how to do market research in india

How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry. The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

Why is market research important? 

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

• Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
• Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
• Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
• Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
• Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
• Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete. 

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research 

• Qualitative research
• Quantitative research
• Exploratory research
• Descriptive research
• Causal research
• Cross-sectional research
• Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research. 

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research 

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

• Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
• Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
• Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research 

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

• Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant. 
• Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
• Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment. 

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment. 

Market research methods

• Surveys and questionnaires
• Focus groups
• Observational research
• Online research tools
• Experiments
• Content analysis
• Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data: 

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback. 

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

• Set clear objectives
• Identify your target audience
• Choose your research methods
• Use the right market research tools
• Collect data
• Analyze data 
• Interpret your findings
• Identify opportunities and challenges
• Make informed business decisions
• Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign? 

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process. 

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective. 

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study. 

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

• Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

• Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
• Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
• Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
• Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors. 

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research. 

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

• Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

• Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
• Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
• Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
• Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends. 

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values. 

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

• Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
• SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
• HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
• SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
• SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups. 

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started. 

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.

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Home • Knowledge hub • The Future of Market Research in India.

The Future of Market Research in India.

The market research industry in India is thriving, but it is not without its’ own challenges and complexities.

Size of the market research industry in india.

According to Statista, the size of the market research industry globally is around US$74 billion, with more than half (US$47 billion) coming from within the U.S. At roughly Rs.1500 crore or US$15 billion (2017-18), the Market Research industry in India may be smaller in comparison. Still, it is the fastest-growing market globally, growing by an average of 10 per cent per year, compared to the industry’s global growth of just over 2 per cent in recent years. Most of India’s market research comes from overseas brands.

What makes India a favourable outsourcing destination for Market Research firms?

The overseas demand is mainly due to the enormous cost advantages of conducting market research in India. The processing of data is about 50% cheaper in India than in developed nations. Therefore, the outsourcing business is doubling in value every year.

The rising middle class comprises young people who are very familiar with U.S. brands. India has the second-largest population of English speakers globally, coupled with a relatively stable political backdrop. These factors make India an attractive country for international companies.

India has also developed a pool of trained market research professionals who can provide companies with superior study methodologies, data processing, analysis, and reporting, making India an attractive outsourcing destination. 

What are the high-growth sectors in Market Research in India?

India is evolving into a ‘Service Economy’ with telecom, retail, and financial services as the high-growth market research sectors. Marketing research in India has been focused more on fast-moving consumer goods (FMCG). Besides these, India’s most significant growth area for the market research industry is the media measurement business, followed by the auto, telecom, healthcare sectors, durable goods industries, and the public sector. Market research is mainly focused on customer insights and satisfaction in all industry sectors. 

What are the challenges of conducting Market Research in India?

India faces unique, complex challenges because it can be viewed more as a continent than a country. This is because of many diverse cultures, customs, behaviour, languages, and even regional dialects. 

In India, one size does not fit all. Researchers need to understand the cultural nuances peculiar to different parts of the country when designing surveys and studies and selecting local markets. 

To obtain data for nationwide studies, market research firms in India have to target multiple cities, each with its language and cultural nuances. While Indian market researchers understand and know how to work within the complexities, it becomes challenging to warrant the high costs of conducting national studies to clients. 

On the plus side, this has helped Indian researchers attain higher standards of conducting studies. However, it is also true that it is difficult to attract high-quality research talent in India due to relatively lower salaries. While Indian companies understand the importance of Market Research and use it effectively, they are amongst the most demanding but lowest paying countries for market research.

One of the biggest challenges is the size of the country. In the past, with fewer households having access to phones, it was challenging to conduct market research. In 1997, less than one percent of the population had access to a telephone, and with low literacy rates, telephone and mail surveys were non-existent. However, in recent years, technology has lifted many barriers to market research in India.  

India’s digital journey has been remarkable. The number of internet users grew from 0.62 million in 2010 to 843.06 million in 2021 (the second-largest in the world). Estimates suggest that this figure would reach over 1.5 billion by 2040, and Smartphone usage far surpasses desktop and laptop usage. Today, smartphones are present in 84% of households. (Source: Statista)

These developments are a massive advantage in a country the size of India because the cost savings from using the internet or phone over face-to-face interactions are enormous. The rise in social media usage has also immensely helped the growth of market research in India. 

Face-to-face research was dominant before the pandemic; however, the first wave of COVID-19 pandemic and the lockdown helped speed up digitization, making it easier to use technology and social media for research studies.

What is the state of market research in Rural India?

Nearly 70% of India’s population lives in rural areas, and the rural market has been growing five times as much as the urban market. However, doing market research in the rural areas of India remains cost-prohibitive due to the size of the country and its hugely diverse population. Additionally, largely rural population groups have not seen the technological breakthroughs and are beyond reach in many ways. 

During the pandemic, there has been an upsurge in digitizing rural India. The government has been pushing the adoption of digital technology in rural areas for many years now, but during the lockdown, it gained momentum. 

During the first pandemic wave, many jobless migrant workers had to go back to their villages from the cities, which triggered a rise in rural digitization. 

Still, market research firms face many challenges when it comes to the evolving, post-pandemic rural population. Furthermore, the complexities of hyper localization in languages, dialects, and traditions are even more pronounced in rural areas than urban centres. 

How did the sudden spike in mobile internet penetration further help the growth of the market research industry in India?

The availability of cheap smartphones in India since 2010 laid the foundation for digital literacy and adoption. Furthermore, the Indian government understood the importance of investments in its telecommunications sector and further deregulated the industry. 

In 2016, Reliance Jio disrupted the Indian telecommunications market by offering cheap 4G, high-speed data plans with free voice calling. This competitive data pricing pushed other telecom providers to drive down their pricing and led to a cumulative growth in affordable mobile internet accessibility amongst the Indian masses. 

What challenges do Indian Market Research companies (in particular) face?

In India, market research firms deal with the most demanding but lowest-paying clients in the industry. This makes it very difficult to attract top talent of market research professionals as the salaries are relatively lower. Industry attrition in Indian market research firms is high at about 30%, and people leave due to low salaries. 

The Future of Market Research In India

The growth of Market Research in India is clearly on the rise and shows no signs of stopping, despite the challenges. The market research industry in India is over three decades old. In recent years, there has been a rapid rise in the number of Indian Market Research firms and the interest of U.S. and European firms in outsourcing market research work to India. Companies in developed nations have 40-60% cost savings when they outsource market research to India. 

Telecommunication disruptions, technological developments, the rising middle class, a young country familiar with International brands, and lower research costs in India have led to growth in the market research industry. 

Market research is critical to building a robust business plan, and while many companies understand this, it is costly and time-consuming to undertake market research. Market research firms are more pressed than ever to deliver accurate insights and solutions to help companies make the right decisions while keeping turnaround times shorter and costs lower. 

Artificial Intelligence (AI), machine learning, and big data are changing how Market Research is carried out.

Organizations use many traditional market research techniques to learn more about their customers. Traditionally, these include interviews, surveys, focus groups , and market reports, which are costly and time-consuming. The Market Research industry in India now has access to and is adopting new technologies to collect, analyze, and present data faster yet accurately. 

Indian market researchers are using social media, advanced analytics, and data collection. 

New developments like Artificial Intelligence, machine learning, and ‘ big data ‘ offer a viable solution. This also means expanding the skill set of the researchers so they can effectively employ these market research methodologies for streamlining and automating data collection and analysis. AI can also scan market data in any language, which can be invaluable in a multilingual country like India. 

The rapid rise in the number of Indian Market Research firms and the growing demand from international agencies in outsourcing to India show promising potential for the future growth of Market Research in India.

Although many challenges lay ahead, there will always be a need for high-quality, flexible market researchers. While technology and automation may be invading the market researcher’s territory, you still need people to uncover data and insights. The best market research teams of the future will combine techies and problem solvers, who will use technology to streamline and speed up their studies. A good quality, accurate, fast, and lower-cost research workforce will ensure India’s future growth as a market research provider to the western world. 

With the growing global demand for cost-effective and high-quality market research, the rising trust in Indian researchers, and the value of the Indian market, the future of market research in India looks promising.

Selecting an Indian Market Research Agency 

With many providers to choose from, appointing an agency for your next market research project that understands your unique research needs is crucial. If you are looking to conduct market research, selecting an agency with national expertise is a must. 

At Kadence International, we have offices in 10 countries, including India. Our office in India is recognized as one of the leading market research companies in the country.

With a Head Office in New Delhi, our diverse team has hundreds of years of collective market research expertise and speaks 12 different dialects.

We would welcome the chance to discuss your next market research project. Learn more about our Indian Office  here  or submit your market research project  here .

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5 rules of conducting market research in india.

As maybe the fastest growing major economy on the planet, India is on track to emerge as one of the world’s top three economic powers within the next 15 years. And with a population that’s more than four times the size of the U.S. population, it’s no wonder why India – much like China – is a very attractive market for global brands.

But as big and complex as India’s economic potential is, so, too, are the challenges that face marketers as they try to gain a firm grasp on the preferences of Indian consumers. Then again, no one said it would be easy to understand the wants and needs of 1.3 billion people in a country with 22 official languages.

With decades of experience conducting research in India, LRW offers five rules of engagement for any company or agency that’s looking to develop a clearer picture of Indian consumers.

Rule #1: Speak Their Language(s) We already alluded to India’s 22 official languages. But did you also know that there are 400 different dialects on top of all those languages? That means there’s no such thing as a routine survey in India. The good news is that English is one of the more common languages in India (spoken by 125 million people), and if researchers are willing to sacrifice some representation, they can probably get away with conducting their entire project in English. But if they want a truly representative nationwide sample, they’ll want to include a minimum of four language overlays in addition to English. The top languages to consider other than English are Hindi (spoken by 551 million people), Bengali (91 million), Telugu (85 million) and Marathi (84 million).

Rule #3: Respect the Culture There are a number of cultural elements that must be considered before launching a research project in India. First, when interviewing female respondents, it always helps to have a female interviewer. This is done to help female respondents feel more comfortable with their responses, especially if it’s about sensitive feminine topics or if the research involves a home visit.

Religion is another point of consideration. Hinduism is by far the biggest religion in India, but there are also healthy populations of Muslims and Christians. According to Pew , an estimated eight out of every 10 Indians say that religion is very important in their lives, and because religion is so important, it has a strong influence on their perspectives. Any national sample of Indian respondents should reflect religious demographics.

Food culture is another overlooked but important consideration for researchers. Many outsiders stereotypically look at India as a vegetarian country, when in fact 71% of Indians are non-vegetarian . Those who are vegetarian typically do it for religious reasons and are therefore very passionate about their diets. But while meat is more prevalent than one might assume, the real big no-no in India is beef. Cattle are considered sacred in Hinduism, and some Indian states have even banned the slaughter of cattle. So if you’re a fast food burger chain that’s interested in the Indian market, you might want to save your time and money – or at least start innovating some culturally friendly menu options .

Rule #4: Don’t Always Rely on Modern Technology According to Pew , India has the lowest internet penetration in the world at just 25%. And even where there is internet, it’s not always very reliable. Interruptions in data connections and power outages are common occurrences that force near-complete surveys to start all over again. The issue isn’t just limited to in-home or mobile devices; LRW teams have reported these sorts of issues even with surveys hosted at cyber cafés.

But India is far from the Dark Ages when it comes to tech, and tech is opening up the country’s massive economic potential. After all, isn’t that why you want to study this market in the first place? In large Tier 1 cities (such as Bangalore, Mumbai and Delhi) that make up a huge chunk of India’s population, internet and mobile data speeds are much more reliable. In fact, consumers in these cities rely on video streaming and e-commerce just as much as you might find in Western markets. As a result, researchers may want to study behavioral and purchase insights in Tier 1 cities by tapping into big data insights from popular e-commerce platforms like Flipkart and Snapdeal and from video streaming services like HotStar.

Rule #5: Beware of Fraud Given the technological restrictions above, in-person assisted interviews may be a more reliable research method, depending on your study. But a note of caution: since interviewers on the ground typically get paid by the interview, they may feel incentivized to speed through interviews or even worse, make up fraudulent interviews altogether. This is particularly an issue considering that a 45-minute survey can easily balloon to two hours or more when you factor in travel, wait, and screening times. Researchers will want to take certain precautions such as using invisible programmatic flags to catch interviewers who demonstrate a pattern of “straightlining” questions, or steering the interviews toward the shortest paths of completion.

While these five rules are a helpful guide to conducting research in India, there will always be much deeper nuances and challenges. As the political and cultural realities inside the country continue to evolve, it’s important to work with a partner that keeps in tune with those changes to deliver the most representative insights. India offers a world of financial opportunity if you approach the market responsibly and with the respect it deserves.

