Indian Market Research gives you a sense of the business and consumer market trends in India. They pave the way for economic and business development and contribute to the business’ profit. Market research in India addresses all of the questions that marketers have, providing them with the knowledge they need to have a successful marketing campaign. Market research entails providing information on all aspects of marketing, including product valuation, distribution, and promotion. Market research is necessary for improvement and betterment.
Like other sectors, market research is currently undergoing rapid change in terms of the use of technology in space.
Within a decade, respondent interviews methodology has shifted from pen and paper to mobile/tablet surveys. More and more technology is being used to collect real-time data and transform it into analyzed outputs. Even conventional PowerPoint reports are being gradually replaced by real-time dashboards which are accessible from any mobile device. Due to the rise in the pandemic across the world in the last two years, there is a rapid shift towards online panel surveys and telephonic/video interviews.
One company that has been providing services to varied sectors in this regard is Link Information Technology. It is a technology-based solution provider in the domains of Consumer Research, Business Research, Dashboards, Survey Programming, Data Collection, Data Processing, Advanced Analytics, End-to-End Research solutions, and consulting. With over 5000 projects successfully delivered, it has been providing services to clients from varied sectors and industries for over two decades. Let us learn more about Link Information Technology in the interview.
Highlights of the interview:
Kindly talk in detail about your market research company.
It was established in 1992 as Link Computer Center. In 1995, Link registered under Government Companies Act, and the brand was renamed Link Information Technology Private Limited Company. It became ISO 9001:2015 & ISO 27001 certified to ensure the highest level of quality and data security standards. Our in-house team is working together for more than 15 years now. Teams have stemmed from a long experience of over 23 years. Our esteemed clients are with us for more than 15+ years.
We have developed technology-oriented solutions including tablet and mobile surveys, real-time dashboards, advanced analytics, and much more. Also, our strong drive to stay abreast in this era of constant technological advancement initiated a long-term partnership with Dooblo (SurveyToGo) that provides technology-oriented solutions.
We have established a reputation of excellence and reliability among our esteemed clients and associates in terms of providing solutions to help in making key business decisions. Our belief in quality work and honoring commitments has resulted in long-term retention of clients and hence, repeat business.
At Link, we aspire to be a catalyst in the business of our clients aiding them in making data-centric decisions. This makes us a vital link in the business processes of our clients.
Brief us about the featured person and their journey in the market research space.
With over 25 years of experience, Praveen Dixit, Founder, and CEO have invested more than two decades in serving and contributing to the market research industry. His entrepreneurial journey commenced in the year 1992 with a small establishment of a computer center, and progressively it has become one of the key data management outsourcing companies for the domestic market research industry.
Dixit is a management graduate and is an active learner with frequent participation in events in all key research forums including ASSOCHAM, MRSI, FICCI, CRISIL, and various research summits. He aims to establish a world-class technology-based data management and market research organization. His experience in the industry and the deep desire to excel every time are the defining aspects of Link Information Technology’s success. Always buzzing with new ideas to expand, perform and succeed, he is the veritable think tank of the organization.
What are the dynamics of technology in the market research space?
Reiterating the answer to the previous question, the use of online panel surveys and video interviews is becoming more and more common practice. In a recent advancement, mobile apps are being introduced which track the consumer’s actual behavior as each individual carries a mobile device most of the time. In near future, the new emotional AI application will be used to collect data from the user in an interactive and friendly manner by capturing their emotions at the same time.
How has the ongoing Covid-19 pandemic influenced the global market research space?
As shared in a previous question, the pandemic has led to the use of more technology for conducting surveys and generating insights. With the adoption of social distancing practices, face-to-face interviews have reduced by 70-80% in the last two years. They hold their value. The pandemic situation has influenced MR companies to use online surveys, virtual zoom/MS teams/ Google Meet/ Blue Jeans meetings, activity tracking apps, etc., for collecting required data.
 As a market research company, how are you helping your clientele?
Over the years, we have adopted new technology in conducting surveys, data analytics, and data reporting for our clients. Delivery timelines for any assignment have been reduced to 50% of what we used to take around 5-7 years ago. Moreover, we have 24×7 exclusive services for all our clients. We believe we are one of the fastest service providers in the market research industry today with the perfect blend of people, process, and technology. We understand the valuable time of our clients, we listen to our client’s needs and try to match their expectations. We regularly take feedback from our clients’ post submission of deliverables and strive to improve our services.
What would be your strategic approach to scale your business in 2021 and beyond?
Our core focus would be to use more and more technology-based research and support clients by answering research objectives with transparency. We are working on ways to make the solutions more valuable, actionable, cost-effective, and efficient concerning our timelines. Further, we are gradually expanding our footprints to international markets as well. We are extensively using digital marketing to promote our services in the international markets. And this approach has given a positive outcome as we can provide solutions to international clients by saving 50% of their cost as compared to the fee they pay to local vendors (this has been quoted to us by one of our clients).
What would be your advice to budding entrepreneurs who aspire to venture into the market research space?
The market research industry is a great space to venture into. We all know that India is blessed with the largest young population in the world and therefore would be the largest consumer market for the next three decades. Global giants like Amazon, Walmart, IKEA, etc. have ventured into India realizing the massive opportunity. Thus, the value of tracking and measuring consumer behavior is growing day by day. More and more market research services would be required in the coming years, but the use of technology would play a pivotal role in the same.
Where do you envision yourself and your company to be in the long run and what are your future goals?
I intend to continue my journey for another decade or so. We aim to establish our footprint in the international markets successfully. Both, our team and technology are being upgraded gradually to provide the best solutions to clients all around the world. We are making international tie-ups for the same and looking forward to opening offices in Singapore and Middle East markets soon.
 How is market research helping businesses grow in these difficult times of the pandemic?Â
2021 will be the year of transition. Barring any unexpected catastrophes, individuals, businesses, and society can start to look forward to shaping their futures rather than just grinding through the present. Market research provides detailed insights about the customer’s preferences, latest market trends, consumer behavior and buying patterns, competitors, etc. During this pandemic, people are living differently, buying differently, and in many ways, thinking differently. It is important to understand how your customers are thinking and feeling, what’s going on in the industry, also in broader society. It will help in taking an informed path while making several business decisions.
Organizations need to adapt to changing social and economic dynamics. They need to understand changing needs and concerns. Organizations need to modify their marketing strategies to satisfy new consumer needs and behavioral shifts. The great acceleration in the use of technology, digitization, and new forms of working is going to be sustained. This scenario has created a crisis as well, most of the businesses have switched marketing strategies to the quarantine mode.
Crises create new needs and trends that can change the market landscape. Businesses that identify and act upon these signals at an early stage are better positioned to win market share. For example, there has been a significant increase in consumers intending to permanently shift to online grocery shopping and an increase in overall e-commerce penetration as a consequence of COVID-19.
Going forward, market research will facilitate business heads to understand the dynamics of the market, anticipate changes, and identify opportunities during this pandemic and eventual recovery.
