Market Research Companies in Delhi NCR

The Delhi NCR is one of the most prominent places in India to start a business or make an investment. The status as a national capital, improved infrastructure, and robust financial systems, naturally make Delhi and its nearby cities such as Gurgaon, Noida, and Faridabad, one of the most suitable markets to start, run, and expand a business.

Read Also:-  India’s Cafe, Bakery, and Smoothie Bars segment witnessing a multi-dimensional growth

In the south, Sohna and Sonipat in the north are emerging as key industrial hubs with a wide range of sectors including textiles, machinery, papers, agribusiness, processed foods, electronic appliances, automobiles, automotive parts, etc. Due to the high concentration of manufacturing set-ups, these places and nearby areas are also becoming hub for third-party logistic companies, warehouses, etc.

Likewise, Delhi NCR is also a booming place for service sector businesses such as e-commerce, retail, BFSI, healthcare, F&B, hospitality & tourism, etc. It is estimated that in Gurgaon alone, more than 350 Fortune 500 companies have their office at Gurgaon. 

Importance of Market Research Services in Delhi NCR

As the commercial significance of NCR has risen sharply, the importance of market research services is also rising fast. Investors, business houses, MNCs, etc. are now getting in touch with market research companies to help them get valuable data, insights, and information to run their businesses successfully. 

Mentioned below are the reasons, why the importance of market research is rising in NCR

• Market research can offer a lot of valuable information about the market, future growth, and possible potential of starting a business. For example, let’s suppose you are planning to start a coffee café business in Gurgaon Golf Course Road. Conducting market research will tell you a lot about the market size of the coffee café business in Gurgaon, their past growth trends and future potential, etc. 

• Market research can help in solving pertinent questions about the consumers and target audience. It can give essential input on the needs and wants of consumers, their demographic profiles, and expectations of the new product/ service. Let’s go back to the same example of starting a coffee café business. Availing of the market research will tell a lot about the target consumers, their demographic and social profiles, why they go to a coffee café, what type of coffee they prefer, what kind of snacks, finger foods, desserts etc. they order along with coffee, how much do they generally pay for coffee, how much maximum are they willing to pay, etc. 

• Market research can tell a lot about the competition in the market. It can render valuable information and insights on existing players, their positioning in the market, how are they perceived by the consumers, what are their future growth plans, etc. In this case, it can tell a lot about existing coffee cafes in Gurgaon such as Starbucks, Costa, Café Coffee Day, Barista, etc. 

Read Also:- Chai Point and Chaayos Manages 51% of tea café business in India- The India Watch study reveals

• It can refurbish valuable information on the retail structure, popular retail formats, and break-up of various retail formats (online vs hypermarket vs grocery store vs mall, etc.). What mediums are popular among the online mediums- d2c vs b2b vs b2c, etc? Amongst the offline what mediums are preferred- malls vs hypermarkets vs supermarkets vs neighborhood stores vs specialty stores, etc? 
• It can talk about the main growth drivers of the market and also mention what factors are (or can) affect growth in the future.
• It can mention the potential substitute of a product. It can either be from the same industry or a different sector. For instance, a coffee café venture might face competition from tea/ chai café, cakes & bakery shops, and smoothie joints as they operate in a similar category.

Various types of market research services

Mentioned below are the types of market research services 

• New product launch surveys
• Consumer perception surveys
• Consumer satisfaction surveys
• Segmentation and positioning analysis surveys
• Corporate brand benchmarking surveys 
• Competition market research surveys
• Marketing channel research surveys 

Methodologies by market research companies in NCR

Quantitative surveys: These are one of the most popular ways of market surveys & research. Quantitative surveys can either be done manually with a pen and paper or online (emails, social media, etc). Quantitative surveys can offer easily digestible direct responses across a wide range of queries. The survey outputs can also be easily analyzed with the help of Excel or any other relevant statistical tool, as it is mostly numerical in nature. 

Qualitative Surveys: Quantitative surveys as discussed above deal with hard data. However, not always hard data is required. sometimes successfully run a business venture, one needs a lot of intangible inputs for which we require qualitative surveys. Such surveys are conducted with the help of one-to-one interviews, observations, focus group interviews, etc. Qualitative surveys are useful to delve deep into customers and understand their psychology, motivation, fears, aspirations, expectations, etc. Many times, our desires and motivations are hidden and can't be easily found out with the help of a normal survey. It requires a more intelligent approach such as an interview or a focus group. 

Read Also:-  Coffee Cafes are spreading beyond Gen Z and Millennials in India

Qualitative surveys are time-consuming and the researcher needs to know the industry.  Nevertheless, if done well it can offer a lot of valuable insights.

Other market research services: in addition to the qualitative and quantitative surveys, there are other market research techniques such as triangulation, data analysis, audits, financial research, secondary research, etc. 

FAQs on market research companies in NCR 

Q. Why is market research required in NCR

Delhi NCR is a high-growth, lucrative, and profitable market. Consumers in NCR have high disposable income and they are ready to experiment with new products and services. However, it is also a complex and very competitive market. Hence businesses and investment houses should conduct market research surveys to learn more about the market and take risk-averse business decisions. 

Q. Who requires market research services in Delhi NCR? 

Various businesses, corporate houses, start-ups, MNCs, government companies, trade promotion agencies, industry associations, etc. require such services

Q. For what purposes market research services are needed? 

Market research is needed for a wide range of purposes such as new product launches, consumer satisfaction surveys, brand positioning surveys, competition benchmarking, demand evaluation, and marketing channel optimization. 

If you are a business or an investor and looking for market research, then feel free to drop us an mail at info@theindiawatch.com