The leading market research companies have a highly specialized workforce which is completely focused on their core competency. They embrace new technologies and quickly adapt to changing circumstances. These companies possess unique data, technology, global network, and so on. They provide provide products and sevices that are competitive, both in price and faster turnaround times.
One such renowned market research company which is providing excellent services to ist clients is none other than UnivDatos Market Insights (UMI). Established in 2018, the company focuses on delivering complete solutions to its client’s research and data processing needs.
In an interview with Insights Success, the company shares about its journey, its various challenges, various services it provides, and its future plans. To know more about the compny, please go through the following interview:
- Kindly mention in detail about your market research company.
UnivDatos Market Insights (UMI) is an India-based market researchcompany, headquartered in Noida, Uttar Pradesh. Weare engaged in providing Marketing Intelligence service through Industry reports and Consulting services (custom research and data analytics). Ourresearch database is used by the world’s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analyses on a wide array of industries in 15 major countries worldwide.
We assist our clients in making well-informed business decisions. We provide market intelligence studies in a variety of areas, including automotive, healthcare, media & entertainment, telecom & IT, BFSI, consumer goods, building materials & constructions, chemicals, and energy, to provide relevant and fact-based research. We provide strategic objective insights based on a comprehensive grasp of different business contexts.
- Brief us about the featured person and their journey in the market research space.
Ankita Gupta
Co-Founder and Director of Operations
With a strong research background and experience in delivering intelligent insights to customers and clients across different industry verticals globally. Before joining UDS, she has worked with leading brands like McKinsey, Datamonitor, and Zenta
Over more than a decade, she has gained expertise in consulting global clients with cutting-edge solutions on Custom/Business Research and Market Strategy and evolved as an Insights Leader.
Her passion for research has encouraged our clients to revisit us, contributing to our business growth and success
Follow Ankita Gupta @ linkedin.com/in/ankit-gupta-38204417
- What is the current industrial scenario of Indian market research space?
India is a developing country whose economy is based on agriculture. Despite this, commodities and services transferred among organizations account for roughly half of the national GDP.The market research sector in India is estimated to be worth more than USD 100 million. This includes research conducted in-house by some clients who have their research facilities. The split between customized and syndicated research would be roughly 60:40 in each case.In India, market research has been around for roughly three decades, with only a few important participants in the first decade. Because of the growth potential, more market research companies emerged in the second decade. The Indian market research sector now has roughly 15-16 major firms.
Over time, market research in India has evolved from a craftsmen’s guild to a full-fledged industry. The importance of research products has risen to the fore. Before the recession in the early 2000s, the yearly rate of growth was around 12-15%. However, following a period of stagnation in the early 2000s, it is now rising at a rate of roughly 18-20% a year.
Clients in India are quite demanding, in terms of quality, but at a low cost. Many authentically Indian clients place a high value on research. They use research in the way it was intended: as a tool for making decisions.
Indian customers are far more informed when it comes to research. Clients in other marketplaces, on the other hand, demand more from research studies, resulting in longer surveys.Clients are exceedingly price-conscious, resulting in the industry’s inability to charge reasonable pricing.Market research capabilities are employed in fields such as analytics, consulting, and media, among others. Indian research capabilities are much more valuable outside of India.
Uniqueness:Market Structures, Size, Language, and Complexities. India is more akin to a continent than a country, having a diverse range of cultures, languages, and so behavior. As a result, while organizing studies and selecting local markets, a thorough awareness of cultural differences is required.This, on the other hand, has aided Indian market researchers in attaining higher standards.
Challenges:Gradual deterioration in the ability to attract top talent. This is owing to Indian research organizations’ inability to offer salaries that are competitive with several other new sectors that have formed in recent years – mostly due to India’s low research study price. Market researchis a knowledge-based service industry with some of the lowest pricing in the world.
Emerging Sector:India is becoming more of a ‘Service Economy,’ with new development areas such as telecommunications, financial services, and retailing growing.
- What are the dynamics of technology in the market research space?
Once characterized by traditional methodologies, Market Research in India is steadily giving way to evolving technology like social media, improved data collection tools, advanced analytics, etc. in the recent few years. No doubt, the introduction of technology in market research has had a significant impact on modern businesses. Data analysis is just as vital as data collection. With more ways to acquire data, it’s more important than ever for organizations to be able to analyze data rationally.
