Market research plays a crucial role in the growth of any business. Proper research helps businesses run successfully by understanding customer needs, preferences, and behaviors. The main goal of market research is to help marketers identify how changing elements of the marketing mix influence customer behavior. This research also provides insights into consumer emotions, attitudes, and preferences that impact purchasing decisions.
In today's competitive business environment, market research holds immense significance. With increasing competition in both domestic and international markets, businesses must stay informed about existing opportunities and potential threats to survive.
Marketing research is a specialized process that involves collecting critical data to understand target demographics and consumer behavior. It helps businesses make informed decisions and improve their marketing strategies effectively.
Key functions of market research include:
Identifying and defining market opportunities and challenges.
Generating, refining, and evaluating marketing strategies.
Monitoring the performance of marketing campaigns.
Enhancing the understanding of consumer behavior and market trends.
Helps businesses connect with their audience more effectively.
Identifies growth opportunities in the market.
Reduces business risk through concept testing.
Supports data-driven decision-making.
Enhances competitiveness in the market.
Provides insights into emerging business trends.
Monitors brand performance in the industry.
Helps businesses understand how their product impacts consumers' lives.
Identifies marketing challenges and opportunities.
Conducting thorough market research in India can be challenging for small or new businesses. However, several specialized companies offer high-quality research services. Here, we explore some of the top market research firms in India.
Founded in 1970, Kantar IMRB is one of India's leading market research firms. Headquartered in Mumbai, the company specializes in insights and analytics across consumer goods, retail, media, and more.
Services Offered:
Brand tracking
Customer satisfaction surveys
Market forecasting
AI and machine learning-driven research
Achievements:
Recognized for delivering actionable business insights.
Uses innovative research methods and advanced technologies.
CEO: Preeti Reddy
Established in 1964, IDC India provides analytical data and research services in IT, telecommunications, and consumer technology markets. The company operates with over 1,100 analysts globally.
Services Offered:
Market research and analysis
Business intelligence solutions
IT and telecom research
Achievements:
Leading provider of technology-driven market insights.
Offers global and local market expertise.
CEO: Vasant Rao
Founded in 1995, RNB Research is a New Delhi-based firm specializing in customized market research across healthcare, education, and consumer goods sectors.
Services Offered:
Market research and data analysis
Customer satisfaction surveys
Online data collection
Achievements:
Uses a blend of qualitative and quantitative research methods.
Provides accurate and reliable business insights.
CEO: Promod Kumar
Established in 1973, Kantar Millward Brown offers market research services, including brand tracking, advertising research, and media planning.
Services Offered:
Consumer behavior analysis
Advertising effectiveness research
AI and ML-driven market research
Achievements:
Leverages a global network for market insights.
Specializes in customized research solutions.
Founded in 1992, Majestic MRSS is India's largest independent market research firm. The company is headquartered in Mumbai and specializes in technology-driven data acquisition.
Services Offered:
Qualitative and quantitative research
Customer behavior analysis
Business strategy research
Achievements:
Operates in major cities across India and Asia-Pacific.
ISO 9000-certified for research quality.
Based in Mumbai, Hansa Research provides market research services, including mystery shopping, customer satisfaction surveys, and consumer insights.
Services Offered:
Market trend analysis
Business intelligence solutions
AI-driven market research
CEO: Praveen Nijhara
Established in 1997, TNS India is headquartered in New Delhi and provides comprehensive market research services.
Services Offered:
Research design and data analysis
Market trend forecasting
Business strategy consulting
Achievements:
Known for data-driven decision-making support.
Offers deep consumer insights for business growth.
Founded in 2000, MarketXcel is a leading research firm that provides customized market research services.
Services Offered:
Customer satisfaction surveys
Brand tracking and product testing
Online and mobile-based research solutions
CEO: R Vishal Oberoi
Founded in 2010 and headquartered in Gurgaon, Seminal Research specializes in human-centered market research.
Services Offered:
Digital ethnography
Focus group research
Consumer behavior analysis
CEO: Ashutosh Singh
Operating for over two decades, Orchidea Research has transitioned from traditional paper-based research to cutting-edge digital methods.
Services Offered:
Business performance analysis
Consumer insights and qualitative studies
Data-driven market strategy research
CEO: Nitin Sharma
The market research industry in India is growing rapidly, with numerous companies providing high-quality services. These firms help businesses make informed decisions by leveraging advanced technology, artificial intelligence, and machine learning for data collection and analysis. By offering actionable insights and accurate market data, these companies play a crucial role in shaping business strategies and ensuring customer satisfaction. Whether you are a startup or an established business, collaborating with these leading market research firms can help you stay competitive and drive success.