Six Types of Market Research Services for Indian Start-Ups

1. Six Types of Market Research Services for Indian Start-Ups India has more than 65,800 recognized start-ups. It is home to the 3rd largest start-up ecosystem in the world after USA and China. Indian metros such as Bangalore, Hyderabad, Pune, Gurugram, and Noida are now becoming start-up hubs giving stiff competition to other recognized global start-up destinations such as London, New York, Los Angeles, Shanghai, Warsaw, etc. Despite one of the fastest growing start-up space, 85–90% of the start-ups fail within 4–5 years of inception. One of factor that has plagued the growth of start-ups is lack of actionable market knowledge and insights. Many start-ups jump into the space without prior knowledge of the market and trying to figure out the needs and want of their target consumer. This eventually result into poor product quality, flawed positioning, proliferating marketing budget, cost overrun; hindering the overall growth. Hence, it is important for start-ups to do through market research and analysis in the initial stages as well to learn more about their customers. Interestingly, the scope of market research is no more just limited to understanding the consumer psychology and gain deeper market insights but also refurbishing actionable insights on the industry, evaluate the policy framework, and make a strategic roadmap for growth. Mentioned below are the six different types of market/ business research that start-ups should undertake during their initial phases of operations.

2. Industry Analysis: It is very important for a start-up to know exactly about the industry they are operating. Industry analysis involves industry sizing, growth forecasting, and gauging the key trends in the industry. For instance, for an online pharma company, it is important know about the size of the online and regular pharma industry, past growth rates and future demand, category wise market shares, current trends in Indian digital pharma, etc. Consumer Survey: Understanding your consumer is pivotal for a start-up to succeed. Through a proper market research (surveys, focus groups, and qualitative interviews, etc.) a start-up can learn more about the consumer segments, ideal consumer profiles, needs and want of consumers alongside their perspectives and opinions. Conducting consumer surveys can helps start-ups to get honest feedback from the potential customers and solicit insights to improve the product. Similarly, consumer research can also help to learn about the ideal promotion & marketing mix, prepare growth strategy, etc. Pricing Strategy: For a start-up that is venturing into the space, price is one of the most critical factor. One can’t charge too high for a product, as it will impede overall revenue. Likewise, one can’t charge too little as it will affect profitability. Hence, one has to charge optimally. To charge optimally, there are numerous research techniques such direct elicitation, indirect elicitation, conjoint analysis, etc. A start-up can chose the pricing research strategy as per their business objective and budget. Growth Consulting: To expand and evolve in a competitive markets like India, start-ups require specialized growth centric insights and information. They need valuable insights such as competitive intelligence, growth bench marking, scenario planning, retail & distribution intelligence, financial planning, marketing channel insights, etc. Adopting a robust and data-backed growth strategy will enable start-ups to cut down on operational cost, optimize their marketing spend, expand their market share and reach out new customer segments, and maximize their profit. It will help them to stay on top of their game and gain competitive edge on their peers.

3. Data Advisory: Apart from regular business and market research assignment, start-ups just like any other business would require a wide range of data periodically. This might include but not limited to supply chain data (logistic information, warehouse & inventory data, etc.), market data (competitive pricing, market information, distribution structure, trade & export/import data, etc.), economic data (growth rate, inflation, income levels, etc.), customer data (customer behavior, demographics, income levels, etc.). Content Consulting: Start-ups require to invest a significant part of their marketing budget on thought leadership, white papers, thematic reports, etc. to create a stronghold in the market and build a strong reputation. As an extension of research, creation of data centric and insightful thought leadership and business reports can help the start-up to nurture meaningful engagement with media, governing agencies, target customer base, etc. This will help in their long term growth. How the India Watch can help The India Watch is an India-based business & market research agency. Along with large enterprises, the company also deals extensively with various start-ups, offering them cutting edge research and data advisory at affordable price. The company deals in various categories such as fintech, edutech, health tech, internet consumer, proptech, ICT, TMT, etc. The Range of service includes · Designing and conducting consumer market research (surveys, focus groups, qualitative interviews.) · Offering custom insights, information, and data: industry analysis, market intelligence, retail & distribution data, pricing strategy, supply chain data, macroeconomic data, etc. · Prepare roadmap for growth and evolution for start-up · Preparing feasibility reports for investors/ PE players/ VCs looking to invest into Indian start-ups. · Enabling upcoming start-ups to prepare business plan, corporate decks, investor fact sheet, etc. · Helping start-ups with content marketing and thought leadership. For any further assistance, feel free to drop a mail at info@theindiawatch.com. Follow Us: Facebook | Twitter | LinkedIn | Pinterest | Instagram Call Us: + 91–8197749919 Email Id: paritosh@theindiawatch.com