With changing dynamics and the constant need for newer products and services to sustain in the market; every company is investing in R&D. Either they prefer to recruit an in-house team or outsource to various data research companies. With the support of data research companies, businesses can take up an informed decision in marketing strategies, investments, the launch of a new product, and more. Data research businesses also help companies in developing the products and services according to the expectations of the end user.

The estimated size of the Market Research industry in India is around USD 110 million (approx. INR 500 Crores – where 1Crore = 10 million)* according to Asia Research Media. There is a growing market for market research companies in India. Today every company conducts its own research which helps them in improvising their services and catering the audiences or customers.

There are 4 types of primary types of research a market research company conducts i.e. – Exploratory, Descriptive, Casual and Predictive. The mentioned types of researches form the basis of any research conducted and fall under any one of the research types i.e. exploratory, descriptive, casual or predictive. There are constant growth and expansion in the type of market research growth in India.

Importance of Data Research:

With the number of businesses growing in the country, it is important for any new business to understand the dynamics of the industry he/she is looking at. Doing background research on the industry statistics, competitors, total industry revenue and more. This will help them understand the time period of their business achieving breakeven, investment required. It will also help them understand the changes they need to implement in their businesses as well.

One of the main importance of market research is it helps any individual identify the gaps in the market be it a need for a different product or any kind of service. Market research has helped a lot of business to come into existence in India over a past few years.

Example:

There is a lot of examples I can give for an opportunity grabbed by doing the right research. Ola, OYO Rooms, Swiggy, Zomato, all of these brands have been created market which was never to be thought of and have established big in their respective industries.

Examples: Ola is taxi aggregating company, where the user can book a taxi via a mobile application to any part of the city and the taxi is there at the doorstep in a few minutes. Prior to Ola, the public had to catch and “request an auto/cab service provider” to reach a particular location. There have been instances where the service provider has charged more than the amount on the value meter and there was no option to deny it but give into the said price for the service. With Ola, things have changed and the service has become affordable and more secure. Though these brands have created a market, it has also created a certain amount of competition as well. Here, Uber is one such competitor.

Swiggy is a food delivery application, where one can order food from any given restaurant on their portal in the similar price range or a little more (due to service charges etc.) and we now can eat at the leisure of our home the food we often have a craving of, but do not wish to go there and snack on the same. The competition in this segment has grown exponentially. The main competitor in this segment for a Swiggy would be Zomato, Food Panda, Freshmenu and many other small and big restaurant adopting and adapting to a service similar to them.

Xiaomi they have made a really use if their market research and now with the number of their smartphone users they are the No. 1 smartphone brand in India leaving behind the Samsung and iPhone. They have clearly understood that people in India desire phones like a Samsung and iPhones at an affordable range with similar specifications. The specifications they desire does not come cheap, it would cost them an easy forty-fifty thousand which not all can buy. Xiaomi understood this clearly and have come up with a range of phones with a range of specification at an affordable price and any time equal a Samsung or an iPhone.

From the above examples, it is understood that doing market research and does exceptionally well for any new or an existing brand grow multi-folds.  

Leading Data Research Companies:

A few of the leading Data Research Companies in India are as follow:

• IMRB International
• RNB Research
• Market Xcel Data Matrix Private Limited
• Majestic MRSS
• TNS India Private Limited
• Hansa Research
• IDC India
• IPSOS India Research
• Millward Brown
• The Nielsen

Challenges to Start A New Data Research Company:

There are a lot of challenges to start a data research company in India, a few of them are, setting up a feasible business model, understanding the market dynamics, understanding the functionalities of the market leaders in the industry. A data research company should also decide if the brand will concentrate on doing one particular type of research or explore all the domains of the industry. Investment on research carried out, data storage systems, manpower, marketing, business/franchise model and more.

On the other hand, taking up a franchise in this segment is a better idea. The brand of which an entrepreneur will take a franchise of already has a set business model, the pros and cons are predefined, their market is pre-defined and the franchisee only has to work on the defined boundaries. The market and the target audience are established. Therefore, a franchise is a feasible and better option.

Why Franchise Would Be a Short-cut:

Hence, there are a lot of research companies which have been expanding their business by giving franchise. Yes, you heard it right. A market research company franchise in order to expand its business to a newer location. This helps them to cater to the audience with a physical presence. There are a lot of things to be kept in mind while looking to start a research company, therefore starting a franchise in this segment is a more feasible option to opt for.

Market research companies in India are on a constant demand as there is a new company opening every hour and there is a continuous demand for market data and insights. With the help of stats, companies can now make informed decisions on product launched, market value, customer preferences and a lot more. It is not easy to start a market research company as doing this comes with its own pros and cons i.e. manpower for the research to be conducted, creating a niche for the services you will provide, data acceptance and a lot more.

 If you are keen on starting a market research company in India, then do it via a franchise way is a better and a safe idea. Therefore, visit FranchiseBazar and explore a few of the best market research companies as a franchise option for your location.