10 Ways Hiring Business Research Agency can help your Business in India

1. 10 Ways Hiring Business Research Agency can help your Business in India? India is a lucrative business destination that features high up on the agenda of most major enterprises and PE players in the world. The large population, surge in disposable income, and transforming consumer preferences make India a fertile ground for businesses, retailers, and other enterprises to grow and flourish. In FY 22 as well, most of the rating agencies have predicted that India will grow in the comfortable region of 8–9%, further highlighting India as the market to watch out for. However, India is also vast, complex, and heterogeneous. Hence business will require a lot of actionable data, incisive analyses, and on-ground support to successfully grow in the country. To meet such requirements, it is advisable to hire a professional business advisory service firm that can help enterprises with their growth requirements. Here are 10 ways a business advisory can help. Industry Sizing: Industry or market sizing is an important exercise for any business or entrepreneur to succeed in India. It will enable them to evaluate the true potential of their business in India. Growth Forecast: It helps in evaluating the future demand, which in turn helps in making better strategic decisions, improving the supply chain, and making a detailed & cost-effective marketing plan.

2. Market Segmentation: India is a broad, vast, and multifaceted market. To succeed in the country, businesses need to classify the market into subgroups of potential segments. This is done with the help of examining numerous factors such as demographics, income, lifestyle, geography, etc. Ideal Consumer Profiling: As a subsequent step to market segmentation, Ideal Consumer Profiling (ICP) is formed. It helps in finding the most profitable target audience and effectively directs your sales and marketing efforts. Consumer Assessment: This is the most critical step in overall business research. It helps in learning more about consumer psychology, their need & wants aspirations, etc. For existing enterprises, learning about customers can help in a better expansion strategy. For new product and service launches, consumer assessment/ research can help understand whether the product/ service requires any additional improvement. Competitive Intelligence: India is a competitive and diverse market. Hence it is important to track competition to stay on top of the game. Competitive intelligence can help to better understand the product, sales & marketing, and supply chain strategy of the competition. It will also help the enterprise to know its position concerning competition. Positioning Strategy: Business research advisories can work with clients and help formulate a credible positioning strategy. In today’s competitive market, positioning is essential to build a brand, successfully differentiate from the competition, and consolidate a stronghold in the market. Distribution Channel Research: Identifying the right distribution channel is the cornerstone to evolve and expand your market in India. By conducting thorough research on the key customer segments, a research advisory can suggest which kind of distribution channel should be used: wholesale/ instore/ e-commerce/ direct selling, etc. Growth Planning: Business advisories can help their clients form a road map for long-term growth strategies in India. A doable and effective growth plan comprises detailed cost-benefit analysis and credible forecasting to help an enterprise realize its long-term business objectives. Policy Research: This includes offering industry-specific inputs on policies, regulatory framework, FDI roadmap, etc to the clients. Follow Us: Facebook | Twitter | LinkedIn | Pinterest | Instagram Call Us: + 91–8197749919 Email Id: paritosh@theindiawatch.com