Market research has revolutionized marketing and has made it more consumer oriented to take better informed business decisions. With the increased awareness among companies, more investment is now made on qualitative and quantitative research to understand the consumer behaviour behind purchase or dispose of a product/service.
Over the past few years, there has been remarkable growth of existing market research agencies and also in the emergence of new agencies. Marketing agencies are extending their own market research divisions. Demand for market research services is growing fast especially in India because of the rising middle class which is an attractive attribute for foreign companies. Many multinational companies are outsourcing market research to India. The highly skilled professionals in India can provide them with robust data insights and analysis. Many industries are also targeting rural markets due to the expansion observed in this segment of population, however, technological barriers are a matter of concern, restricting their growth.
SPER Market Research is amongst the top market research companies in India, and it has served over 20 industries, with core offerings in Pharmaceutical/Healthcare, Business to Business research (B2B), Consumer, Nutraceuticals, Food & Beverages, Cosmetic, Dermatology, Dental, Herbal, Chemical, Information Technology and other industries.
We gathered more information about the company and what it does in the following interview:
Kindly mention in detail about your market research company.
SPER Market Research is a leading, full-service global market research, business intelligence and consulting company founded with the principal values of teamwork, honesty and innovation. The company offers research services including qualitative and quantitative data collection, secondary market research reports, clinicians profiling, key opinion leader analysis, customized research, consumer behaviour analysis, indication-wise pipeline analysis, opinion and perception insights, competitive landscape analysis, market entry, sizing and forecasting, branding, satisfaction and loyalty research, behaviour usage and attitude, industry analysis, pricing research and usability testing.
The company envisions to emanate as a renowned scientific and technical market research organization globally. The company has empanelled more than five lakh members and about 50,000 healthcare professionals for online surveys. We have a highly proficient team of more than 100 moderators who strictly abide by MRSI and International Code of Ethics for market research. We conduct more than one lac interviews per year adhering to timeline set by our esteemed clients.
SPER Market Research is amongst the top market research companies in India, and we have served over 20 industries, with core offerings in Pharmaceutical/Healthcare, Business to Business research (B2B), Consumer, Nutraceuticals, Food & Beverages, Cosmetic, Dermatology, Dental, Herbal, Chemical, Information Technology and other industries.
Brief us about the featured person and his/her journey in the market research space.
Dr. Upendra Nagaich, Chief Executive Officer, SPER Market Research Pvt. Ltd. brings over 15 years of rich experience in healthcare research with a blend of consulting and operations. He is a renowned personality in the field of research with over 13 Indian patents and published more than 100 high quality papers in reputed national and international journals and invited as speaker in various conferences. He is on the advisory board of several national industry forums on healthcare and technology and is actively engaged in promoting the innovation across industry. He is a recipient of many prestigious awards in healthcare for his valuable contribution in pharma profession as a researcher and leader in welfare organizations, 100 Most Impactful Healthcare Leaders – Global Listing at World Health & Wellness Congress and Award of Excellence in Pharmacy are few to name.
Through the ingress in Market Research field, he has emerged as a seasoned business leader and he has played an instrumental role in the expansion of the company since its inception in 2015 and successful in nurturing the business from the grassroots level, achieved significant profitability goals, and is driving increased revenue for the organization. Dr. Upendra earned his doctorate degree from Jiwaji University, Madhya Pradesh, India.
What are the dynamics of technology in the market research space?
Technological advancements have strengthened the market research industry. It is much easier to connect with people and collect data now as compared to mail surveys that used to take days to get a response. Market research companies can design their own service platforms to conduct online surveys which makes it easier to connect with large population in less time. Smartphones, social media platforms and artificial intelligence has increased our reach to respondents thus improving overall response rate. Social media collects the feedback from users without even them realizing. The companies can make better informed and fast business decisions through customer-centric data. Technology has also surpassed geographical barriers. It is equally important to analyse the data correctly, and with better analytical tools, the research findings can be efficiently identified.
How has the ongoing Covid-19 pandemic influenced the global market research space?
In our experience at SPER Market Research, the response rates were somewhat influenced specifically for healthcare studies due to physician burnout as India is one of the worst hit countries for COVID-19. In these difficult times, it would be challenging for any service-based industry to thrive. However, we have not faced any major issue since majority of our empanelled partners function well remotely. Keeping surveys device friendly and short can help in overcoming these challenges. COVID-19 has influenced the consumer behaviour and psychology; thus, it is even more crucial to conduct market research in every industry during this time. With the technological advancements, market research industry is capable to function normally in most parts of the world, only in worst hit countries, response rates may get influenced. The effect is also subject to specific studies only.
As a market research company, how are you helping your clientele?
Our clientele is from Pharmaceutical/Healthcare, Nutraceuticals, Food & Beverages, Cosmetics, Dermatology, Dental, Herbal, Consumer based, Chemical, Information technology and other industries. Our services include qualitative and quantitative analysis, consulting, secondary research, consumer research, statistical analysis, tracking studies and more. Our database gives us access to over 50,000 healthcare professionals. Research fielding is managed both internally as well as with our partnered market research agencies globally on project-to-project basis. Our moderators are experienced with multi-language for improved communication with respondents. We help the organizations to understand their brand trajectory and measure its progress in the product life cycle. We can help our clients to see where they are today, where they are going and what challenges they might face. Our primary focus is to build trustable and long-lasting relationships with our clients.
What would be your strategic approach to scale your business in 2021 and beyond?
Our strategic approach has always been to deliver the high-quality insights and timely services to our clients. We are further focussed on expanding our clientele around the world. We want to use this pandemic as an opportunity to identify challenges and turn them into our strength. The strategies to leverage the virtual platforms for better one-to-one interview experience are in process. We have also upgraded our website for a smooth navigation by the clients on both browser and mobile devices. A quality website is quintessential for any business. The devotion to expand the company size is equally important for us in order to specialize in more fields.
What would be your advice to budding entrepreneurs who aspire to venture into the market research space?
One must have a strong strategic business plan before starting any business. While most people acknowledge the highlights of market research industry, in our opinion it is even more important to tell the entrepreneurs to be prepared for the financial challenges. One must be careful of debt; it can kill your business success. They should not be afraid of asking for help. Networking with other market research companies can be a wonderful source of fresh ideas and active learning. We also started as a small company and achieved only through networking and continuous learning. They will need to build a strong team which shares the same vision and perseverance. And, at the end it will demand a lot of patience. Success does not come overnight. It requires continuous self-criticism and learning.
Where do you envision yourself and your company to be in the long run and what are your future goals?
We envision ourselves as one of the globally acclaimed market research company with more presence across the globe. We also looking to invest in new technologies and methodologies to improve our analytical capabilities. We are planning to grow our company size by incorporating highly skilled professionals in our company so as to expand our expertise in different fields of market research. We are developing more robust online panels for a smooth and transparent research studies from consumer and physicians. We aim to create an easy, user friendly onboarding experience for our empanelled consumer and healthcare professionals. It can save both the parties a lot of time. At the same time, we are also focused to expand our networking with healthcare professionals and other respondents.
