Market Research Company for Startups in India

Most startup failures are due to a lack of understanding of market need.

Market research could play a key role for startups in creating the product and understanding the prospective customer's opinion about the idea, offering or pricing.

The insights from the market research study would enable start-ups to estimate the market size, analyse competition, understand customer requirements and develop their growth strategy.

NextWave is a Market Research Company in Pune that has carried out market research for several startups in India and provided them with actionable research insights.

The following are some of the key projects carried out in the startup segment.

• Medical Devices - Market potential estimation and competitor analysis for a startup in the medical devices sector
• Diagnostics - Market analysis carried out for a scientist entrepreneur who has developed a non-invasive test for the detection of a particular     disease. The deliverable included potential market size and forecast, expected pricing, current test details, expert insights and     recommendations.
• Software Product - Market analysis for a company that has developed an employee productivity monitoring software product. The target     segment for the product was the IT and BPO sector. The analysis included challenges being faced, understanding potential adoption, customer     views, competitor scenario, pricing. The recommendations enabled the company to develop its product strategy.
• Chemicals - Market research was carried out for a startup that has plans to enter the field of supply of raw material chemicals. The research     focus was to understand the raw material requirement for chemical companies in Maharashtra

Case Study - The Importance of Market Research before starting a New Business

A company in Pune wanted to enter into the field of manufacturing of 20 and 40 litre Stainless Steel cans that are used for transport of milk.

As part of the market analysis, NextWave carried out interviews with milk cooperatives, private dairies, dairy farmers and can manufacturers across Maharashtra.

The usage patterns of the milk cans and the reasons for customer preference of aluminum and plastic cans over stainless steel ones was understood.

The analysis was carried out regarding pricing, current regulations, market size and future growth rate of steel, aluminum and plastic cans.

The details regarding the existing can manufacturers were collected. The growing usage of bulk milk coolers and their impact on sales of milk cans was estimated.

Based on the detailed analysis, NextWave provided the company with the strategic insights and recommended that they not enter into the business of manufacturing stainless steel milk cans.