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• Business Expansion
• Data-Driven Strategy

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Introduction

Are you eyeing India’s booming market as your next big business opportunity? You’re not alone. As one of the world’s fastest-growing economies, India presents a plethora of opportunities for foreign businesses. However, navigating the intricacies of India’s diverse market can be challenging. That’s why a well-crafted market entry strategy is crucial. This comprehensive guide aims to simplify the maze that is India’s business landscape and set you on the right path for successful market entry.

India’s sheer market size, combined with its youthful demographic and digital revolution, makes it a promising destination for businesses across sectors. But understanding the cultural, legal, and economic dynamics is key to successful market entry. This is where specialized consultancy firms like India Market Entry (IME) can help, providing tailored strategies designed for success.

Key Elements of a Market Entry Strategy

Market research.

Comprehensive market research forms the backbone of any market entry strategy. This includes understanding consumer behavior, identifying potential competitors, and assessing market trends.

Legal and Regulatory Compliance

India has a complex legal landscape. Understanding the nuances of regulatory compliance is crucial, including but not limited to, foreign investment restrictions, tax laws, and trade regulations.

Robust financial planning, preferably aiming for a 6-month break-even point, can be a game-changer. Custom financial models enable businesses to forecast profitability and manage capital efficiently.

Marketing and Sales Strategy

Effective marketing can make or break your venture in India. From lead generation to establishing a local brand identity, your marketing strategy needs to be impeccable.

Best Practices for Market Entry

Engage local expertise.

Consulting firms like IME offer data-driven, ROI-focused strategies crafted by experts in legal compliance, financial planning, and marketing. Their pan-India presence can provide invaluable local insights.

Relationship Management

Building and maintaining long-term relationships with local stakeholders can go a long way in ensuring the longevity and success of your business in India.

Extended Support

Seamless operational integration, human resource support, and consumer marketing assistance are essential for long-term success.

Crafting a robust market entry strategy for India requires a multi-faceted approach that addresses various economic, legal, and cultural challenges. Utilizing the expertise of specialized consultancies like IME can accelerate your path to profitability and help you navigate the complexities of the Indian market with ease.

Ready to Launch in India?

If you’re looking to expand your business into the Indian market, we at IME are here to guide you every step of the way. With our committed sales representatives and data-driven approach, your dream of establishing a thriving business in India is closer than you think.

Disclaimer: This article is for informational purposes only and should not be considered as professional advice.

Tags: Market Entry Strategy, India Market, Business Expansion, Financial Planning, Legal Compliance, IME, Data-Driven Strategy, ROI

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A look at the Indian market research industry

The Indian marketing research industry has been growing in recent years. This article examines the Indian marketing research industry, including growth areas, major players, research methods and future outlook.

Editor’s note: Ravi Iyer is president of Paradigm Technologies International, a Westwood, N.J. research firm.

The Indian marketing research industry has been growing by more than 30 percent for the past three years. The spending for marketing research activities is presently estimated at $35 million. There are about 200 firms that provide marketing research services, of which eight to 10 firms are large and have nationwide capabilities. The torrid pace of growth is expected to stabilize at around 20 percent per year. Since the total spending for research comprises only one percent of total spending on all marketing services (advertising, marketing research, public relations, etc.), researchers believe the market holds tremendous potential.

Growth areas

The growth has largely been in the category dubbed "fast-moving consumer goods." This category, which comprises over 100 consumer products sold at the retail level, constitutes 60 percent of the total spending for marketing research activities. Other growth areas have been the financial services and automotive sectors.

The Indian automobile market was, until a few years ago, closed to the global giants. Deregulation has resulted in a rush of the world’s major automobile manufacturers to India. Today, American, European, Japanese and Korean automobile companies manufacture vehicles in India. Demand for research in this area inevitably followed. Recognizing the need, several of the large marketing research companies have set up groups within their organizations to cater to this burgeoning market. The other major growth area has been in media services. While most research is conducted on consumer goods, business-to-business studies have been catching up. The main research interests of biz-to-biz studies have been in the office automation and industrial products areas.

Major players

The two giants in marketing research are the Indian Market Research Bureau (IMRB) and ORG-MARG. Founded in 1970, IMRB, the larger of the two firms, is also the largest marketing research organization in South Asia (India, Nepal, Sri Lanka and Bangladesh), and has a staff of 400. Several of the newer firms were founded by IMRB alumni. ORG-MARG was formed in 1995 by the merger of Operations Research Group (ORG) and Marketing and Research Group (MARG), and employs more than 900 people. The other large marketing research firms include Dun & Bradstreet Marketing Research, Protech India Limited, Indica Research, Marketing and Business Associates, MBL Research and Consultancy Group, MODE Research, Pathfinders: India, and Research International India. Several large U.S. and European firms have established a presence in India. They have accomplished this either through strategic alliances or partial ownership. Some well-known U.S. firms which have a presence include Dun & Bradstreet, Millward Brown, Gallup, and Yankelovich. European firms include Research International, Lintas Worldwide, MBL Group plc, MRB Group and VNU.

Almost all the large companies are headquartered in the city of Bombay, with branch offices in other large cities. Bombay is the business capital of the country. A few of the large firms are located in other cities such as New Delhi, Calcutta, Bangalore and Hyderabad. An average research study costs between $5,000 and $10,000.

Research methods

Quantitative research is the most commonly used approach, accounting for 80 percent of the research studies conducted by companies in India. Qualitative makes up the other 20 percent. Due to lack of a strong research infrastructure, several of the data collection methods commonly prevalent in the U.S. cannot be used. The most common data collection method for quantitative studies is in-person interviews. The response rate for this method is up to 60 percent in upscale markets and as high as 80 percent among other population segments.

Focus group facilities equipped with one-way mirrors and audio/video-recording devices are not available. Hence, focus groups are held mostly in hotel rooms with closed-circuit television monitoring facilities.

Telephone interviews and mail surveys are used on a very limited basis. The principal reasons are lack of adequate telephones and low literacy rates. Lack of scientific samples and databases are another major drawback. Companies usually rely on telephone books to compile lists. Telephone availability is mostly restricted to middle- to high-income families living in the large cities. Among this segment, as many as 50 percent of the households have telephones.

The low penetration of telephones is also compounded by rates for long-distance calls, which are comparatively high by Indian standards. While clients increasingly recognize the need for research, they balk at the high cost of telephone, and computer-assisted personal interviewing (CAPI) methods in collecting data.

The use of scanners and automated equipment at retail checkout counters in almost nonexistent. Nevertheless, there are companies that conduct retail audits and provide data on consumer product sales.

While syndicated studies are just beginning to gain recognition, researchers believe that the number of clients is not sufficient enough to justify them. For similar reasons, companies are hesitant to offer off-the-shelf reports similar to those being conducted in the U.S. and Europe.

National readership studies are conducted once every two years. Advertising agencies use these studies for their media planning activities. Political polling, while being a recent phenomenon, is also gaining increased attention.

An advertising study was initiated in 1987 by the consumer products giant, Hindustan Lever. Lever, India’s equivalent of Procter & Gamble in the U.S., is an affiliate of Unilever. This study, called PULSE, has been regularly tracking advertising since then. Recently, however, several other research firms have launched their own studies to track advertising.

The most interesting development has been in the area of measuring television ratings. The two largest firms, IMRB and ORG-MARG, both have their own ratings study and are locked in a race to be the winner. Both companies have invested heavily in people meters. Recently a joint industry group awarded the ratings contract to IMRB. A fallout may result in the future. Nevertheless, for now, the two competing systems are seemingly secure because clients continue to use both.

Most market research companies have staff who are experienced in analytical techniques, including sophisticated analysis. They use industry standard software such as SPSS and SAS, and custom software developed in-house. According to V. Ravi, executive director of Indica Research, research companies in India are modeled after companies in the U.K. and thus tend to use psychology in focus groups. Conducting nationwide studies poses a challenge to researchers because of multiple language skills required. However, researchers have developed a keen sense of understanding of the cross-cultural differences that exist among the various regions in India.

Growing pains

The rapid growth has not been without its problems. Researchers in India are hampered by a serious lack of supporting infrastructure. For example, only one percent of all households has telephones. Literacy rates are also low. Thus, telephone and mail surveys are almost nonexistent.

The lack of adequate support services such as list companies, and focus group facilities have prevented researchers from offering the quick turnaround that clients in the U.S. and Europe are accustomed to. Rapid growth has also led to a shortage of trained research staff, says Thomas Puliyel, country manager for Research International India, a member of the Research International, the U.K.-based giant.

Professional organizations

The Marketing Research Society of India (MRSI) is the professional body for India’s marketing researchers. The society, established in 1981, has 50 corporate and 110 individual members. While there are no government regulations on the research industry, the society has established a set of rules called the Contractors Code of Conduct for its members. It encourages its individual and corporate members to actively participate in industry seminars. Several members have presented papers at past meetings of the European Society for Opinion and Market Research (ESOMAR). MRSI is based in Bombay on the campus of Xavier Institute of Management, one of India’s best management schools. The society publishes a membership directory and is considering the publication of a regular newsletter or magazine.

Future outlook

While India’s marketing research industry will continue to grow, it faces some important challenges. The need for a well-established research infrastructure is paramount. As India deregulates further, the telecommunications industry is expected to grow rapidly. The lack of reliable list samples has to be addressed. Focus group facilities with one-way mirrors and equipment for audio and video recording are also needed, especially in the large cities.

The Indian market is not homogenized. In order to obtain data on a nationwide basis, researchers have to target several cities, each with its own set of challenges, such as a different language and culture. While researchers understand such complexities, they have to work hard to justify high costs of conducting national studies to clients. According to Indica Research’s V. Ravi, another critical task facing the industry researchers is the need to articulate the value that research adds to a client’s competitive efforts.

Challenges and opportunities

The Indian market offers plenty of challenges and opportunities. The rapid rise in the number of Indian research firms and increasing presence of U.S. and European firms is strong evidence of the opportunities. While it lacks the infrastructure available in developed countries, the growing number of companies reflect a sense of optimism that eventually, it will become a market that cannot be ignored.

Q&A: Research in Europe Related Categories: International Research, Research Industry, International Research, The Business of Research International Research, Research Industry, International Research, The Business of Research, Focus Groups, Moderators, One-on-One, Statistical Analysis, Quantitative Research, Qualitative Research

Agricultural research in Asia Related Categories: International Research, Research Industry, International Research, The Business of Research International Research, Research Industry, International Research, The Business of Research, Agriculture, Ethnic Research, Agriculture/Agribusiness, Asians, Ethnic Research

Q&A: Research in England, Scotland and Ireland Related Categories: International Research, Research Industry, International Research, The Business of Research International Research, Research Industry, International Research, The Business of Research

Web-enabled technologies helping globalize marketing research Related Categories: International Research, Research Industry, International Research, The Business of Research International Research, Research Industry, International Research, The Business of Research, Online Research, Interviewing, Online Research

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How to do market research in 4 steps: a lean approach to marketing research

From pinpointing your target audience and assessing your competitive advantage, to ongoing product development and customer satisfaction efforts, market research is a practice your business can only benefit from.

Learn how to conduct quick and effective market research using a lean approach in this article full of strategies and practical examples. 

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A comprehensive (and successful) business strategy is not complete without some form of market research—you can’t make informed and profitable business decisions without truly understanding your customer base and the current market trends that drive your business.

In this article, you’ll learn how to conduct quick, effective market research  using an approach called 'lean market research'. It’s easier than you might think, and it can be done at any stage in a product’s lifecycle.

How to conduct lean market research in 4 steps

What is market research, why is market research so valuable, advantages of lean market research, 4 common market research methods, 5 common market research questions, market research faqs.

We’ll jump right into our 4-step approach to lean market research. To show you how it’s done in the real world, each step includes a practical example from Smallpdf , a Swiss company that used lean market research to reduce their tool’s error rate by 75% and boost their Net Promoter Score® (NPS) by 1%.

Research your market the lean way...

From on-page surveys to user interviews, Hotjar has the tools to help you scope out your market and get to know your customers—without breaking the bank.

The following four steps and practical examples will give you a solid market research plan for understanding who your users are and what they want from a company like yours.

1. Create simple user personas

A user persona is a semi-fictional character based on psychographic and demographic data from people who use websites and products similar to your own. Start by defining broad user categories, then elaborate on them later to further segment your customer base and determine your ideal customer profile .

How to get the data: use on-page or emailed surveys and interviews to understand your users and what drives them to your business.

How to do it right: whatever survey or interview questions you ask, they should answer the following questions about the customer:

Who are they?

What is their main goal?

What is their main barrier to achieving this goal?

Pitfalls to avoid:

Don’t ask too many questions! Keep it to five or less, otherwise you’ll inundate them and they’ll stop answering thoughtfully.

