Challenges Faced by India in Terms of Market Research
Market research collects, analyzes, and interprets data about a particular market. It is used to understand customers’ needs and wants, identify new market opportunities, and evaluate the effectiveness of marketing strategies. It is essential for businesses of all sizes, especially in emerging markets like India. India is a large and diverse country with a rapidly growing economy. However, the market research industry in India faces several challenges.
Here are a few of the commonly known challenges faced by India related to Market Research
- Lack of awareness
Many businesses in India are not aware of the importance of market research and are hesitant to invest in it. According to a study by the Indian Market Research Society, only 20% of businesses in India conduct regular market research. This is significantly lower than the global average of 50%.
Another reason for the lack of awareness is that there is a perception that market research is expensive and time-consuming. However, there are now several affordable and efficient market research companies to help, such as IBIGRS.
2. Lack of skilled resources
There is a shortage of skilled market research professionals in India. This is due to several factors, including the lack of specialized training programs and the low salaries offered in the market research industry. One of the main reasons for the shortage of skilled resources is a lack of technical training programs in market research. Only a handful of universities in India offer market research degrees.
3. High costs
Market research can be expensive, especially for small businesses. The cost of market research can vary depending on the type of research being conducted and the sample size.
4. Cultural diversity
India is culturally diverse, making it difficult to conduct market research representative of the entire population. It is vital to ensure that market research studies are conducted sensitively and culturally appropriately.
5. Data quality
The quality of data available in India can be variable. This is due to the lack of standardized data collection methods and the high illiteracy rate. The lack of standardized data collection methods can lead to inconsistencies in the collected data.
How IBIGRS is Contributing to Creating a Change:
IBIGRS helps to overcome some of the challenges faced by market research in India. They provide access to various data sources, including market reports, industry surveys, and social media data. IBIGRS also includes multiple analytics tools to help market researchers analyze the data and identify trends and insights.
The market research industry in India faces many challenges, but IBIGRS is contributing to creating a change. By making market research more affordable, accessible, and accurate, IBIGRS is helping businesses make better decisions and grow.
IBIGRS has the potential to revolutionize the market research industry in India. By making market research more accessible to businesses of all sizes. Eventually, this will help to create a more competitive and innovative business environment.
