Decisions have the capability to make or break a business. A business decision is made not on whims but by considering the vision, mission, strength and weaknesses. A wrong analysis of data can create a lot of trouble once the decision is implemented. So it is often considered as a best practice to leave data to the experts.
Verace Market Research is one such data expert which was started in 2007 with one idea to bring accurate insights to all those seeking to understand their product or services better. The company has a passion for extracting meaningful data among the dearth of information we have at our disposal. Their motivation is simple; ensuring that through research, they can help businesses make decisions faster and better.
A Well-versed Leader
Ananth Nagasamudram is the Founder and Managing Director who has driven Verace into the era of global consumerism. He has over 20+ years of experience in the market research domain. Prior to Verace, Ananth has had a wide array of expertise in areas of go-to-market strategy, market insights, competition analysis, pricing strategies, positioning concepts, consumer buying behaviour and achieving full organizational potential. His role sees him set and evolve the strategic direction for the company and its portfolio of offerings while nurturing some strong individuals who drive its execution. Apart from work, he enjoys playing squash and badminton, is an avid reader and enjoys literature and listening to Carnatic music in his free time.
Varied Services for Varied Clients
Verace specialises in both Qualitative and Quantitative research based on the requirements of the study. It believes in cutting-edge reporting and information that is actionable and can be used to gain market share. It offers services that are not limited to:
- Experience / Satisfaction/ Loyalty
- Sales / Service Experience Study
- Customers – Benchmarking and Loyalty Programs (Product, Sales and Service Experience)
- Dealers – Benchmarking and Loyalty programs
- New Product Development
- Concept to cash – From Illumination to evaluation
- Product Clinics – Styling, Dynamic and peer group Clinics
- Communication Development
- Brand health Monitoring
- Communication development and Evaluation
- Market Development
- Market Entry Strategy
- Strong and Weak market evaluation for Share gain
- Competition tracking
Growing with the Industry
Reminiscing about the changes that have made Market Research in vogue today, Ananth says that the market today is not what it was twenty years ago and in today’s scenario everything changes in a heartbeat. Finding information is not a difficult task, but what is difficult is to mine meaningful data. Market research assists a product during its journey from inception to sale. It helps analyse what goes on inside the head of a consumer at every step of the pre and post purchasing process. In today’s dynamic and fast-paced market environment, having meaningful data is crucial. Market Research helps to extract the data which can be crucial for decision making and pointing people in the right direction. So, market research is an essential tool that can shape a company’s progress if used correctly.
Verace helps business to analyse minute changes and arrive at a decision which minimises risk and increases the top line. When one has correct information, making decisions and implementing changes becomes easier. Verace helps in charting this path and tapping into the full potential as an agency becomes a much easier task than comprehended before. They also make complete and calculated use of technology to enhance the business and increase revenue. Verace has always embraced technology and stayed with the times to ensure steady growth and streamline its services better.
Employee at its Core
Verace acknowledges its employees are its core and that they build the brand along with the clientele. It keeps employees motivated by ensuring that they are in a stimulating environment doing what they love to do. Once the motivation is intrinsic, the work gets done automatically. But, ensuring its consistency is difficult. Verace creates an environment where the creative ideas flow and are not restricted. They promote a culture of acceptance, where every idea is respected and every individual is given opportunities to charter their own path according to their needs. This enables its employees to become the best versions of themselves.
Mentoring the Millennials
Ananth believes that the millennial generation is brimming with so much potential that they can accomplish any task they put their mind to easily and effortlessly. But impatience has grown, people want results faster and they want them now. His advice for budding start-ups would be to keep the faith. He says, “If you truly believe in an idea, you have to persevere and go through the dark days where it seems like nothing is possible. Getting through the drudge is the tough part, everything eventually comes together.”
Verace is a futuristic company and Ananth wants to keep with the changes in the industry and constantly innovate to bring better customer satisfaction. The company wants to completely automate the research process so as to achieve higher gains in shorter spans. The idea is to reduce the turn-around-time per project undertaken. It is also looking to diversify its interests. Ananth says, “As a company, we want to place our bets on technologies such as AI which have great potential in today’s technology-driven world. Our venture looks to make the process of conducting research easier and more robust to ensure valuable insights are extracted with the help of technology.”