Don’t worry too much about typical demographic questions like age or background. Instead, focus on the role these people play (as it relates to your product) and their goals.

How Smallpdf did it: Smallpdf ran an on-page survey for a couple of weeks and received 1,000 replies. They learned that many of their users were administrative assistants, students, and teachers.

Next, they used the survey results to create simple user personas like this one for admins:

Who are they? Administrative Assistants.

What is their main goal? Creating Word documents from a scanned, hard-copy document or a PDF where the source file was lost.

What is their main barrier to achieving it? Converting a scanned PDF doc to a Word file.

💡Pro tip: Smallpdf used Hotjar Surveys to run their user persona survey. Our survey tool helped them avoid the pitfalls of guesswork and find out who their users really are, in their own words. 

You can design a survey and start running it in minutes with our easy-to-use drag and drop builder. Customize your survey to fit your needs, from a sleek one-question pop-up survey to a fully branded questionnaire sent via email. 

We've also created 40+ free survey templates that you can start collecting data with, including a user persona survey like the one Smallpdf used.

2. Conduct observational research

Observational research involves taking notes while watching someone use your product (or a similar product).

Overt vs. covert observation

Overt observation involves asking customers if they’ll let you watch them use your product. This method is often used for user testing and it provides a great opportunity for collecting live product or customer feedback .

Covert observation means studying users ‘in the wild’ without them knowing. This method works well if you sell a type of product that people use regularly, and it offers the purest observational data because people often behave differently when they know they’re being watched. 

Tips to do it right:

Record an entry in your field notes, along with a timestamp, each time an action or event occurs.

Make note of the users' workflow, capturing the ‘what,’ ‘why,’ and ‘for whom’ of each action.

Don’t record identifiable video or audio data without consent. If recording people using your product is helpful for achieving your research goal, make sure all participants are informed and agree to the terms.

Don’t forget to explain why you’d like to observe them (for overt observation). People are more likely to cooperate if you tell them you want to improve the product.

💡Pro tip: while conducting field research out in the wild can wield rewarding results, you can also conduct observational research remotely. Hotjar Recordings is a tool that lets you capture anonymized user sessions of real people interacting with your website. 

Observe how customers navigate your pages and products to gain an inside look into their user behavior . This method is great for conducting exploratory research with the purpose of identifying more specific issues to investigate further, like pain points along the customer journey and opportunities for optimizing conversion .

With Hotjar Recordings you can observe real people using your site without capturing their sensitive information

How Smallpdf did it: here’s how Smallpdf observed two different user personas both covertly and overtly.

Observing students (covert): Kristina Wagner, Principle Product Manager at Smallpdf, went to cafes and libraries at two local universities and waited until she saw students doing PDF-related activities. Then she watched and took notes from a distance. One thing that struck her was the difference between how students self-reported their activities vs. how they behaved (i.e, the self-reporting bias). Students, she found, spent hours talking, listening to music, or simply staring at a blank screen rather than working. When she did find students who were working, she recorded the task they were performing and the software they were using (if she recognized it).

Observing administrative assistants (overt): Kristina sent emails to admins explaining that she’d like to observe them at work, and she asked those who agreed to try to batch their PDF work for her observation day. While watching admins work, she learned that they frequently needed to scan documents into PDF-format and then convert those PDFs into Word docs. By observing the challenges admins faced, Smallpdf knew which products to target for improvement.

“Data is really good for discovery and validation, but there is a bit in the middle where you have to go and find the human.”

3. Conduct individual interviews

Interviews are one-on-one conversations with members of your target market. They allow you to dig deep and explore their concerns, which can lead to all sorts of revelations.

Listen more, talk less. Be curious.

Act like a journalist, not a salesperson. Rather than trying to talk your company up, ask people about their lives, their needs, their frustrations, and how a product like yours could help.

Ask "why?" so you can dig deeper. Get into the specifics and learn about their past behavior.

Record the conversation. Focus on the conversation and avoid relying solely on notes by recording the interview. There are plenty of services that will transcribe recorded conversations for a good price (including Hotjar!).

Avoid asking leading questions , which reveal bias on your part and pushes respondents to answer in a certain direction (e.g. “Have you taken advantage of the amazing new features we just released?).

Don't ask loaded questions , which sneak in an assumption which, if untrue, would make it impossible to answer honestly. For example, we can’t ask you, “What did you find most useful about this article?” without asking whether you found the article useful in the first place.

Be cautious when asking opinions about the future (or predictions of future behavior). Studies suggest that people aren’t very good at predicting their future behavior. This is due to several cognitive biases, from the misguided exceptionalism bias (we’re good at guessing what others will do, but we somehow think we’re different), to the optimism bias (which makes us see things with rose-colored glasses), to the ‘illusion of control’ (which makes us forget the role of randomness in future events).

How Smallpdf did it: Kristina explored her teacher user persona by speaking with university professors at a local graduate school. She learned that the school was mostly paperless and rarely used PDFs, so for the sake of time, she moved on to the admins.

A bit of a letdown? Sure. But this story highlights an important lesson: sometimes you follow a lead and come up short, so you have to make adjustments on the fly. Lean market research is about getting solid, actionable insights quickly so you can tweak things and see what works.

💡Pro tip: to save even more time, conduct remote interviews using an online user research service like Hotjar Engage , which automates the entire interview process, from recruitment and scheduling to hosting and recording.

You can interview your own customers or connect with people from our diverse pool of 200,000+ participants from 130+ countries and 25 industries. And no need to fret about taking meticulous notes—Engage will automatically transcribe the interview for you.

4. Analyze the data (without drowning in it)

The following techniques will help you wrap your head around the market data you collect without losing yourself in it. Remember, the point of lean market research is to find quick, actionable insights.

A flow model is a diagram that tracks the flow of information within a system. By creating a simple visual representation of how users interact with your product and each other, you can better assess their needs.

You’ll notice that admins are at the center of Smallpdf’s flow model, which represents the flow of PDF-related documents throughout a school. This flow model shows the challenges that admins face as they work to satisfy their own internal and external customers.

Affinity diagram

An affinity diagram is a way of sorting large amounts of data into groups to better understand the big picture. For example, if you ask your users about their profession, you’ll notice some general themes start to form, even though the individual responses differ. Depending on your needs, you could group them by profession, or more generally by industry.

We wrote a guide about how to analyze open-ended questions to help you sort through and categorize large volumes of response data. You can also do this by hand by clipping up survey responses or interview notes and grouping them (which is what Kristina does).

“For an interview, you will have somewhere between 30 and 60 notes, and those notes are usually direct phrases. And when you literally cut them up into separate pieces of paper and group them, they should make sense by themselves.”

Pro tip: if you’re conducting an online survey with Hotjar, keep your team in the loop by sharing survey responses automatically via our Slack and Microsoft Team integrations. Reading answers as they come in lets you digest the data in pieces and can help prepare you for identifying common themes when it comes time for analysis.

Hotjar lets you easily share survey responses with your team

Customer journey map

A customer journey map is a diagram that shows the way a typical prospect becomes a paying customer. It outlines their first interaction with your brand and every step in the sales cycle, from awareness to repurchase (and hopefully advocacy).

The above  customer journey map , created by our team at Hotjar, shows many ways a customer might engage with our tool. Your map will be based on your own data and business model.

📚 Read more: if you’re new to customer journey maps, we wrote this step-by-step guide to creating your first customer journey map in 2 and 1/2 days with free templates you can download and start using immediately.

Next steps: from research to results

So, how do you turn market research insights into tangible business results? Let’s look at the actions Smallpdf took after conducting their lean market research: first they implemented changes, then measured the impact.

Implement changes

Based on what Smallpdf learned about the challenges that one key user segment (admins) face when trying to convert PDFs into Word files, they improved their ‘PDF to Word’ conversion tool.

We won’t go into the details here because it involves a lot of technical jargon, but they made the entire process simpler and more straightforward for users. Plus, they made it so that their system recognized when you drop a PDF file into their ‘Word to PDF’ converter instead of the ‘PDF to Word’ converter, so users wouldn’t have to redo the task when they made that mistake. 

In other words: simple market segmentation for admins showed a business need that had to be accounted for, and customers are happier overall after Smallpdf implemented an informed change to their product.

Measure results

According to the Lean UX model, product and UX changes aren’t retained unless they achieve results.

Smallpdf’s changes produced:

A 75% reduction in error rate for the ‘PDF to Word’ converter

A 1% increase in NPS

Greater confidence in the team’s marketing efforts

"With all the changes said and done, we've cut our original error rate in four, which is huge. We increased our NPS by +1%, which isn't huge, but it means that of the users who received a file, they were still slightly happier than before, even if they didn't notice that anything special happened at all.”

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Market research (or marketing research) is any set of techniques used to gather information and better understand a company’s target market. This might include primary research on brand awareness and customer satisfaction or secondary market research on market size and competitive analysis. Businesses use this information to design better products, improve user experience, and craft a marketing strategy that attracts quality leads and improves conversion rates.

David Darmanin, one of Hotjar’s founders, launched two startups before Hotjar took off—but both companies crashed and burned. Each time, he and his team spent months trying to design an amazing new product and user experience, but they failed because they didn’t have a clear understanding of what the market demanded.

With Hotjar, they did things differently . Long story short, they conducted market research in the early stages to figure out what consumers really wanted, and the team made (and continues to make) constant improvements based on market and user research.

Without market research, it’s impossible to understand your users. Sure, you might have a general idea of who they are and what they need, but you have to dig deep if you want to win their loyalty.

Here’s why research matters:

Obsessing over your users is the only way to win. If you don’t care deeply about them, you’ll lose potential customers to someone who does.

Analytics gives you the ‘what’, while research gives you the ‘why’. Big data, user analytics , and dashboards can tell you what people do at scale, but only research can tell you what they’re thinking and why they do what they do. For example, analytics can tell you that customers leave when they reach your pricing page, but only research can explain why.

Research beats assumptions, trends, and so-called best practices. Have you ever watched your colleagues rally behind a terrible decision? Bad ideas are often the result of guesswork, emotional reasoning, death by best practices , and defaulting to the Highest Paid Person’s Opinion (HiPPO). By listening to your users and focusing on their customer experience , you’re less likely to get pulled in the wrong direction.

Research keeps you from planning in a vacuum. Your team might be amazing, but you and your colleagues simply can’t experience your product the way your customers do. Customers might use your product in a way that surprises you, and product features that seem obvious to you might confuse them. Over-planning and refusing to test your assumptions is a waste of time, money, and effort because you’ll likely need to make changes once your untested business plan gets put into practice.

Lean User Experience (UX) design is a model for continuous improvement that relies on quick, efficient research to understand customer needs and test new product features.

Lean market research can help you become more...

Efficient: it gets you closer to your customers, faster.

Cost-effective: no need to hire an expensive marketing firm to get things started.

Competitive: quick, powerful insights can place your products on the cutting edge.

As a small business or sole proprietor, conducting lean market research is an attractive option when investing in a full-blown research project might seem out of scope or budget.

There are lots of different ways you could conduct market research and collect customer data, but you don’t have to limit yourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Which method you use may vary based on your business type: ecommerce business owners have different goals from SaaS businesses, so it’s typically prudent to mix and match these methods based on your particular goals and what you need to know.

1. Surveys: the most commonly used

Surveys are a form of qualitative research that ask respondents a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email. When we asked 2,000 Customer Experience (CX) professionals about their company’s approach to research , surveys proved to be the most commonly used market research technique.

What makes online surveys so popular?  

They’re easy and inexpensive to conduct, and you can do a lot of data collection quickly. Plus, the data is pretty straightforward to analyze, even when you have to analyze open-ended questions whose answers might initially appear difficult to categorize.

We've built a number of survey templates ready and waiting for you. Grab a template and share with your customers in just a few clicks.

💡 Pro tip: you can also get started with Hotjar AI for Surveys to create a survey in mere seconds . Just enter your market research goal and watch as the AI generates a survey and populates it with relevant questions. 

Once you’re ready for data analysis, the AI will prepare an automated research report that succinctly summarizes key findings, quotes, and suggested next steps.

An example research report generated by Hotjar AI for Surveys

2. Interviews: the most insightful

Interviews are one-on-one conversations with members of your target market. Nothing beats a face-to-face interview for diving deep (and reading non-verbal cues), but if an in-person meeting isn’t possible, video conferencing is a solid second choice.

Regardless of how you conduct it, any type of in-depth interview will produce big benefits in understanding your target customers.

What makes interviews so insightful?

By speaking directly with an ideal customer, you’ll gain greater empathy for their experience , and you can follow insightful threads that can produce plenty of 'Aha!' moments.

3. Focus groups: the most unreliable

Focus groups bring together a carefully selected group of people who fit a company’s target market. A trained moderator leads a conversation surrounding the product, user experience, or marketing message to gain deeper insights.

