Key Areas to Consider for Innovation Teams Researching India
Innovation teams today in emerging markets such as India, have a daunting task of identifying opportunities in their territories in an environment where historic market leaders are facing stagnant growth and increased competition from ambitious regional/indigenous companies.
Furthermore, in dynamic industries such as consumer goods which have witnessed a wave of change in regions like India. Stemming from increasing consumer expenditure and disposable income, companies are trying to identify the next best move to stay ahead of the competition and grow market share.
Typical business issues explored
- Identifying white spaces
- Quantifying trends and their impact on business
- Prioritizing investment it may be on new geographies, categories, packaging or channels etc.
- Which cities are most attractive in India?
- Defining and identifying mega trends such as wellbeing market, premium etc
- Understanding different categories/industries are growing the fastest. Is any category/industry displaying exceptional growth in which I can a) diversify b) be aware of c) collaborate
- What are the population and lifestyle changes in India in the last decade? Do I need to alter my products to serve the growing changes or consumer preferences?
- Channel forecasting to understand overall growth of the different channels. Growth rate of channel compared to overall industry/category growth and individual players growth. Assessing how these channels have fared/evolved in comparable markets for industries/categories/ products in focus
- It also help to provoke new thoughts/ideas for next steps.
Make Market Research work for you
- Some of the questions you can typically answer by looking at the latest and historic market size data while measuring the growth percentage, year on year growth; to study where the growth/slowdown was triggered. The analysis can be further narrowed down using company and brand data to study competitor trends. This helps you identify where growth has come from. An analysis of local brand versus international brands can also unearth different approaches. Along with the above information, a quick mapping of various product categories or top-line category levels against historic growth or a range of data, can help you direct your investment. These assessments will help you build growth stories and provide broad understanding on your future strategy backed by data.
- For several consumer goods businesses, market insights helps establish a retail, channel or brand strategy. Comparative study of growth of various channels, macro factors, consumer spending, cross category growth paints a macro picture to support your strategic direction. This type of comparative study in a visual format also helps you dig deeper to study unexpected declining growth or stagnation [despite favourable market conditions]. In the similar manner, one can align marketing efforts with the most influential category and market trends.
- If you are specifically trying to build an approach for packaging capabilities, a quick benchmarking approach against global markets is a good way to start the project and forecast trends for the next five years. This can help choose a pack types to be considered – sachet/tube/ jars. A next level of research can also identify for you the type of packing/tube will be in demand.
How Euromonitor’s consulting group helps you connects the dots
Leveraging our in-house existing knowledge and expertise we conducting a deep-dive tailored primary research to provide answers to most critical questions. Depending on your end objective, complexity of issue, investment and timeline flexibility, we offer solutions that can suit different kind of budget and timelines.
Reports are styled in a manner which are more visual than text heavy and can be easily integrated into your internal presentations. They are directional in nature, which allows you to look at the business problems from a wider angle and not get over burdened by information. It allows you leadership to clearly visualize whether their annual strategy and investment are aligned with market and category forecast.
Applying several of the cross analysis practices mentioned above Euromonitor’s Consulting Group, build scorecards across categories, and evaluate them in depth across different parameters. We make short term and long term recommendations. We can further supplement the basic deliverable with an interactive workshop to better support application of our insights. What’s best is that our faster deliverable, which is typically 50% faster; covers extensive information across markets, channels, categories, economies, demographics, etc.