It took India 20 years to become the world’s 4th largest hub for startups, but only 1 year to top that and reach the 3rd spot! Clearly India has become a warm budding platform for young startups to emerge and grow. But what is the most critical factor that allows businesses to start from a living room and grow up to make a mark on the business map of the World?
The answer to that question is basic, expected and well known – Market Research. Before any product can be launched or even developed, understanding the potential of its acceptance and absorption in the market has alone been the biggest factor that decides its success.
But how did the market research industry grow on startups, when not so long ago conducting such studies were highly expensive and required millions in investment?
A startup for startups!
This disruptive trend too seems to stem from startups that focused on helping not just enterprises but also other startups in conducting affordable surveys. These companies specialize in creating cutting edge, mobile-friendly and even free softwares for digital surveys.
Take for instance Truck Suvidha, a Haryana based startup that provides online bookings for trucks and other load carrying vehicles. One of the key factors that led to the success of this firm is the initial and in-depth market research it conducted with the help of leading survey software provider QuestionPro. With flexible pricing choices ranging from free for a basic account all the way to a sophisticated enterprise level account, Truck Suvidha was able to conduct its research at a price-point they were comfortable with.
Market insights on the move
One of the key features that are loved by startups is the mobile app provided by companies like QuestionPro. As most entrepreneurs worship mobility, this app allows them to view and analyse survey responses while on the move.
The app also allows “offline data capture” where responses can be filled even without any internet connection and can be received by the companies as soon as the responder goes online.
Beyond survey software
Moreover, QuestionPro doesn’t just specialize in providing market research software, it also helps its clients reach the right target audience. With nearly 15 years of market data, QuestionPro is capable of providing a rich and accurate demographic oriented data of target consumers. This is particularly critical for startups that in most cases do not have a strong database of potential consumers.
At this point the trend seems to be strongly set – As these advanced, yet affordable, survey softwares democratize the market research sector more and more startups and small businesses will taste success that comes from data-oriented decision making.