What makes focus groups so unreliable?

If you’re new to market research, we wouldn’t recommend starting with focus groups. Doing it right is expensive , and if you cut corners, your research could fall victim to all kinds of errors. Dominance bias (when a forceful participant influences the group) and moderator style bias (when different moderator personalities bring about different results in the same study) are two of the many ways your focus group data could get skewed.

4. Observation: the most powerful

During a customer observation session, someone from the company takes notes while they watch an ideal user engage with their product (or a similar product from a competitor).

What makes observation so clever and powerful?

‘Fly-on-the-wall’ observation is a great alternative to focus groups. It’s not only less expensive, but you’ll see people interact with your product in a natural setting without influencing each other. The only downside is that you can’t get inside their heads, so observation still isn't a recommended replacement for customer surveys and interviews.

The following questions will help you get to know your users on a deeper level when you interview them. They’re general questions, of course, so don’t be afraid to make them your own.

1. Who are you and what do you do?

How you ask this question, and what you want to know, will vary depending on your business model (e.g. business-to-business marketing is usually more focused on someone’s profession than business-to-consumer marketing).

It’s a great question to start with, and it’ll help you understand what’s relevant about your user demographics (age, race, gender, profession, education, etc.), but it’s not the be-all-end-all of market research. The more specific questions come later.

2. What does your day look like?

This question helps you understand your users’ day-to-day life and the challenges they face. It will help you gain empathy for them, and you may stumble across something relevant to their buying habits.

3. Do you ever purchase [product/service type]?

This is a ‘yes or no’ question. A ‘yes’ will lead you to the next question.

4. What problem were you trying to solve or what goal were you trying to achieve?

This question strikes to the core of what someone’s trying to accomplish and why they might be willing to pay for your solution.

5. Take me back to the day when you first decided you needed to solve this kind of problem or achieve this goal.

This is the golden question, and it comes from Adele Revella, Founder and CEO of Buyer Persona Institute . It helps you get in the heads of your users and figure out what they were thinking the day they decided to spend money to solve a problem.

If you take your time with this question, digging deeper where it makes sense, you should be able to answer all the relevant information you need to understand their perspective.

“The only scripted question I want you to ask them is this one: take me back to the day when you first decided that you needed to solve this kind of problem or achieve this kind of a goal. Not to buy my product, that’s not the day. We want to go back to the day that when you thought it was urgent and compelling to go spend money to solve a particular problem or achieve a goal. Just tell me what happened.”

— Adele Revella , Founder/CEO at Buyer Persona Institute

Bonus question: is there anything else you’d like to tell me?

This question isn’t just a nice way to wrap it up—it might just give participants the opportunity they need to tell you something you really need to know.

That’s why Sarah Doody, author of UX Notebook , adds it to the end of her written surveys.

“I always have a last question, which is just open-ended: “Is there anything else you would like to tell me?” And sometimes, that’s where you get four paragraphs of amazing content that you would never have gotten if it was just a Net Promoter Score [survey] or something like that.”

What is the difference between qualitative and quantitative research?

Qualitative research asks questions that can’t be reduced to a number, such as, “What is your job title?” or “What did you like most about your customer service experience?” 

Quantitative research asks questions that can be answered with a numeric value, such as, “What is your annual salary?” or “How was your customer service experience on a scale of 1-5?”

 → Read more about the differences between qualitative and quantitative user research .

How do I do my own market research?

You can do your own quick and effective market research by 

Surveying your customers

Building user personas

Studying your users through interviews and observation

Wrapping your head around your data with tools like flow models, affinity diagrams, and customer journey maps

What is the difference between market research and user research?

Market research takes a broad look at potential customers—what problems they’re trying to solve, their buying experience, and overall demand. User research, on the other hand, is more narrowly focused on the use (and usability ) of specific products.

What are the main criticisms of market research?

Many marketing professionals are critical of market research because it can be expensive and time-consuming. It’s often easier to convince your CEO or CMO to let you do lean market research rather than something more extensive because you can do it yourself. It also gives you quick answers so you can stay ahead of the competition.

Do I need a market research firm to get reliable data?

Absolutely not! In fact, we recommend that you start small and do it yourself in the beginning. By following a lean market research strategy, you can uncover some solid insights about your clients. Then you can make changes, test them out, and see whether the results are positive. This is an excellent strategy for making quick changes and remaining competitive.

Net Promoter, Net Promoter System, Net Promoter Score, NPS, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld, and Satmetrix Systems, Inc.

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Segmenting Market Research in India

by Robert Granader , on January 22, 2012

Market segmentation is becoming an increasingly important issue in market research and business intelligence in India. Segmentation, as defined in market reports by the Market Research Company India, helps companies identify and pin point the market into groups of potential customers with similar motivations and characteristics.

By segmenting out certain markets it makes marketing in this growing economy far more productive and profitable. An organization can study entire markets with a single offer, or target more specifically certain segments.

A Market Research Company in India can follow five ways to segment markets.

1. Geographic Segmentation. 2. Demographic Segmentation. 3. Psychographic Segmentation. 4. Behavioral Segmentation. 5. Product Differences.

While the steps to achieving segmentationg are not laid out the goal is to maximize sales and profits, not necessarily brand recognition.

Some steps include: Identifying the entire market, profiling segments, summarizing segments, assessing which segment is most attractive, selecting a target market and determining segment positioning. Learn about market segmentation and market research at our blog .

Click below for more information on market research focusing on markets in India .

Thanks for reading!

Rob Granader CEO and Chairman, MarketResearch.com

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How to Do Market Research For a Startup in India

• Blog , Business
• May 14, 2024

So you have come up with a fantastic idea for your product or service. Believing in your idea and having the drive to make it happen is super important. However, you should take an important step before you proceed further on your startup idea – market research for your startup.

According to a study by the Statistic Brain Research Institute, approximately 50% of startups fail within the first 5 years. Understanding why startups fail is actually a huge opportunity to learn and avoid those same pitfalls. Hence, we will now look at the reason why startups fail and how to do market research for a startup in India

Why do Startups Fail?

Even though there are many causes of startup failure, including inadequate funding, poor management and marketing technologies, the major reason for the failure of startups is lack of adequate market research. Sometimes a product or service may be launched on an idea where there is no market need, or the pricing of the product could be off due to the wrong understanding of the target market.

To overcome all these issues, a thorough understanding of the market, the ideal customers and the competitors need to be done through a combination of market research methods.

In the next section, we will clearly understand what market research is for startups and how market research helps businesses.

What is Market Research?

Market research is a crucial step that will assist you in better planning of your business. It all comes down to obtaining information about your customers’ opinions, purchasing patterns, and physical location. Furthermore, market research also assists you in staying on top of industry trends and what your rivals are up to.

When you perform market research, you will have answers to the following questions.

a) What is the size and revenue of the industry in which you will launch your business or startup?

b) What are the current products and services offered in your industry?

c) Who are your potential customers and what are their pain points?

d) Who are your competitors and target customers?

e) What are the prices that potential customers are willing to pay?

g) What are the market conditions and demographics for your offering?

Armed with these data collected, you will be able to make informed decisions and launch a successful business off the ground.

Remember – Market Research has the potential to make or break your startup business. Because only with proper market analysis you will be able to better understand your customers and market conditions

Now we will understand the different types of market research methods for your business strategy.

What are the Different Types of Market Research Methods?

To gather comprehensive information, startups should use a variety of research methods, including both primary and secondary research. 

Primary Research

Getting information directly from the customers or target market is primary research. Through this method, you can get in touch with potential customers through a variety of ways like survey platforms, interviews, focus groups, feedback and more.

Secondary Research

Secondary market research essentially means data collected by other industry experts or associations. Sources you can use to collect data for secondary research include census, business journals, company websites, published online information and research reports. We then make use of this data to gain deeper insights into the market.

Each method above provides different types of data, which can be used to validate findings and gain a deeper understanding of the business’s market.

 8 Steps to Conducting a Market Research for a Startup

Determine the goal of your market research.

There are different goals or purposes of doing market research. First, identify the goal of your market research – which could be internal or external.

Internal goals could be improvements in cash flow and lead generation for an existing business whereas external goals could be getting funding or approvals for starting a new business. 

Depending on whether your goal is internal or external, the market research will usually proceed to include the following steps.

• Learning about your competition
• Understanding your existing customers
• Identifying new potential customers
• Improving your products or services
• Understanding different pricing strategies in the market
• Refining your brand positioning and marketing

Understand Your Target Market or Industry

One of the main reasons to conduct market research is understanding the market or industry in which you are going to launch your product or service. Using secondary research, you can get a good understanding of your market size, revenue , growth percentage and other factors.

This understanding of the industry helps you gain a better idea of how much you could scale your business, investments required to beat your competitors as well as to identify any gaps or opportunities to refine your product offerings in the market.

Analyse Competitors and Their Product or Service

The next steps to understand your target market is to do competitor analysis for your business or startup. First identify the competitors in your space that offer similar products or services and do a detailed study of their online and offline strategies. Understanding their target market and how they market their products or services can also give you good insights about their business strategy and help you tailor a unique strategy for your business.

Related:   8 Proven Ways to How Benchmarking helps a Business

Understand your Target Audience Better

The next step is to create an ideal persona of your customer which includes the demographics, interests and pain points of your target audience. A good understanding of your target audience helps you structure your pricing strategies, marketing and sales and brand values accurately.

An ideal customer persona must include the following information

Demographics:

Pain Points:

Qualifications:

Identify the Unique Selling Proposition of Your Idea

Your USP (Unique Selling Proposition) is the unique thing that you can offer that your competitors can’t. It’s your “Competitive Edge.” It’s the reason why customers buy from you, and your business succeeds.

For a small business or startup, the USP is the main thing that helps it succeed. Once you understand from the previous steps, what your competitors provide, and what your target audience needs, you can automatically find the gaps in your industry and tweak your product to create an USP.

The key is to take what you’ve learned and use it to create an USP that sets you apart. It could be a unique feature, an unbeatable price, exceptional customer service, or a combination of things. The point is, it should be something that makes you the obvious choice for your target customers.

Create a Business Plan for Your New Business

Although not always necessary, creating a business plan based on your market research is key to a successful startup. The idea is to have a solid roadmap to guide you as you turn your dream into a reality.

An ideal business plan should contain the following information:

• Executive Summary
• Company Description
• Market Analysis
• Products or Services Offered
• Competitor Analysis
• SWOT Analysis
• Marketing and Sales Strategy

A detailed business plan will guide your operations as you get started and give clarity on the goals that your business wants to achieve.

Prepare a SWOT Analysis Chart

SWOT stands for strengths, weaknesses, opportunities and threats and SWOT analysis is used to evaluate a company’s competitive position and to develop strategies for planning the business. Every SWOT analysis chart will contain these 4 categories.

Strengths – Strengths describe what an organisation excels at and what separates it from the competition.

Weaknesses – Areas where the business needs to improve

Opportunities – External factors that could give the business a competitive advantage

 Threats – External factors that could harm the organisation.

Armed with a SWOT analysis, the business can easily identify opportunities that can enhance it and make complex problems more manageable.

Identify Marketing Channels for Your Small Business

The last but not the least step is identifying marketing channels for your startup. Once you have acquired all the necessary information by thorough market research, narrowing down on the sales and marketing channels is a no-brainer. 

It is all about getting the right message in front of the right people at the right time. 

So, how do you choose the best channels? Well, it all goes back to what you’ve learned about your ideal customers. Where do they hang out online? What kind of content do they consume? What influences their buying decisions? Answering these questions will give you a good idea of where to focus your marketing efforts.

For example, if your target audience is all about social media, then platforms like Facebook, Instagram, and TikTok might be your best bet. You could create engaging posts, run targeted ads, and even partner with influencers to get your brand in front of the right people.

On the other hand, if your ideal customers are more likely to respond to email marketing, then building a solid email list and crafting compelling newsletters could be the way to go. You could offer valuable content, exclusive deals, and personalised recommendations to keep them engaged and coming back for more.

The key is to choose marketing channels that align with your target audience’s preferences and behaviours. By showing up where they already are and providing value, you’ll be able to build trust, generate buzz, and ultimately drive sales.

Also Read: Brand Development Strategies in Marketing 

Have You Done Market Research For Your Startup?

It is advisable to do market research first before spending a considerable amount of time and money in your business. 

The first major advantage of conducting market research is improving your risk management strategy. Doing research helps you understand patterns of consumer behaviour so you can calculate the likelihood of your products and services succeeding with your target market. 

Understanding how your key customers are likely to engage with new products and services also allows you to make effective decisions about future investments.

Because there is very little time for mistakes in highly dynamic industries, businesses must respond quickly and creatively.

Many business owners have approached us with their ideas and asked for our assistance in turning their business ideas to reality.  