Data analysis is now extremely quick and simple thanks to technological improvements. Market research has effectively integrated numerous technological applications to improve the technique for gathering, analyzing, and presenting data in a more user-friendly style.Technology has engulfed our life and every industry in which we work. It has greatly simplified our day-to-day operations. Market research has also seen the same thing.
- How has the ongoing Covid-19 pandemic influenced the global market research space?
The COVID-19 epidemic has had an impact on every aspect of the global economy and society.The COVID-19 outbreak serves as a stark reminder that pandemics, like other sporadic disasters, have occurred in the past and will continue to do so in the future.As researchers, we must be aware of present circumstances and how they may affect what we’re assessing and the goals we’ve set for ourselves. It’s critical to remain on top of these developments and analyze how they can affect consumers, their attitudes, and our research objectives.
Our data collection procedures are ideally suited to the current predicament. The majority are digital, for the time being, we are advising our clients to consider converting in-person qualitative (e.g., focus groups, shop-along) to a digital strategy (e.g., online qualitative, webcam interviews, digital ethnographies).
- As a market research company, how are you helping your clientele?
We are examining all of our current and forthcoming projects to make sure the current consumer climate won’t have an impact on research outcomes, and we’re advising clients where we think it might.During the COVID-19 epidemic, we are sensitive to the requirements of the entire planet, including our clientele. Hence, to continue to serve our clients, we’re keeping an eye on the issue and altering our response as warranted.
- What would be your strategic approach to scale your business in 2021 and beyond?
The consequences of the year 2020 will be felt for the rest of our life. It indicates a crucial turning point between before and after. Many small-business owners were caught off guard this year. Further, we’vealso witnessed new firms succeed and others thrive amid upheaval. We’ve seen neighborhood landmarks go out of business while others battle to stay afloat on a day-to-day basis.Critical moments like these force any business leader to shift from strategic planning to react to unexpected events, including embracing change, adopting a smart work model,prioritizing customer needs, among others.
- What would be your advice to budding entrepreneurs who aspire to venture into the market research space?
Success frequently necessitates learning from others who have previously attained their objectives. The biggest motivation is to keep challenging yourself.We never know how our efforts will turn out unless we try them. Market research is a fieldthat evolves around every business and is used by successful enterprises to stay on top of trends, by suggesting smarter business decisions, and preserve their company’s competitive advantage.
Whether someone beginning a business or expanding an existing one, research is essential for identifying their target audiences and growing sales. Hence, my advice for entrepreneurs includes believe in yourself, have a vision, face your fears, take the required action, manage the time and energy, and building a great team.
- Where do you envision yourself and your company to be in the long run and what are your future goals?
In today’s competitivemarket, to be successful, we must be able to devise and implement a long-term strategy. It is vital to develop foresight, however, it is not always simple or evident.
Yes, foresight is one of the most significant components of what we do for our business, yet it is difficult to plan for the future. Ascertain that we are devoting adequate time to envisioning the future of our firm and that this is a continual activity. While we can’t forecast the future with certainty, we may imagine situations and make plans for them. It’s important to remember that failing to plan is intending to fail.
Hopefully, we are substantially ahead of most of your competitor and furthervisualize our future and communicate our intentions to your employees, is one such strategy to achieve the future goals.
- How market research is helping businesses grow in these difficult times of the pandemic?
Making the best business decisions is never easy in uncertain times, and the year 2020 has given the word “uncertainty” a whole new meaning. It is at moments like these when market research’s power and worth are realized. Everyone understands that change is required, both to comply with government regulations and to meet increasing requirements as we adapt to the “new normal” era.
It’s something that we in the market research industry have gone through just like everyone else. However, we also recognize that the evidence-based insights and guidance we provide are more important than ever to our clients.Following the first rush to respond to the pandemic, now is the moment to figure out what will best aid people in the future – both practically and emotionally – and, in doing so, guarantee that the firms we work for survive the crisis as well as possible.As a catastrophe like the COVID-19 pandemic evolves, there is no “one size fits all” solution to how people’s behaviors, expectations, concerns, and needs change.
Market researchisn’t only about increasing money; it’s also about providing the best possible service to consumers, assisting in planning their strategies, and avoiding making rash assumptions or rash judgments. Evidence from previous calamities shows that how brands reaction has a significant impact on their survival and the speed with which their businesses recover once the crisis has passed.
