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.
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.