Do you have a business idea or a passion which you would like to turn into reality?

Attend this upcoming webinar to know more.

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3 Simple Tricks to Stock Research in India for Beginners.

by Kritesh Abhishek | Nov 16, 2018 | Investment Basics , Stocks | 7 comments

3 simple tricks to stock research in India for beginners: Hi Investors. It’s been a while since I have written a blog post. This is because I’ve been working on a new project.

Since launching this blog ‘Trade Brains’ in January 2017, I have received a tremendous amount of emails, messages, and calls concerning stock market investment. Most of my readers are facing a similar problem- how to pick a stock to invest from a pile of over 5,500 stocks listed in the Indian stock market.

Though I have helped most of my readers, who have asked this question; however answering the same question, again and again, is little tiresome and mundane. Further, as this is a big topic, it took lots of hours to explain the same to every individual.

That’s why I created this  video course on how to select stocks to invest in Indian stock market. Earlier I decided to include this post- ‘3 simple tricks to stock research in India’ in my course module. However, I felt that this content deserves to be publicly available on my blog as it can be quite helpful to the beginners to start stock research in India.

Note: If you want to learn Candlesticks and Chart Trading from Scratch, here’s the best book available on Amazon ! Get the book now!

In this post, I will show how you can research good stocks in India to invest in using three simple implementable tricks. So, let’s get started.

3 Simple Tricks to Stock Research in India

1. money control- index composition..

If you want to investigate the stocks in a given industry/sector, why not to start with the market index composition of that sector.

An index composition of an industry consists of all the top companies that are included in that index.

For example, if you want to invest in a company in the metal industry, you should first start by investigating the stocks in the market index- S&P BSE Metal or Nifty Metal. Here S&P BSE Metal consists of companies like Hind Zinc, Coal India, Hindalco, Jindal Steel, JSW Steel, NALCO, SAIL, etc.

The index composition will give you a list of companies that you can investigate further in the industry.

Now, there’s a simple way to find out about the index composition of the different industries (Capital Goods, FMCG, Healthcare, Banks, Auto, Energy etc).

Either you can search for ‘money control index composition’ on google and click on the first link.

This will open the money control index composition page.

Or, you can directly visit the index composition linked here .

On the same page, you can navigate through different industries to know their composition.

Further, you can find the same information on NSE India website.

Here are the steps to find the index composition on NSE India:

• Go to NSE India website ( https://www.nseindia.com ).
• Navigate on Live Market-> Equity stock.

• Change the view to find the composition of the specific index.

• Select the industry which you want to investigate.

Also read:  7 Must Know Websites for Indian Stock Market Investors.

2. Mutual Funds Portfolio:

This is the easiest way for stock research in India. Just look at the portfolio of the top mutual funds and find out its holding stocks.

If the mutual fund is performing good, then the chances are that its top holding stocks will also be doing good.

Check the portfolio of few of the top ranked mutual funds in India and you can get an idea of the portfolio allocation for stock research.

Now, the next question is, where can I check the portfolio of top mutual funds?

The answer is- there are a number of financial websites where you can find the details about the mutual fund portfolio. For example-  Value research online , Money Control , Economic times market etc.

However, in this post, I’m going to describe how you can find the portfolio of the mutual funds on money control website.

Here are the steps to find the portfolio of the mutual funds for stock research in India:

• Go to money control website.
• Click on ‘Mutual Funds’.

• ‘Best Funds to Buy’ page will be opened. Click on ‘complete details’ link.

• Select the fund whose portfolio you want to check.

• The fund home page will open.

• Navigate down and select ‘Holdings’.

• Portfolio Holdings will be shown.

Similarly, you can check the holdings of different mutual funds that you are interested in.

Studying the holdings of the top mutual funds is the simplest way to stock research in India.

In short, if you do not know where to start, which stocks to investigate; then start with investigating the holdings stocks of these top ranked mutual funds.

New to stock market? Here is an amazing book on Indian stock market for beginners which I highly recommend to read:  How to Avoid Loss and Earn Consistently in the Stock Market  by Prasenjit Paul.

3. Screener:

Url: https://www.screener.in

Screener.in is a stock analysis and screening tool to see information of listed Indian companies in a customizable way.

This is one of the best websites for stock research in India. Screener gives you the facility to screen various stocks based on different criteria like growth, dividend, PE etc.

You can find the list of stocks based on different screens like- ‘The Bull Cartel’, ‘Growth Stocks’, ‘Loss to Profit Companies’, ‘Undervalued growth stocks’, ‘highest dividend yield share’, ‘bluest of the blue chips’ etc.

How to use screener website for stock research in India?

• Go to the screener .

• Click on screens on top menu bar.
• Select the suitable screen according to your preference. For example, if you want to investigate companies with a good quarterly growth, select ‘The Bull Cartel’.

• Navigate through the list and investigate the stocks.

Screener also gives you a facility of Query Builder, where you can customize the query according to your preference. We will discuss more how to write a query in Screener in another post.

Using the screens on the Screener website, you can undergo the stock research in India. Further, the different screens help the investors to investigate different stocks based on their choice.

Also read:  How to do Fundamental Analysis on Stocks?

That’s all for this post. I hope these simple tricks for stock research in India is helpful to the readers. Please comment below if you have any doubts. Happy Investing!!

Kritesh ( Tweet here ) is the Founder & CEO of Trade Brains & FinGrad . He is an NSE Certified Equity Fundamental Analyst with +7 Years of Experience in Share Market Investing. Kritesh frequently writes about Share Market Investing and IPOs and publishes his personal insights on the market.

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Want to learn Stock Market trading and Investing? Make sure to check out exclusive Stock Market courses by FinGrad, the learning initiative by Trade Brains. You can enroll in FREE courses and webinars available on FinGrad today and get ahead in your trading career. Join now!!

very good article thanks for sharing

Very informative

Fantastic explanation of stock research

Hi Kritesh,

in screener.in website how to filter in between market capitalization companies.

for example: I would like to filter the companies which having marketing capital between 50 Crores to 2000 Crores.

Awaiting for your reply. Thanks in advance.

Hi Siva. It’s really simple. Just use this query: Market Capitalization > 50 AND Market Capitalization here . Cheers.

All at one place. Informative article and nice explaination

Very nice information…keep up the good job Sir.thank you very much.

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We conduct in-depth market research to help our clients make the right strategies for their businesses. Here are the various ways we use to conduct market research.

Quantitative Research

Qualitative research, face-to-face interview, online surveys, desk research, why do you need market research.

Market research can help you learn a lot about your industry and your competitors. It tells you how your business is viewed by the customers and clients you wish to reach.

Coming out of ‘Guess Work’

Planning the right strategy, improving user experience, do you have any queries talk to our market research experts now., benefits of our market research services..

We are a group of devoted employees who work tirelessly to give the greatest experience and outcomes for our clients. We assist our clients in a variety of ways.

• Understand your competition
• Identify potential opportunity
• Understand customers’ buying habits
• Make knowledgable decisions
• Pick the perfect sales system
• Make fruitful business investments

Our process of market research.

We provide you with personalised advice from our knowledgeable advisors, based on an unrivalled combination of expert-led, professional, and data-driven research.

1. Requirement gathering

First of all, we gather everything that is required to move forward with our research so that the final report can be exact and reliable.

3. data collection

Once we are ready with our questionnaire, we begin with our process of data collection through various means, then be it interviews, surveys, or telephonic interviews.

2. Questionnaire design

We design a questionnaire that has all the important questions related to our research which helps us understand the people and their behaviour better.

4. data analysis and report generation

When we have all the data collected with us, we do detailed analysis and research and come up with reliable reports to help our clients.

Surveys Conducted

Clients Served

Projects Completed

Offices across India

Don’t just take our word for it.

We are results-oriented, and we’ve had the pleasure of serving clients in a variety of industries in overcoming obstacles that impeded or prevented them from achieving their goals. Here’s what a few of them said about us:

As a Market Research Company in India, Our business is to help your business reach a new height!

Trusted by Fortune 500 companies. 20+ years of combined experience. Talk free to an expert. Get a quote upfront.

We have several seasoned professionals of the market research industry in our team with experiences of more than 40 years. These experts have been conducting all kinds of market research over their long careers and are available to get you the data that you need.

As a leading market research company in India, we have active teams in all the Tier-1 and Tier-2 cities across the country. To ensure coverage of the other urban and rural areas, our teams travel to the designated areas from the nearest city.

Yes. You just need to inform us of the location from where you want the data and we will mobilize the nearest team to travel to your chosen location and collect the data.

The cost of conducting the market research will depend on several factors:

• What is the objective of conducting the market research?
• How many data points do you want?
• Where do you want the research to be done?
• How much time do we have for conducting the research?

Send us an email with these requirements to [email protected] and we will get back to you with the best possible quotation.

Talk with our market research experts at any time simply by calling 8800766787

Yes, we have experience in conducting research for various industries in India, including niche markets. Our team can tailor research solutions to meet your unique requirements.

We use a combination of methodologies, including online surveys, in-depth interviews, focus groups, data analysis, and secondary research to ensure comprehensive and accurate results.

Yes, we prioritize data security and confidentiality. Our team adheres to strict ethical standards, and we have protocols in place to safeguard your data throughout the research process.

The duration of a market research project can vary depending on its complexity and scope. We will provide you with a timeline estimate as part of the project proposal.

Market research can help your business by providing valuable insights into market trends, customer behaviour, and competition. It can guide product development, marketing strategies, and expansion plans.

Stay Ahead of the Curve: Get Your Market Research Quote Today!

We strive to exceed our client’s expectations by providing the best services available. Fill out this form and we will get back with the best possible quotation.

India – the Emerging Battleground for the Market Research Industry

By Rahul Pandita

The Indian market research industry is at an inflexion point of a massive growth turn. India’s homegrown, domestic market research players are embracing tech to offer affordable on-demand market intelligence solutions.

India emerged as the BPO capital of the world in the1990s.

When American Express set up its Financial Resource Centre East in the northern Indian city of Gurugram (then Gurgaon), the global behemoth had little inkling it will be taking the first step toward an industry set to reach $8.8 billion in 2025 .

The Indian BPO success story has spread far and wide. Competition from emerging Asian countries and rising protectionist sentiment notwithstanding, India continues to be the preferred destination for business process outsourcing.

The success of call center outsourcing to India got N. American and European executives thinking–what else can be done efficiently and affordably in India?

Soon, Indian talent was handling various aspects of business—from IT and accounting to recruitment and market research.

Market Research Outsourcing to India

The term Market Research Outsourcing (MRO) may not have grabbed the same limelight as BPO, but even in early 2000s, Indian consultants were powering the business strategy of world’s biggest companies.

By 2008, the market research outsourcing industry was worth $150 million , according to Times of India.

Initially, most of the big consulting firms outsourced secondary or ‘desk research’ to India.

The early MRO responsibility was limited to processing information obtained from market research surveys, doing a quick analysis, and generating reports based on the analysis.

However, over the years, complex marketing research projects were ably managed by India-based offshore market research companies.

The prowess, efficiency, and costing model led to the emergence of something bigger – emergence of homegrown, domestic market research companies that aspired to become the Big 4 of the consulting world.

The Growth Turn is Due to Disruptive Trends this Industry is Embracing

Many of today’s successful firms are helmed by veterans, who previously held leadership positions at the Big 4, large consultancies and  market research outsourcing companies.

BCC Research, MarketsandMarkets, Transparency Market Research are some homegrown market research and consulting firms, who have served the who’s who of Fortune 500.

“Within the first year of our operations, we had directly worked with 10% of Fortune 500. That was a huge confidence booster; we realized the quality of work was being appreciated and many of these companies have become our repeat clients over the past decade”, says Mr. Anurag Singh, MD & co-founder of Transparency Market Research.

Today, the tables have turned in a way as these homegrown market research companies have now appointed American and European C-suite executives to helm their international operations.

The path for these homegrown market research powerhouses has been seldom easy. They have had to face initial skepticism, considering market research is considered a highly critical aspect for any organization.

However, the industry has successfully overcome these challenges, and cemented long-lasting business relationships with global clients.

The prowess of India’s homegrown industry is such that many leading consulting firms such as McKinsey, BCG, LEK, PwC regularly engage Indian market research companies for carrying out some of their market research activities.

As was the case in India’s BPO boom, an abundant pool of skilled human resource, remains a key strength for India’s position in the market research industry.

The efficiency and consistent level of quality maintained by Indian companies has helped shed the image of a ‘low-cost’ to one that is ‘high-quality’.

The sustained efforts over the years has meant that today, Indian homegrown companies provide $2 trillion worth of consultancy to world’s leading enterprises.

COVID-19 impacted businesses all over the globe, and the global market research & consulting landscape was no different. According to research published in March 2020, COVID-19 reduced the size of the consulting industry by 19%.

