The future of Market research consulting in India

Posted by Coral Research on March 21st, 2017

The question as to what would be the tomorrow of market research consulting is often considered in the research realm.  The result of the tremendous technological progress in the data collection is highly striking and its critical influence on the trends in the market analysis industry cannot be overlooked either. Based on the study of the present situation in the market research industry and upon interviewing several specialists working in the market research department, the general opinion of experts all over the globe is that the information and data collected by market research companies in India won’t be turning the marketing decisions in future.

A survey initiated in 2014 revealed the roll in mobile internet users over the desktop ones. More than 60% of users were seen to be logging on to nearly 2 online tools in an extent of nearly 24 hours and 40% of people were found to be using at least 3 tools each day. The data collection done by particular companies alone won’t have much influence on the overall marketing determinations but just one of the many constituents influencing the industry of data providers. With data becoming available from different technological sources, survey data will grow as one of the many data sources available. With easy approachability to scheduled research tools, most customers would prefer to have their in-house resources to administer research. Such research conducted by agencies will also have a far bigger impact on the world of market research in future.

 Many factors such as customer values, consumer attitude change in consumer behavior and lifestyle can be efficiently determined with the help of information systems rather than individually relying on surveys. The economy is gradually gathering drive in the world of market research making the environment modify to a newer model of business where the person becomes the prime point for gathering data. In fact, Singapore and UK clients who are willing to enter the Indian market are willing to adapt the newer model of data gathering. With customers becoming more techno savvy and conscious about the marketing issues that are asked of them, it is becoming frequently difficult to hold the pressure and preserve their full attention. 

Here are the trends we can expect to see in the future of market research companies in India:

1. The rise of mobile research:The explosion of mobile data-gathering is now started. Today’s smartest Market research agencies are already expanding mobile surveys and studies to thousands of customers and getting results the next day. Many mobile officials are starting to get their guns around mobile-generated data and utilizing it to shape customer reservation and marketing determinations. In an environment like mobile, Tailored operations and hyper-targeted messages are the solutions. And those can only be built with the help of big data and location-based services.

2. Listening on social media:More and more businesses are relocating their social media teams into modern high-tech, high-profile ranges, indicating the increasing diplomatic importance of social channels among the world’s largest institutions. Social builds a lot of noise that requires being validated and contextualized along with other data sources, so it is vital to understand the impact of social media on customers who actively engage versus those who simply read and don’t actively participate.

3. Collecting insights at the speed of your business:The internet has enhanced the speed of businesses and innovation. For businesses who need to react instantly to real-time consumer opinion, gathering insights at the speed of their business is a crucial part of gaining a competing edge.

Market research consulting with compliance to adopt game-changing policies along with an openness to desegregate both the primary and secondary marketing techniques are only likely to endure and rule the perch in the coming years.