So, you are a graduate from a creamy layer University and you think you know the Indian market at the back of your mind, eh? Let us have a fact check, even the best of brains have failed to understand the Indian market. This is a highly unpredictable market, which works on its own and does not follow the traditional market like the world. Thus, before you enter the Indian market, it is important you do a thorough marketing research in India.
This unlike other researches is not boring, it keeps you excited and takes you by surprise at every study. In the following article we shall discuss about the advantages of doing a marketing research in India and the leading marketing research agency in India.
Key advantages of marketing research are as follows:
1. Helps in effective communication with potential customers and target audience: The research helps you get a better understanding of your target audience and thereby accordingly you can plan your communication with the clients.
2. Identify and tap opportunities: A marketing research report will help you identify the right time to launch your product or make alterations to it as per the needs and demands of the current market situation.
3. Risk mitigation: Where should you open your store, when is the right time to enter the market, will your risk your investment if you enter the market at this point of time, all these risk areas get highlighted in your marketing research report; thereby lowering the risk.
4. Gauge your own market value: It is always better to study your own market value and know where you stand, where your competitors stand, and accordingly if there is a need to re-work on your branding and marketing strategy.
5. Future planning- It is always better to plan in advance, and you can do is only when you know what the problem is. A market research is the only document which is a true account of the market condition, and thus helps you plan your strategies which will benefit you in the future.
Marketing Research Agency in India
There are a number of agencies which help you with market research. So you can outsource your work to them. The top three are as below:
1. TNS India Pvt Ltd: If you wish to know what your market position is viz a viz your competitors, then this is the agency you need to connect with. They are a leading group when it comes to getting business insights.
2. IMRB International: This company has carved a niche for itself in the research arena, and is a research brand in itself. Headquartered in Mumbai, this is group functions globally and has a number of awards to its name.
3. RNB Research: This along with market research, also does the work of data collection for you. An ISO certified company, this has existence in almost all developing economies of the world.
After completing MA in Marketing from London School of Economics in late 70’s, William Wallace chose to work for Marketing Research firms in Europe only. After working with various Agencies & Institutions, I have now decided to share my knowledge related to Marketing Research.
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