However, the Indian market research and consulting firm remained resilient in the crisis. The agile business model, competitive pricing, and swift adaptability helped the industry keep the impact to minimum.

Not only did the industry absorb the shock of the global pandemic, but also came out of it stronger. The Indian market research and consulting industry was among those rare sectors that continued to hire even during the pandemic.

Tech Embracement by India’s Consulting Industry

The market research industry has been rather calculated in embracement of next-gen tech.

Cloud-based solutions—now considered ubiquitous in many industries—are yet to fully leveraged by the industry. Further, the concept of subscriptions, and pay-as-you-go has been adopted by only few players.

The traditional market research approach remains tedious, with one estimated by ESOMAR-certified firm Future Market Insights finding it takes an average of ten days for scope of the project to be finalized.

The high level of human involvement means that reaching a consensus between client and consulting firm remains a time-intensive activity.

As client expectations evolve, on-the-go access continues to become a key focus area.

However, a heartening development is that India’s homegrown market research companies have also taken the lead in this aspect.

Through cloud-based on-demand platforms, some of India’s homegrown market research companies are making it easier for clients to find the right insights.

The advantage with these platforms is they offer flexibility to clients, both in terms of pricing and access through the combination of human intuition and robotic precision.

For example, MarketNgage , a unified market intelligence engine powered by four homegrown market research companies—Transparency Market Research, Future Market Insights, Persistence Market Research, and Fact.MR—gives users the option to get an insights as low as $1.

“Flexibility is the key here; it has become the focal point for businesses. It has transferred power back to the user—today, readers don’t subscribe to entire magazine; if they like an op-ed which is behind a paywall, they simply pay for that one article. Similarly, music streaming apps now charge for downloading a song rather than a full subscription. You can expect a similar experience with MarketNgage —  actionable real time insights across the widest markets & products, in multi-formats beyond just the report, available as pay per use and cost saving rentals!”, says Aditi Basu, Chief Market Officer and Project Lead for MarketNgage.

On-demand Market Data and Intelligence is the Future

Clients today have become accustomed to accessing information as per their convenience. This behavior is not limited to their professional realm alone. The penetration of subscription-based apps, for entertainment, shopping, healthcare, education has created a familiarity that consumers expect in business world as well.

Advantages of Subscription-based, On-demand Market Intelligence Solution

• On-demand market intelligence platforms leverage AI and machine learning to process real-time data. Clients benefit by getting latest updates in a quicker turnaround time
• Market research software gives clients the power of quickly uncovering problems, reacting to them immediately, and eliminating them in a timely manner
• Data representation through infographics, dynamic charts, and pivot tables helps in understanding insights easily
• On-demand market data and intelligence provides clients complete flexibility so they pay for what they need. This means clients do not need to make heavy up-front investments, and wait for long durations for gaining access to insights
• On-demand market intelligence gives clients real-time access to insights. This is especially useful in critical decision-making
• On-demand market intelligence offers SMEs, academicians, and students to access insights at lower cost
• On-demand market research solutions make it easier to integrate multiple sources of data, ensuring better alignment with business objectives and organizational context

  Conclusion

  Traditional market research solutions—although effective for many years—have been found to be lacking in today’s hyper-competitive era.

Businesses today need latest insights, and they need them quickly. Decades of development in AI, machine learning, and other data mining tools has now made it possible to leverage insights at speed, and present them over cloud.

As tech advancements gain further traction, on-demand market research subscriptions will become more ubiquitous. In the next edition of this blog, we will take a look at some of the leading market research platforms globally.

Rahul Pandita is the content marketing lead at Future Market Insights, an ESOMAR-certified market research and consulting firm. He has written extensively about evolving trends in the market research industry. You can connect with Rahul on LinkedIn.

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Market Research for Startups - A Complete Guide

Planning to launch a start-up is a big step in itself. Entrepreneurs put a lot of effort, work for 14 to 16 hours every day with diligence to see their business idea grow and reach a position they have always imagined. But do you know what that one factor is that keeps the startups on track? It’s learning how to survive the odds of failing online business ideas in India .

The failure rate of the startups in 2019 was 90%. According to research, almost 21.5% of startups fail in their first year, 30% in their 2nd year, 50% in their 5th year, and 70% in the 10th year. But have you ever thought why even the good-going business ideas tend to fail later?

Some Common Reasons Why Startups Fail:

• No market need
• Not the right team
• Running out of cash
• Getting outcompeted
• Not a user-friendly product
• Cost issues/ pricing
• Poor marketing
• Not having a business model
• Ignoring customers

If you’re wondering whether there is any solution to this, the answer is a big fat YES! It is market research. The most crucial step for startups (small business ideas and large) is usually left out or ignored by many. Market research is the first step that startups should consider, and there is no way around it. Market research helps companies prepare a business plan, gives new business ideas and the tone and direction required for the project. So what exactly is market research?

Understanding Market Research

• Market research is nothing but a process using which startups gather facts about a specific market.
• It is a kind of analysis made to study the rationale of potential customer behaviour and market dynamics.
• With market study, startups get to know online business ideas, business conditions, and potential clients, which helps decrease the possibility that the product produced is the one that nobody wants.

Let us now see how startups perform market research:

1. defining the purpose of market research.

There are various reasons why market research is mandatory for online business ideas in India . The basic idea behind getting market research done is to create possibilities and avoid issues. It helps in investigating the past problems faced by the startup to reduce future risks.

Having decided that the market study is to be done, startups need to determine the market worth entering with their idea or product. Market research can be external or internal (or both) depending on the orientation. The external goal for business ideas includes the microenvironment—for example—studying the startup’s development trends economically. At the same time, the internal goal might be regarding making business activities better or increasing revenue.

Startups can have different goals for performing market research—for example—doing market research for attracting investors, searching for business ideas, testing an idea, etc.

2. Types of Market Research

Market research is key to a successful business strategy and improved service/product for online business ideas . While setting the revenue targets, choosing the appropriate research approach for business ideas can make a huge difference. The two types of study in market research based on business goals are primary market research and secondary market research.

1. Primary market research:

• Primary market research is also called field research.
• Primary or field market research is the one in which you (or an organisation or a person you pay) collect any information. It’s all about the market study of current sales volumes, customers, and metrics. It also includes studying the effectiveness of the new business ideas, their operation, and the competition.

2. Secondary market research:

• Secondary market research is also called desk research.
• A secondary or desk research study is associated with data analysis that a third party has already prepared. It generally includes studies and reports from the government, other companies, organisations, and other groups or entities engaged in the industry.

The best methodology is to use the mix of both when we consider online and offline research.  Both the research study methods have their advantages. Using both of them, startups can get different types of information about their target markets. Online research will help you in getting the data required for your online business idea fast and inexpensively. On the other hand, offline research will help small business ideas provide access to appropriate information and yield better and in-depth results.

3. Keeping a Check on Industry Trends

Before starting the market study, startups should know the industry’s nature in which your online business idea will exist. They describe the industry in terms of size, trends, growth direction, and life cycle. If a startup knows a solid description of the industry, it will guide small business ideas to greater heights.

Startups should know their target market. They should know for whom exactly their service/product is designed. With this comes the need to understand the customers’ nature and know where they will come from.

4. Comparing the Competitors

To analyse the market condition for an online business idea, knowing the competition is very important. Startups should prepare a list of target competitors in the industry. They need to outline the weaknesses and strengths of their competitors. They can use the information to map their business ideas’ market position and the advantages of identifying those.

At times, it will also help to know the indirect and direct competitors. An indirect competitor of your online business idea is the one that has the same key audience as yours, but the service/product is noticeably different. In contrast, a direct competitor is the one who sells services/products at the same price segment and has a similar distribution and promotion channel, products, and target audience.

5. Knowing the Correct Market Research Method

Any online business idea can be successful with the correct market research method. Depending on the mode in which the data is collected, the different market research methods are as given below:

• Interviews: It is a personal kind of market study. It allows you to delve into the analysis more deeply, and it also provides extensive clarification and communication.
• Surveys: A survey is a way of collecting information from the target audience using questioning. Surveys are most commonly used and can be tremendously versatile. Surveys can clarify a lot of doubts and questions for new business ideas.
• Focus groups: It is a method in which a team or group of people sit together and discuss a particular topic. The organiser controls the discussion. He/she also performs checking questions and notes the insights gained from the meeting. This concept sounds simple but conducting it is not an easy task.
• Observation : It is the most commonly used and reputed market research method. It is all about observing the target audience, say, watching a video recording in a shop.
• Social media listening: Social media provides an immense amount of information. It provides the exact reflection of what a person needs and cares about, as it is spontaneous and unfiltered.

Successful startup owners usually prefer focusing on one or more research study methods. It generally depends on the time, resources and budget.

Bottom Line

Thorough market research is a must before implementing new business ideas. It requires money and time to study and analyse the market for giving a kickstart to the startup. The data collected throughout the process needs to be such that it can be applied to today’s online business ideas.

Market research should only be based on official and trustworthy data. It will help in reflecting on the real-world situation. Startups experience many twists and turns, and things might not go as planned, and market research is the only solution that makes the startup sustainable.

1) How to Know if Your Business Idea is Going to Be the Next Game Changer? 2) Why Do Businesses Need a Good ERP System? 3) What Are Some Good Startup Ideas? 4) Startup Ideas: How do you know if your Startup idea already exists? 5) OkCredit: All you need to know about OkCredit & how it works.

Q. What are the basic steps in a market analysis?

Ans. Determining the target audience, defining the purpose of market research, collecting reliable data for market analysis, profoundly studying the insights received from market research methods, etc.

Q. What are the commonly used market research methods?

Ans. Interviews, surveys, focus groups, observation, and social media listening.

Q. What can research question types be asked in surveys?

Ans. The research questions can be quantitative (comparative, descriptive, and relationship) or qualitative (non-directional, adaptable, flexible).

Q. What is the success rate of online business ideas?

Ans. According to many studies, almost 90% of online businesses fail within their first few months. Most of them are the ones that do not carry out adequate market research.

Q. Should I prefer online or offline research?

Ans. The best methodology is to use a mix of both. Using both the research methods, startups can get different types of information about their target markets.

Read the best of business ideas, tips for small businesses, the latest update on technology & more by OkCredit.

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Market Research in India

Triaba has survey panels in 86 countries and triaba is a part of cint digital insights gathering platform. are you planning to conduct market research in india.

Triaba is a part of Cint Digital Insights Gathering Platform. Our panels in the Digital Insights Gathering Platform were certified to ISO 20252 by CIRQ late in 2014 as part of their global commitment to quality. This accreditation impacts everything from what defines an “active” panelist to data protection and security processes for our clients. Reach targeted, double opted-in audiences over 130 million engaged respondents across more than 130 countries. Digital Insights Gathering Platform is an platform linking buyers, suppliers and resellers of online sample.

Are you planning a Market Research Project? Send us an email at frode(at)triaba.com and we will contact you as soon as possible.

What kind of information do we need to give you an offer?

Your target group:

1)    Country:

Shall the survey run in all regions of the country? If not, specify where:

2)    Gender:

Male      Female      Both     

3)    Minimum age:         Maximum age:    

Survey-specific data:

• Number of wanted completes:                
• Estimated incidence rate (IR):                 %
• Estimated length of interview (LOI):     min
• Start date:                                                     
• Number of days in field:                            

Survey categories

What main categories is your study about?  Automotives, beverages, education, Food etc.

The next steps:

If we agree upon running a project, we will need a link to your survey and information about what survey tool you are using.Then you must add redirect links to your survey tool. The links will look like this:

Quota full: https://s.cint.com/Survey/QuotaFull?ProjectToken=xxxxxxxx   Screen out: https://s.cint.com/Survey/EarlyScreenOut?ProjectToken=xxxxxxxx   Complete: https://s.cint.com/Survey/Complete?ProjectToken=xxxxxxxxxx

We will later provide you with the full links since the links above are examples.When you have added the links to your survey tool, you must send us the survey IDs. We need to be able to trace each respondents by adding an ID tag to the links. When you have implemented the redirects and saved our ID in the survey platform, we are ready to test the survey.

Survey Tools: Triaba does not have a survey tool to create the surveys in. You can read more about how to implement redirects in different survey tools here: cintaccess.zendesk.com/hc/en-us

Triaba has survey panels in following countries (Check our Panel Book for more information):

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  Guide to a Career in Equity Research in India

  

  The financial market has grown leaps and bounds over the years.

  Apart from being one of the largest markets of the county, financial markets have also offered a lot of employment opportunities.

  Maybe this is one of the reasons that every year, more and more people are thriving to make their career in the equity market.

  In this article, we will be discussing the various sections in equity research at length.

  

  What is Equity Research?

  Equity research is all about helping investors choose the best investments to make their wealth grow.

