Growth of Market Research in India

From a non-existent industry to one of the most rapidly growing sectors, market research in India has come a long way. Today Indian agencies are competing with the best in the world in local and international markets.

Given the standard of market research in India today, it is hard to believe that this field was almost non-existent about two decades ago. There was little focus on the consumers, their desires, likes and dislikes. In the absence of choices sales were assured. Hence, there was almost no emphasis on research and development.

The present business environment, though, is dramatically different. Market research in India is a booming sector with a number of firms specialising in research consulting. While the bigger firms are laying more and more emphasis on in-house R&D departments, smaller firms are opting for more affordable consulting firms.

Globalisation

The reason for the sudden rise of market research in India was undoubtedly the advent of globalisation. As international firms entered the Indian market, local companies were quick to realise their deficit in terms of product and marketing development.

The international companies had massive R&D departments. They came from cutthroat markets where only the fit and prepared survived. Their products were often superior and their marketing aggressive.

In fact, it was these companies’ need for local knowledge that provided the start to research consulting in India. The Indian companies were not far behind. Suddenly, there was a boom in market research with new players emerging over the years. Today this field is organised, highly professional and fiercely competitive.

The aware consumer

Market research as a specialised industry may have started with the advent of globalisation, but it is the Indian companies –– small and big –– that drive it today. The growth of the industry came from one of the biggest impacts of globalisation: competition. With more and more companies entering the market, the competition was fierce.

This, in turn, has brought in increased expectations from the buyer. The consumer today is a smart cookie, no longer content with whatever is available. He has been exposed to international brands and the best in the world. He expects the best and is always looking for something better.

So, how do you tap into this consumer’s psyche? The simple answer is research.

Changing market dynamics

Today, there are multiple factors that drive market research in India. The market today is an ever-changing place, driven by many factors. Apart from the consumer, there are now a number of other factors to be considered, such as the role of social media, diversified markets and so on.

Consequently, market research has become extremely specialised. Today it includes developing product prototypes, finding the right retail mix, carrying out well planned audits, creating brand image, concept development and much more.

These various factors have meant a rapid rise in market research in India. Indian firms are now at par with the best of international firms. They now handle local work as well as outsourced work from international companies. 

Ref: - http://www.articlesbase.com/marketing-tips-articles/growth-of-market-research-in-india-7324516.html