Market research is an important part of the business strategy, providing organizations with an analysis of their customer segment and user preferences. The market research industry in India was estimated to be US$15 billion from 2017 to 2018 and has been growing since, driven by the rising inflow of information-driven strategic decision-making and the need for organizations to stay ahead of the competition.
In India, a few market research organizations offer a variety of services to firms across Industries. In this article, we will feature the Top 10 Market research companies in India, their specialization, prominent customers, and the approaches and techniques they use to direct research.
- Top 10 Market Research Organizations in India
- Why Is Market Research Important?
- Procedures and Instruments Utilized by Market Research Organizations
- FAQs on Market Research Companies in India
Top 10 Market Research Organizations in India
Some of the top market research organizations are discussed below:
1. Nielsen India
Nielsen India is a worldwide Market research organization that specializes in shopper experiences, media research, and promoting market viability. With head offices in many cities across the country, Nielsen India has worked with prominent clients like P&G, Unilever, and Nestle to provide market insights, brand assessment, and advertising efficiency.
2. Kantar IMRB
Kantar IMRB is a Market research organization that specializes in user research, social exploration, and media research. With head offices in many cities across the country, Kantar IMRB has worked with remarkable clients like Samsung, Google, and Coca-Cola to give new product improvement, brand strategy, and user fulfillment research services.
3. Ipsos India
Ipsos India is a worldwide Market research organization that works in promoting research, consumer loyalty examination, and general assessment research. With head offices in many cities across the country, Ipsos India has worked with prominent clients like Facebook, Sony, and McDonald’s to give them brand following, customer segmentation, and employee engagement research services.
4. TNS India
TNS India is a worldwide market research organization that specializes in product innovation, Communication Research, and user insights. With head offices in many cities across the country, TNS India has worked with prominent clients like Microsoft, BMW, and Vodafone to give brand positioning, consumer loyalty, and pricing techniques.
5. Frost and Sullivan India
Frost and Sullivan India is a market research organization that has practical experience in industry research, competitor analysis, and development counseling. With head offices in many cities across the country, Frost and Sullivan have worked with prominent clients like Accenture, Amazon, and Dell to give market expansion strategy and technical evaluation.
6. GfK India
GfK India is a worldwide market research organization that specializes in consumer behavior analysis, retail and tech research, and media estimation. With head offices in many cities across the country, GfK India has served prominent clients like LG, Samsung, and Sony to give market estimation, customer categorization, and brand tracking services.
7. Majestic MRSS
Majestic MRSS is a market research organization that specializes in healthcare research, customer acquisition, and business research. With head offices in many cities across the country, Majestic MRSS has worked with outstanding clients like Pfizer, Novartis, and GlaxoSmithKline to give market analysis, product testing, and consumer loyalty research.
8. Millward Brown
Millward Brown is a worldwide market research organization that has experience in brand planning, Social media research, and media effectiveness. With head offices in many cities across the country, Millward Brown has worked with prominent clients like Coca-Cola, Mastercard, and Johnson and Johnson to give brand following, marketing evaluation, and media planning services.
9. IDC India
IDC India is a market research organization that has experience in IT research consulting services and market analysis. With head offices in many cities across the country, IDC India has worked with prominent clients like IBM, Cisco, and Microsoft to give market measurement, competitive analysis, and trend research services.
10. Velox Consultants
Velox Consultants is a market research and marketing strategy consulting firm in Vadodara. The team provides services such as market research, marketing strategy, and branding solutions to clients from different industries. The experienced team uses a combination of research methodologies to gather data and provide valuable insights based on the data.
Why Is Market Research Important?
Market research is important due to the following reasons:
1. Assists organizations with figuring out their consumers: Market research assists firms with acquiring knowledge about market trends, consumer behaviors, and preferences. By understanding what drives their consumer’s buying choices, firms can alter their services and products, which concludes in increased sales and brand recognition.
2. Provides Market Intelligence: Market research allows companies to distinguish market patterns like changes in customer behavior change in the market competition. By keeping a check on market patterns, organizations can adjust their techniques and remain in front of their rivals.
3. Data-driven business decision: Market research gives organizations information-driven experiences that can help make informed business decisions, like product improvement, price setting, and advertising techniques.
4. Decreases risk: By leading Market research, organizations can lessen the risk of failed product launches or market expansions. Market research gives important insights into the compatibility of a product or service, allowing businesses to make insightful choices about investing resources.
Procedures and Instruments Utilized by Market Research Organizations
Market research organizations utilize different procedures and instruments to lead research, contingent upon the nature and extent of the research project.
1. Surveys: Surveys are one of the most well-known strategies utilized by Market research organizations to gather information. Surveys can be directed on the web, via telephone, or face-to-face and can go from basic yes/no inquiries to polls.
2. Focus groups: Focus groups are little gatherings that are united to examine a specific topic. Market research organizations use center gatherings to acquire experiences in customers’ mentalities and insights towards a product and service.
3. In-depth interviews: In-depth interviews are one-on-one interviews conducted with individuals to better understand their attitudes, opinions, and behavior.
4. Data analytics: Data analytics involves the use of statistical analysis and machine learning techniques to extract insights from large datasets. Market research companies use data analytics to identify patterns and trends in consumer behavior and preferences.
FAQs on Market Research Companies in India
Here are some frequently asked questions about market research companies in India.
What are the four different categories of market research?
Surveys, interviews, focus groups, and consumer observation are the four main forms of market research procedures.
What exactly is B2B market research?
B2B market research is the process of gathering data and insights about your sector. This information then assists you in determining what your target audience needs and desires. B2B market research may cover a wide range of topics, from brand perception to sales and marketing techniques.
What exactly is B2C market research?
Business-to-consumer market research is also known as B2C market research. This market study is aimed at non-business clients. Market research with grocery store consumers, moviegoers, hotel visitors, and others are simple instances of this.
Is market research a kind of R&D?
Market research is an important part of a company’s research and development (R&D) process. It assists businesses in determining the feasibility of a new product in development and determining how it will perform in the real world.
What are the four primary goals of market research?
The primary goals of market research include:
- Making sound commercial judgments.
- Obtaining investment money.
- Identifying new commercial prospects.
- Preventing business failures.
Market research is critical in assisting organizations in making data-driven choices and staying ahead of their competition. Businesses may produce goods and services that fit the demands of their consumers by acquiring insights into their wants and behaviors, resulting in enhanced customer satisfaction and loyalty.
The top ten market research firms in India provide a wide range of services and expertise and conduct research using a variety of approaches and technologies. Businesses may acquire vital insights into their target market and make educated decisions that can assist drive company success by partnering with one of these companies.