  These investors can be companies, banks, and even high net-worth individuals.

  As an equity research analyst, some of your job responsibilities would include –

  Performing fundamental analysis:

  • Tracking the progress of companies or sectors; and
  • Valuating companies through various financial models.

  What is the Career Path of an Equity Research Analyst?

  As an analyst, you will be working in the research division of one of these firms –

  • Investment banks;
  • Insurance companies;
  • Asset Management Companies;
  • Investment Advisory firms; and
  • Boutique investment firms (these provide specialized services to a specific category of investors).

  These firms can either be buy-side or sell-side.

  On the buy-side, you’ll be working with investment managers. You’ll manage portfolios and make investments to increase your clients’ wealth.

  On the sell-side, with your research, you’ll be assisting buy-side analysts in buying the best securities for their client’s portfolios.

  Now, let’s talk about the hierarchy of a research division in these firms.

  As a beginner, you’ll start as a Junior Analyst. After getting relevant experience, you’ll move ahead in the hierarchy to become an associate, followed by a senior analyst.

  The last step in this hierarchy is becoming the head of the research department. As the head, you will be responsible for all the research that the firm utilizes to assist its clients.

  What Qualifications are Needed to Become an Equity Research Analyst?

  There is no specific qualification that is compulsory to become an equity research analyst.

  Graduates in the field of commerce, finance, or investment are usually preferred, but it’s not a compulsion.

  If you aren’t a graduate in any of these fields, you can pick up certifications like those of a Chartered Financial Analyst (CFA) to make yourself eligible for the role of an equity research analyst.

  Suggested Read: Which course to opt for- MBA or CFA?

  Since this field is quite competitive, it will be better if you acquire an MBA degree or a CFA certification to set yourself apart from the other aspiring analysts.

  You can also pick up certificate courses from the National Institute of Securities Market or NISM for short. These certificates include –

  • NISM Series XI – Equity Sales Certificate Exam
  • NISM Series VIII – Equity Derivatives Certificate Exam

  Suggested Read: Worth of NISM Certificates – Why is it so important?

  Many companies often list their own specific set of requirements for this post, and it will be best if you go through those as well. In this way, you can keep updating your skill-set to make yourself an eligible candidate for the industry.

  You can checkout our research analyst course as well to enhance your skill.

  How to Start a Career in Equity Analysis?

  There are two ways you can step foot in this industry – by doing an MBA, or by freelancing .

  Why an MBA? In India, investment banks visit the top-notch MBA campuses to offer students internships and job placements.

  Internships are quite essential because research divisions prefer if you have some experience in finance before getting a job as a full-time analyst.

  After doing the program, you can either get a job from the placements or get it on your own as well.

  It isn’t impossible to become an analyst if you don’t pursue an MBA. Getting a value-intensive internship with an MBA will make your career journey smooth, that’s all.

  Another way that you can become a full-time analyst is by becoming a freelancer.

  Freelancing is a great way to build your resume. The more projects you pick up and complete, the more work experience you’ll gain.

  With freelancing, you will be able to network with established analysts and earn their endorsements as well.

  These endorsements can assist you in getting a full-time job too.

  Which is Better for a Career Start – an Equity Research Analyst or a Risk Management Analyst?

  While looking at popular job options in the stock market, you might also come across the job of a risk management analyst.

  As a risk management analyst, you’ll be creating risk models and reports to measure the risk that the firm’s assets face.

  Both these roles play a vital role in a financial firm and are equally valuable in India. They even have a similar base pay.

  

  While a risk management analyst is a good job option, it plays no part in the equity research department. Therefore, the choice between risk management and equity research should entirely depend on your long-term ambition.

  If you want to work in the fields of equity research and portfolio management, becoming an equity research analyst is your best bet for a great career start.

  Another point to note here is that you can start working as a risk management analyst and then switch to equity research after gaining credible work experience.

  How Should I Prepare for a Job Interview of an Equity Research Analyst?

  There are two types of questions you can face in an interview – the general and the technical ones.

  Some examples of general questions include –

  • Tell me about yourself.
  • What are your strengths and weaknesses?
  • Why Equity Research?
  • Where do you see yourself in 5 years?

  The best way to answer these questions is to connect your qualities to those which an equity research analyst should have.

  For example, we all know that a person should have analytical skills and patience to work in this field.

  Therefore, if the interviewer asks you about your strengths, you can connect these points to your answer.

  Now, let’s talk about the technical part.

  In the few days before the interview, you should try to read up all that you can on the topics of fundamental analysis and ratio analysis.

  Equity research involves an analysis of the performance of companies and sectors. Therefore, you have to prove to the interviewers that your knowledge base is sound in these.

  Some examples of technical questions include –

  • What is the importance of financial modeling in Equity Research?
  • Tell us about a company you admire and what makes it attractive?
  • How do you value a stock?
  • What’s the difference between Enterprise Value and Equity Value?

  How Much do Equity Analysts Make?

  Becoming an equity research analyst is excellent in terms of pay because of how competitive the industry is.

  Just like any other industry, equity research analyst salary in India depend on the following –

  • Your qualifications and certifications;
  • Your work experience, if any;
  • The size of the company you’re in; and
  • Your position in the hierarchy of the research department.

  Many established research analysts update their salaries on job networks like Glassdoor , LinkedIn , and PayScale .

  With these networks, you can connect with such analysts to know more about working in the industry.

  

  Based on these statistics, we can estimate that the average base salary for equity research analysts, irrespective of work experience, ranges from Rs. 4,03,159 to Rs. 8,29,142 yearly.

  How do I find Equity Research Analyst Jobs?

  There are two ways that you can find job openings in this field –

  • Apply to a company directly, via their website or offices; or
  • Apply through a job portal.

  Job portals are a great way to filter out multiple job opportunities that suit you. Some of the most popular portals offering equity research jobs include –

  • Linkedin.com
  • Indeed.co.in
  • Timesjobs.com
  • MonsterIndia.com
  • Simplyhired.co.in

  Companies today need you to be Highly skilled. Join our excel beginner to advanced course and be job ready.

  Equity research is perfect for you if you are looking for a job in the field of finance that –

  • Is a part of a dynamic scenario;
  • Involves analysis and making models;
  • Provides excellent growth opportunities in terms of pay.

  This job will take persistence and effort, but its pay-off is a challenging career journey, which you will enjoy if you have always wanted to work in this field.

  Wish to learn more? Then join our equity research courses and enhance your skills!

  Happy Learning!

  

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  Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

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  Comments 29.

  

  It is advisable to take an MBA course as it will make sure you are trained in the fundamentals and you are not missing out on valuable skills. People who are self-taught often completely miss some points that are considered basic by the professionals.

  

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  Thanks for sharing such a useful article related to equity research. It helps youngsters to know more about it. “Keep Sharing”

  

  Thanks for sharing your article was very useful.

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  From where should I do the Equity analyst course pls reply on mail [email protected]

  You can join our CERTIFICATION IN ONLINE EQUITY RESEARCH ANALYSIS from here. Thank you for Reading!

  

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  How To Start Trading In The Indian Stock Market: A Step-By-Step Guide

  How to master stock trading. here's a beginner's guide to navigating the market. it has been seen with a strong foundation and strategic approach, the potential for success is within reach.

  By: ABP News Bureau | Updated at : 27 May 2024 06:33 PM (IST)

  

  Stock Trading: Despite inherent risks, India's growing economy and stable environment make it an attractive option for expanding your investment portfolio. ( Image Source : Getty )

  In the dynamic world of stock trading, understanding the essentials is crucial for both novice and seasoned traders. This comprehensive course aims to equip aspiring traders with the knowledge needed to thrive in the market. With a strong foundation and strategic approach, the potential for success in the stock market is within reach. Here's a detailed guide to get you started on your financial journey.

  Understanding the Basics of Stock Trading

  Primary Market

  The primary market is where companies issue new securities to the public, facilitating transactions directly between issuers and buyers. This market is the initial step for companies looking to raise capital by offering shares to investors.

  In the secondary market, investors buy and sell shares issued in the primary market. Transactions here occur between buyers and sellers, with the stock exchange or a broker acting as an intermediary. Intraday trading, where a share is bought and sold within the same day, results in either a profit or a loss by the day's end.

  Steps for Beginners in Stock Trading

  Open a Demat Account

  To trade in the stock market, you must open a Demat or brokerage account. This account functions like a bank account, holding the securities you purchase electronically. Without it, trading in the stock market is not possible.

  Understand Stock Quotes

  Stock prices fluctuate based on demand and supply, economic reports, company profitability, and trader sentiment. Gaining insights into these factors will enhance your understanding of stock movements, helping you make informed entry and exit decisions.

  Bids and Asks

  The bid price is the maximum amount you are willing to pay for a stock, while the ask price is the minimum price at which a seller is willing to sell. Determining the correct bid and ask prices is crucial for profitable trading.

  Fundamental and Technical Analysis

  Fundamental analysis involves evaluating a security's intrinsic value by considering factors like earnings, expenses, assets, and liabilities. Technical analysis, on the other hand, examines past price and volume charts to predict future stock performance. Both methods are essential for strategic trading.

  Learn to Stop the Loss

  Volatility is inherent in the stock market, making it vital to set a stop-loss price to prevent substantial losses. Failing to set a stop-loss can significantly impact your capital.

  Consult an Expert

  The stock market's unpredictability makes expert advice invaluable. While no one can predict stock prices with certainty, guidance from experienced traders can help beginners make informed decisions.

  Start with Safer Stocks

  To avoid significant losses early on, start with less volatile stocks. Although this may lead to slower growth, these stocks are more likely to perform steadily even in adverse conditions, helping build your confidence.

  Navigating the Indian Stock Market

  Investing in the Indian stock market offers lucrative opportunities for those with a long-term perspective and a diversified portfolio. Despite inherent risks, India's growing economy and stable environment make it an attractive option for expanding your investment portfolio. By conducting thorough research and seeking advice from financial experts, investors can make informed decisions and capitalise on the potential benefits of the Indian stock market.

  ALSO READ | Building Wealth With SIP Mutual Funds: How To Make The Correct Choice? Here Are Some Top Performing SIP MFs In 2024

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  Wait for Lok Sabha election 2024 outcome to keep market volatile; experts recommend buying these 6 stocks for short-term

  Nifty 50 has been in the negative since last Friday. The index hit its all-time high of 23,110.80 on Monday, May 27, but succumbed to profit booking at higher levels due to fragile underlying sentiment in the run-up to the election outcome.

  

  Lok Sabha election-related nervousness has kept the Indian stock market on a bumpy track over the last few weeks, and experts believe this trend may continue until the election outcome on June 4. On Wednesday, May 29, Indian stock market benchmarks fell almost a per cent each in intraday trade as investors remained in the 'wait-and-watch' mode.

  Volatility index India VIX has surged 90 per cent in May so far. 

  Experts say that although the market remains hopeful for the return of the BJP-led NDA, investors are keen to see whether the alliance will secure a sufficient majority to continue policy reforms and to execute policy decisions confidently.

  Also Read: Is the Indian stock market fairly valued or overvalued? Experts weigh in

  "The nervousness in the market continues with uncertainty regarding the election results. An important sustaining trend during this uncertain phase is the continuous buying by DIIs (domestic institutional investors), which has reached around ₹ 45,000 crore so far this month. This can be interpreted as reflecting the expectation of political stability after the election results. However, it appears that retail and HNIs are in a wait-and-watch mode," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

  Also Read: Stay invested, be hedged, prefer largecaps: Devina Mehra decodes stock market trading strategy amid high volatility

  The market is expected to remain volatile for the next few days. However, experts still see opportunities across sectors as they recommend buying quality stocks on dips.

  Here are six stocks that experts believe can give healthy double-digit returns in the next 1-3 months. Take a look:

  Expert: Ruchit Jain, Lead Research, 5paisa.com

  Exide industries | last traded price (ltp): ₹ 509.80 | target price: ₹ 585 | stop loss: ₹ 440 | upside potential: 15%.

  The stock has been forming a higher top and higher bottom structure and is in an uptrend. 

  In the recent move, the volumes were much higher than the average and low during the correction. 

  The RSI oscillator is hinting at continuing this trend, and hence, traders can look for buying opportunities in this stock. 

  "Positional traders can buy around the current market price of ₹ 494 and look to add on any dips towards ₹ 475 for potential targets of ₹ 550 and ₹ 585. The stop loss on long positions should be placed below ₹ 440," said Jain.

  Also Read: Lok Sabha elections 2024 trading: Kripashankar Maurya of Choice Broking recommends buying these 7 stocks for short term

  Mphasis | LTP: ₹ 2,399.25 | Target price: ₹ 2750 | Stop loss: ₹ 2270 | Upside potential: 15%

  IT stocks have gone through a corrective phase over the last few months, and Mphasis has seen a price-wise correction along with the sector. 

