How Market Research Services in India Can Give You a Local Edge

For foreign firms eyeing the lucrative Indian market, research services in India have made all the difference. The right data can help in every facet — from production, branding and marketing.

Of late a number of International firms have entered successfully in the Indian market. While a few have failed to make any significant impact, many are thriving in their subcontinental avatar. In fact, for many UK and Singapore firms, the Indian market has become a major source of revenue.

A common feature in the success stories of these firms is their comprehensive research prior to their foray into the local market. Not only does research help in avoiding expensive mistakes, market research services in India have also helped these firms in formulating their policies.

Better understand your market: For many foreign firms, the Indian market can seem especially confusing. Business practises and the local consumer is dramatically different from their own market base. Even from a purely Asian perspective the Indian market can be bewilderingly complex for foreign firms.

Market research offers these firms a better understanding of their market. It explains in clear analytical and statistical terms the varied and unique Indian market. This data collection is an essential part of understanding the market.

Identify new markets: Foreign firms often stumble because of their failure to find the right market. Often they enter with preconceived notions about their targeted consumer, based on their own experience. The problem with this is the very different nature of the Indian market. What works elsewhere may not work here in the same manner. The trick often lies in finding the right market.

For instance, a mid-range womenswear label hired market research services in India prior to its launch. The study revealed that the otherwise mid-range label would fall in the higher price category in most Indian cities. Consequently, a newer market was targeted — the more affluent urban middle class. In addition, the label was launched in only metros, targeting an exclusive, niche segment.

Improving communications and branding: Ignorance of the local market can often cause problems for foreign firms, sometimes proving disastrous. This includes all communication facets, from advertising, packaging to website design. Foreign labels often have to work in an innovative manner to create local communication channels and recognisable branding. Research is vital in collecting data, understanding your market to create the right brand.

Localisation of product and innovation: A major requirement for UK and Singapore firms is the localisation of their products. Sometimes it may involve clever branding. At other times it may require a little tweaking. For instance, research for an automobile firm entering the SUV market revealed high demand among long-distance travellers. Consequently, the firm had to introduce tougher tyres for less than ideal Indian highways.

Assess competition: Any new market comes with its own competitors. One of the major functions for market research services in India is studying the competition. Who are your major local competitors? How is their product different from yours? What is the pricing policy among your competitors? This data is essential for creating the right marketing strategy, production volumes, pricing policies and distribution channels.