Market Research Companies in India: An Enabler of Informed Marketing Decisions

Company processes and value chains have undergone digitization. Such a transition has resulted in the emergence of new opportunities for controlling and measurement of an organisation’s activities. Further, it has enabled the enhancement of business efficiency through a holistic comprehension of markets, the determination of consumer behaviour and discerning the strengths and weaknesses of competitors. In view of above, a profusion of market research companies in India is being witnessed who are assuring a faster project turnaround as one of their unique selling proposition. Such capabilities are complemented by the manner in which organisations are conducting business currently.

These are namely – (a)Business Field Experiments: A primary method of investigation that enables marketers to answer causality questions at a reasonable cost through studies conducted outside a lab; (b) Big Data analytics: A means by which huge sets of data are managed and analysed with a reasonable effort through various statistical techniques, data mining, and machine learning. Albeit the first field experiments were being carried out during the first half of the 1900s resulting in the massive farm productivity volumes and thus revolutionising agriculture, it was tremendously costly. However, with a data-rich environment being ubiquitous, the ability to measure market responses at a much faster speed has become possible. Thus marketing research companies are the safest and the best bet for marketers to strategize effective business processes to ensure customer retention and acquisition. 

Market research companies in India have time and again upheld the fundamental value of market research which is the collection, analysis and interpretation of market-related information, whereby the primary objective of informing marketing decisions is achieved. Descriptive, exploratory or causal, based on the objective, research design could be any. However, to derive managerial decisions determining whether B is caused by A is essential. Thus, to discern the cause-effect relationships between variables based on pre-formulated hypotheses the causal design has been deemed as the best approach.  Hence, to establish causality, field experiments are one of the most popular and suitable methods. 

For example, if the need to discern the impact which a certain percentage of discount would have on the proportions of consumers during a particular holiday season, a comparison between sales between the cohort of customers who have randomly not been chosen to receive the discount and the cohort who have been chosen to receive the discount would provide an estimate of how the sales have been impacted.  Thus, marketing research companies make use of experiments in the field. Moreover, field experiments are not only restricted to facilitating marketing decisions which are inclusive of but not limited to communications, optimization of digital services, pricing, promotions, and visual designs, but also are applied in disparate areas which comprise product development, politics, human resource management, health care, business organization, and so on.

While a treasure trove of market data is being generated every day, thanks! To e-commerce and buttressed by the CoVId lockdowns, developing organisational competence in analysing and turning data into actionable insights is the need of the hour. However, market research companies in India have successfully bridged the gap and are successfully facilitating automation of marketing processes in real-time, development of strategies to increase customer satisfaction, enhancement of sales strategies, maintenance of customer relationships, and personalisation of the marketing mix.

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Created on Aug 29th 2022 07:16. Viewed 203 times.

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