  However, the stock recently formed a strong support base of around ₹ 2,200 and has given a breakout from a falling wedge pattern, usually seen at the end of the corrective phase. 

  The volumes have started picking up gradually, and the RSI oscillator on the daily and weekly charts hints at positive momentum.

  "Positional traders can buy the stock around the current market price of ₹ 2,440 and add on any dips towards ₹ 2,370 for potential targets of ₹ 2,600 and ₹ 2,750. The stop loss on long positions should be placed below ₹ 2,270," said Jain.

  Also Read: Stocks to buy: Infosys, Adani Ports among 10 stocks that may rise 8-16% in next 3-4 weeks, say analysts; do you own any?

  Rashtriya Chemicals and Fertilizers (RCF) | LTP: ₹ 157.05 | Target price: ₹ 198 | Stop loss: ₹ 145 | Upside potential: 26%

  The stock has broken out from its consolidation phase, supported by good volumes. The RSI oscillator is positive and hints at bullish momentum. 

  The 40 DEMA at ₹ 146 is good short-term support, and until prices are trading above this average, it has the potential to rally higher.

  "Positional traders can look to buy the stock in the range of ₹ 164-160 for a potential target of ₹ 198. The stop loss on long positions should be placed below ₹ 145," Jain said.

  Also Read: Stocks to buy: Tata Motors, L&T among 9 stocks that may give double-digit returns in the short term, say analysts

  Expert: Milan Vaishnav, CMT, MSTA, the founder and technical analyst of Gemstone Equity Research and ChartWizard FZE

  Tcs | ltp: ₹ 3,840 | target price: ₹ 4,500 | stop loss: ₹ 3,600 | upside potential: 17%.

  The stock staged a multi-year breakout when it moved past ₹ 3,975 level early this year. However, it is seen consolidating following a retracement. 

  The IT space is currently underperforming the broader markets on relative terms. However, it is seen improving its relative momentum. 

  "Over the coming months, the stock, which has support at ₹ 3,600 level, can test all-time highs. The levels of ₹ 4,400--4,500 can be expected," said Vaishnav.

  Also Read: What's driving the rally in auto stocks? Experts recommend 10 stocks to buy

  ITC | LTP: ₹ 428.90 | Target price: ₹ 490 | Stop loss: ₹ 400 | Upside potential: 14%

  The stock is currently seen resisting its 200-DMA. On the weekly charts, it is seen resisting its 50-week moving average after coming from its high point and forming a lower top. 

  The FMCG space has shown a strong spike in its relative momentum against the broader Nifty 500 index. 

  The markets are expected to see traditionally defensive space doing well over the coming months. 

  "ITC, which has support at ₹ 400, can rise and test ₹ 461 and ₹ 490 levels over the coming weeks," said Vaishnav.

  HDFC Bank | LTP: ₹ 1,530.50 | Target price: ₹ 1,760 | Stop loss: ₹ 1,490 | Upside potential: 15%

  The stock has been in a broad trading range for the last few years. Apart from forming an incremental high in July last year, the stock has practically stayed in a trading range without achieving a breakout. 

  On the weekly charts, the stock has managed to hold a 200-week moving average and is currently resisting its 50-and 100-day moving averages. 

  It is showing improvement in its relative strength; this may well continue over the coming months. 

  "With support in the ₹ 1,470-1,490 range, the stock is well poised to go above ₹ 1,725-1,760 levels over the coming months," said Vaishnav.

  Read all market-related news here

  Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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  News & Insights

  

  How Would a New BRICS Currency Affect the US Dollar? (Updated 2024)

  

  May 09, 2024 — 05:00 pm EDT

  Written by Melissa Pistilli for Investing News Network  ->

  The BRICS nations, originally comprised of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.

  The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar , which accounts for about 90 percent of all currency trading . Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023 one-fifth of oil trades were reportedly made using non-US dollar currencies.

  Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what's known as de-dollarization . In turn, this would have implications for the US and global economies.

  Let's look at the potential for a BRICS currency and its possible implications for investors.

  ​Why do the BRICS nations want to create a new currency?

  The BRICS nations have a slew of reasons for wanting to set up a new currency. Recent global financial challenges and aggressive US foreign policies have prompted the BRICS countries to explore the possibility. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro.

  When will a BRICS currency be released? There's no definitive launch date as of yet, but the countries' leaders have discussed the possibility at length. During the 14th BRICS Summit , held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a "new global reserve currency," and are ready to work openly with all fair partners.

  In April 2023, Brazilian President Luiz Inacio Lula da Silva showed support for a BRICS currency, commenting, “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”

  Later last year in the lead up to the 2023 BRICS Summit in August, there was speculation that an announcement of such a currency could be on the table. This proved to be wishful thinking, however.

  "The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency," Maasdorp told Bloomberg at the time.

  South Africa's BRICS ambassador, Anil Sooklal, has said as many as 40 countries have expressed interest in joining BRICS. At the 2023 BRICS Summit , six countries were invited to become BRICS members : Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. All but Argentina officially joined the alliance in January 2024.

  Some experts believe that a BRICS currency is a flawed idea, as it would unite countries with very different economies. There are also concerns that non-Chinese members might increase their dependence on China's yuan instead. That said, when Russia demanded in October 2023 that India pay for oil in yuan, India refused to use anything other than the US dollar or rupees. Russia is struggling to use its excess supply of rupees.

  ​Will BRICS have a digital currency?

  BRICS nations do not as of yet have their own specific digital currency, but a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024. Known as the BRICS Bridge multisided payment platform, it would connect member countries' financial systems using payment gateways for settlements in central bank digital currencies.

  The planned system would serve as an alternative to the current international cross-border payment platform, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which is dominated by US dollars.

  “We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Ushakov said in an interview with Russian news agency TASS.

  ​What would the advantages of a BRICS currency be?

  A new currency could have several benefits for the BRICS countries, including more efficient cross-border transactions and increased financial inclusion. By leveraging blockchain technology, digital currencies and smart contracts, the currency could revolutionize the global financial system. Thanks to seamless cross-border payments, it could also promote trade and economic integration among the BRICS nations and beyond.

  A new BRICS currency would also:

  • Strengthen economic integration within the BRICS countries.
  • Reduce the influence of the US on the global stage.
  • Weaken the standing of the US dollar as a global reserve currency.
  • Encourage other countries to form alliances to develop regional currencies.
  • Mitigate risks associated with global volatility due to unilateral measures and the diminution of dollar dependence.

  ​How would a new BRICS currency affect the US dollar?

  For decades, the US dollar has enjoyed unparalleled dominance as the world's leading reserve currency. According to the US Federal Reserve, between 1999 and 2019, the dollar was used in 96 percent of international trade invoicing in the Americas, 74 percent in the Asia-Pacific region and 79 percent in the rest of the world.

  According to the Atlantic Council , the US dollar is used in approximately 88 percent of currency exchanges, and 59 percent of all foreign currency reserves held by central banks. Due to its status as the most widely used currency for conversion and its use as a benchmark in the forex market, almost all central banks worldwide hold dollars. Additionally, the dollar is used for the vast majority of oil trades .

  Although the dollar's reserve currency share has decreased as the euro and yen have gained popularity, the dollar is still the most widely used reserve currency, followed by the euro, the yen, the pound and the yuan.

  The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar's dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar's value. It could also cause an economic crisis affecting American households. Aside from that, this new currency could accelerate the trend toward de-dollarization.

  Nations worldwide are seeking alternatives to the US dollar, with examples being China and Russia trading in their own currencies, and countries like India, Kenya and Malaysia advocating for de-dollarization or signing agreements with other nations to trade in local currencies or alternative benchmarks.

  While it is unclear whether a new BRICS currency would inspire the creation of other US dollar alternatives, the possibility of challenging the dollar's dominance as a reserve currency remains. And as countries continue to diversify their reserve holdings, the US dollar could face increasing competition from emerging currencies, potentially altering the balance of power in global markets.

  Ultimately, the impact of a new BRICS currency on the US dollar will depend on its adoption, its perceived stability and the extent to which it can offer a viable alternative to the dollar's longstanding hegemony.

  ​How would a BRICS currency impact the economy?

  A potential shift toward a new BRICS currency could have significant implications for the North American economy and investors operating within it. Some of the most affected sectors and industries include:

  • Oil and gas
  • Banking and finance
  • Commodities
  • International trade
  • Tourism and travel
  • The foreign exchange market

  A new BRICS currency would also introduce new trading pairs, alter currency correlations and affect market volatility, requiring investors to adapt their strategies accordingly.

  ​How can investors prepare for a new BRICS currency?

  Adjusting a portfolio in response to emerging BRICS currency trends may be a challenge for investors. However, several strategies can be adopted to capitalize on these trends.

  • Diversify currency exposure by investing in assets denominated in currencies other than the US dollar, such as bonds, mutual funds or exchange-traded funds (ETFs).
  • Invest in commodities like gold and silver as a hedge against currency risk.
  • Gain exposure to BRICS equity markets through stocks and ETFs that track BRICS market indexes.
  • Consider alternative investments such as real estate or private equity in the BRICS countries.

  Prudent investors will also weigh these strategies against their exposure to market, political and currency fluctuations.

  In terms of investment vehicles, investors could consider ETFs such as the iShares MSCI BIC ETF (ARCA: BKF ) or the Pacer Emerging Markets Cash COW 100 ETF (NASDAQ: ECOW ). They could also invest in mutual funds such as the T. Rowe Price Emerging Markets Equity Fund, or in individual companies within the BRICS countries.

  Simply put, preparing for a new BRICS currency or potential de-dollarization requires careful research and due diligence by investors. Diversifying currency exposure, and investing in commodities, equity markets or alternative investments are possible options to consider while being mindful of the associated risks.

  ​Investor takeaway

  While it is not certain whether the creation of a BRICS reserve currency will come to pass, its emergence would pose significant implications for the global economy and potentially challenge the US dollar's dominance as the primary reserve currency. This development would present unique investment opportunities, while introducing risks to existing investments as the shifting landscape alters monetary policy and exacerbates geopolitical tensions.

  For those reasons, investors should closely monitor the progress of a possible BRICS currency. And, if the bloc does eventually create one, it will be important watch the currency's impact on BRICS member economies and the broader global market Staying vigilant will help investors to capitalize on growth prospects and hedge against potential risks.

  FAQs for a new BRICS currency

  ​is a brics currency possible.

  Some financial analysts point to the creation of the euro in 1999 as proof that a BRICS currency may be possible. However, this would require years of preparation, the establishment of a new central bank and an agreement between the five nations to phase out their own sovereign currencies; it would most likely also need the support of the International Monetary Fund to be successful internationally.

  The impact of its war on Ukraine will continue to weaken Russia's economy and the value of the ruble, and China is intent on raising the power of the yuan internationally. There is also a wide chasm of economic disparity between China and other BRICS nations. These are no small obstacles to overcome.

  Would a new BRICS currency be backed by gold?

  While Russian President Vladimir Putin has suggested hard assets such as gold or oil, a new BRICS currency would likely be backed by a basket of the bloc's currencies.

  That said, speaking at this year's New Orleans Investment Conference, well-known author Jim Rickards gave a detailed talk on how a gold-backed BRICS currency could work . He suggested that if a BRICS currency unit is worth 1 ounce of gold and the gold price goes to US$3,000 per ounce, the BRICS currency unit would be worth US$3,000, while the dollar would lose value compared to the BRICS currency as measured by the weight of gold.

  Importantly though, he doesn't see this as a new gold standard, or the end of the US dollar or the euro.

  “(With) a real gold standard, you can take the currency and go to any one of the central banks and get some gold,” Rickards said at the event. “With BRICS they don’t have to own any gold, they don’t have to buy any gold, they don’t have to prop up the price. They can just rise on the dollar gold market

  ​How much gold do the BRICS nations have?

  As of Q1 2024, the combined central bank gold holdings of the original BRICS nations plus the five new additions accounted for nearly 17 percent of all the gold held in the world's central banks. Russia, India and China rank in the top 10 for central bank gold holdings .

  Russia controls 2,332.74 metric tons (MT) of the yellow metal, making it the fifth largest for central bank gold reserves. China follows in the sixth spot with 2,262.39 MT of gold and India places ninth with 822.58 MT. Brazil and South Africa's central bank gold holdings are much smaller, coming in at 129.65 MT and 125.44 MT, respectively. New BRICS members Egypt and UAE gold holdings are equally pauce, at 126.46 MT and 74.5 MT. Saudi Arabia's come in at 323.07 MT. The remaining two new member nations Ethiopia and Iran do not hold gold reserves.

  Don't forget to follow us @INN_Resource for real-time news updates!

  Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

  The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

  

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