The most prominent market research companies help their clients to understand consumer behavior. They provide them information regarding business planning for various aspects such as product launches, pricing, packaging, and so on. These companies also tackle other factors competitive strengths and weaknesses, strategic positioning, changing trends, and much more.
One such prominent company which is playing the role of a torchbearer of the market research industry is Verace Market Research. Shaped by a lineage of sound and straightforward business, the company is built on a foundation of trust and integrity. It incorporates this in every business it conducts.
In an interview with Insights Success, Verace Market Research shares about itself, its various activities and strategic plans, the various services it provides, and its future plans. Following are the highlights of the interview:
- Kindly mention in detail about your market research company.
Our vision is simple, to understand & continue understanding the ever-changing Indian market conditions for any product/service. We revel in delivering insights that bring clarity to your decision-making process. We enjoy extracting meaningful data to push you further up the corporate food chain. We are a full-service marketing research agency delivering actionable insights that tap into your full potential. This is the major focus of Verace Market Research.
With changing consumer climate and purchasing journey, we have incorporated our award-winning methodologies to bring in digital experience journeys that delight and engage with your ideal target group. The idea of Verace Next – a full serve digital experiential agency was born out of this thought process. To reach consumers at every digital touchpoint and create an online experience that can resonate offline.
- Brief us about the featured person and their journey in the market research space.
Ananth Nagasamudram is the Managing Director of Verace Market Research. Ananth founded Verace in 2007 and 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 a wide array of expertise in areas of go to market strategy, market insights, competition analysis, pricing strategies, positioning concepts, consumer buying behavior and achieving full organizational potential.
Ananth sets and evolves the strategic direction for the company and its portfolio of offerings, while nurturing some strong individuals who drive its execution. Ananth has over 15 years of work experience in TVS Motor Company where he was the Head of Market research. In his tenure, he oversaw a range of strategy and marketing projects. After TVS, Ananth gained valuable experience in another market research company, Market Probe which helped him gain the resolution to venture and start his own enterprise.
Anant spearheads the strategic arm of Verace Next, while the creative and design arm is taken care of by Snigdha, who has over 5 years of experience in creating brand and consumer experiences that delight and engage. She brings a new perspective, especially towards the rising millennial segment who are fast becoming a major focus for many industries.
- What is the current industrial scenario of Indian market research space?
Market Research is continuously evolving, but ever constant in a way. While trends change, marketing adapts to new channels and products become diverse, the need to understand the customer remains. Companies are hungry to evaluate their target group. Segmentation and messaging are still the bedrock of the core marketing activities.
Through all this, today’s consumer is spoilt for choice. Their purchasing journey is long and well thought out. Influencing factors across this journey need to be examined one by one to arrive at a marketing plan that aligns with company objectives.
Especially now with most businesses moving online, fastracked by the pandemic, it becomes crucial we speak and understand our consumers and help companies with insights that can drive decisions.
- What are the dynamics of technology in the market research space?
Technology at this point is a front runner. We at Verace are developing an omnichannel bot that can help companies get insights as the sale is happening. We believe AI is the future of market research. In a way, helping humans understand other humans better.
- How has the ongoing Covid-19 pandemic influenced the global market research space?
COVID 19 has shed light on many things. How we have taken our environment for granted, how many businesses needed the human touch to thrive and how being cooped up in our houses has changed the way we purchase but not reduced what we purchase.
What we feel is that there has been an increase in the need for understanding the consumer even more now. As we move forward into the new normal, we understand the things we took for granted – such as being able to walk into a mall without a mask – is unthinkable now. This means, the companies who now sell at these malls need to find newer and better ways to reach their customers. Because these customers are looking for new ways as well.
There is an itch to spend. And our offerings (Market Research + Digital Marketing) is helping to identify areas where clients and customers can meet for mutual benefit.
- As a market research company, how are you helping your clientele?
At Verace, we believe in Insight Extraction. Data that drives decisions. It is easier said than done.
At every part of the research journey, we inculcate authenticity and accuracy to capture consumer insights that matter to the client. To stitch a story from data that can clearly point to the next steps.
Starting from questionnaire preparation to analysis of insights we set processes that can help our clients evaluate gaps in their product, marketing, communication etc. and also help provide solution to issues, in a way that is cost effective and relevant to their audience segment.
When it comes to Digital Experiential Journeys, we aim to create touchpoints that cut through the clutter. To make brands stand out in a way that the consumer’s offline experience is shaped by it. This digital experience is helmed by decades of market research expertise which helps us to curate content that connects and resonates.
- What would be your strategic approach to scale your business in 2021 and beyond?
Adapt to what the client wants. Verace is a boutique agency, We create customized projects for our clients where the data is specific and usable only to their needs. We aim to scale by providing end-to-end services under the marketing sphere.
- What would be your advice to budding entrepreneurs who aspire to venture into the market research space?
Market Research is nuanced and multi-dimensional. The consumer we try and understand everyday is ever changing. Hence capturing data that is useful to our clients needs a lot more than a surficial understanding of what they sell. Getting deeper into consumer psyche involves shedding stereotypes and assumptions we have about the market.
To truly excel in this space, be ready to actually hear what the market wants to say. Remove pre-conceived notions you might have in your head. Honour your consumer’s journey and learn from it.
- Where do you envision yourself and yourcompany to be in the long run and what are your future goals?
We believe Verace is poised for a grand breakthrough. The services we provide are the need of the hour. Our delivery process is personal and effective. We take care about how we present your brand and how the data we collect impacts your business.
Our long term goals are to keep doing what we have done more consistently so as to empower our clients with accurate insights that can help pave the way for a better tomorrow.
