in India. These firms provide crucial insights, enabling informed decisions, targeted strategies, and a competitive edge in the dynamic market landscape.
Market Research plays a role in several marketing areas including the following –
- Segmentation and Targeting – Consumer preferences and product benefits aligning with lifestyles inform segmentation. Target market analysis, encompassing demographics, geography, psychographics, and behavior, guides marketers in identifying segments matching brand features and consumer details.
- Product Development – The market study is integral throughout the entire product development stage. It gathers customer input in the concept stage, conducts product testing to understand consumer needs, and utilizes test markets to predict a new product’s success, guiding modifications for increased probability of success.
- Marketing Communications and Media Selection – It guides marketing communications and media selection. Continuous advertising effectiveness research compares campaigns to benchmarks, improving ad development and identifying optimal media and vehicles for specific target markets.
- Market and Competitive Analysis – Market analysis assesses a company’s current marketing situation, identifying key markets for new products. Crucial for existing products as market dynamics change, competitive analysis prevents market share loss through continuous data gathering.
- Pricing and Forecasting – Pricing studies evaluate a brand’s price elasticity and the impact of changes on demand, considering competitors. Sales forecasts estimate future sales for budgeting and decision-making.
- Site Selection and Distribution – Site selection studies assist retailers in identifying optimal store locations. Additional research studies help determine the effectiveness of single- or multichannel distribution systems, the ideal channels for manufacturers, and ways to enhance logistics.
Conducting Research In-House Versus Outsourcing
When deciding to undertake marketing research, companies can choose to conduct studies internally if they have a research division. However, even with an in-house department, they may commission external firms for specific studies due to workload or to avoid internal bias. Additionally, companies may purchase needed information from commercial syndicated data firms, and many full-service research firms subscribe to various syndicated data sources.
Full-Service and Boutique Market Research Firms in India
Companies choosing a marketing research firm have options, from small boutique firms to comprehensive full-service agencies, also known as “full serve.” Fullservs handles various research types, guiding clients from defining objectives to reporting. Boutique firms specialize in specific research types or target audiences.
Best market research companies, you can consider in India
- Mangal Analytics and Research Consulting (MARC) – MARC is a seasoned business consulting firm and one of the best market research firms in India with over a decade of expertise in Market Research, Mergers and Acquisitions Advisory, Business Analytics, Internationalization, and Growth Strategy. Leveraging experience with the Big 4 and reputed MNCs, it offers specialized services in mergers and acquisitions, market research, and business analytics to a global clientele, including Investment Bankers, Investors, Management Consulting Firms, and Small and Medium-sized businesses across diverse industries.
- Nielsen India – Nielsen is a global data analytics company offering comprehensive insights into consumers and markets worldwide. With offices in Mumbai, Bangalore, Gurgaon, and Kolkata in India, and a presence in over 100 countries, Nielsen covers 90% of the world population, providing clients with a trusted view of consumer behavior and market trends.
- Ipsos India – Established in 1975, Ipsos India is a leading market research and survey company specializing in understanding consumer behavior, public opinion, and brand perception. With a comprehensive range of services, Ipsos India empowers businesses to make informed decisions in various sectors, including consumer and retail, public affairs, media and brand expression, customer and employee relationships, and innovation and brand strategy.
- Kantar Millward Brown – It is a leading global market research company with a strong presence in India. Founded in 1973, Kantar Millward Brown has a team of over 700 employees in India. The company provides a wide range of services, including Brand tracking, Advertising effectiveness measurement, Customer satisfaction research, New product development research, and Pricing research.
- International Data Corporation (IDC) – IDC India is a leading global provider of market intelligence, advisory services, and events for IT, telecommunications, and consumer technology. With over 1,300 analysts worldwide, IDC offers expertise in over 110 countries. Their insights empower IT professionals, executives, and investors to make informed technology decisions.