Explore our blogs on various markets

Market research is the backbone of any successful business strategy. It provides invaluable insights into consumer behavior, market trends, and the competitors. By understanding these factors, businesses can make informed decisions that drive growth and profitability.

In recent years, we've had the privilege of assisting over 100+ businesses with their market research needs. Our expertise spans diverse industries, from agriculture to life sciences and marketing to countless others. 

This article aims to shed light on the costs associated with market research. We'll also explore the factors that influence pricing and provide a comprehensive overview to help you budget effectively. Whether you're a small startup or a large corporation, understanding the financial implications of market research is crucial for making strategic decisions.

So, let us get started:

How Much Does Market Research Cost?

The cost of a custom market research can range from $10000 to $200,000 or more, depending on the complexity and scope of the project. Smaller research projects with fewer resources and a narrower focus may cost less. However, in-depth, comprehensive market research studies involving extensive data collection, analysis, and reporting can be more expensive.

While these figures provide a general idea, the actual cost of your market research project will depend on several factors. In the next section, we'll look into some of the major factors that influence the pricing of market research.

Factors That Impact The Cost of a Market Research

Below are some of the major factors that impact the cost of a market research project based on our experience of working on various market studies and helping brands like Illumina, Zeiss, Shell, DYWIDAG, and more.

1. Scope and Depth of the Research

The scope and depth of your research project are primary determinants of cost. A broad, in-depth study that covers multiple markets, demographics, and behaviors will naturally be more expensive than a narrow, focused study.

Key factors influencing cost within this category include:

• Research Objectives: Clearly defined, specific objectives help streamline the research process and reduce costs.
• Target Audience: A larger, more diverse target audience requires a larger sample size and more complex data collection methods.
• Level of Detail: A high level of detail, such as in-depth interviews or focus groups, can increase costs.
• Industry Complexity: Complex industries with numerous variables and nuances may require more extensive research.

2. Data Collection Methods

The method used to collect data significantly impacts the cost of a market research project. Different methods have varying levels of complexity, time commitment, and resource requirements.

Quantitative methods, such as surveys and online polls, are often more cost-effective as they can be automated and scaled to large sample sizes. However, qualitative methods, like in-depth interviews and focus groups, can provide richer insights but are more time-consuming and labor-intensive. 

Important Note: The choice of data collection method should align with your research objectives and budget constraints.

3. Sample Size

The sample size, or the number of respondents included in the study, directly impacts the cost. A larger sample size generally leads to more accurate and reliable results but also increases costs. The required sample size depends on factors like the desired level of precision, the target population's variability, and the statistical methods used.

For instance, a small-scale survey of 100 respondents might be sufficient for a local business, while a nationwide study may require a sample size of thousands.

4. Geographic Scope

The geographic scope of your research can significantly impact the cost. Conducting research in a single country is generally less expensive than a multinational study. 

Factors influencing cost within this category include:

• Number of Countries: Researching multiple countries requires additional resources for data collection, translation, and cultural adaptation.
• Language and Cultural Nuances: Understanding cultural differences and language barriers can add complexity and cost to the research process.
• Data Collection Challenges: Accessing reliable data and respondents in different countries can be challenging, especially in emerging markets.
• Currency Exchange Rates: Fluctuating exchange rates can impact the overall cost of the research, particularly for international studies.

5. Data Analysis and Reporting

The complexity of data analysis and the level of detail required in the final report can significantly impact the cost of a market research project. 

Advanced statistical analysis techniques and sophisticated data visualization tools can be more expensive to implement. Additionally, the time required to analyze and interpret data, as well as to create a comprehensive report, contributes to the overall cost.

The depth of analysis and the level of customization in the final report are key factors influencing the cost within this category.

As a leading market research company, we have helped 100+ enterprise organizations perform custom market research for different industries.

So, our team created this list of useful market research tools after using effectively.

Let’s get started.

Top AI tools for market research at a glance

How we selected these tools

To curate this list, we consulted our team members to gather insights on their favorite market research tools. 

Each tool mentioned has been tested by our team to ensure it effectively delivers valuable market insights and supports our clients' needs.

1. SurveyMonkey

SurveyMonkey is a widely recognized tool that enables users to create custom surveys easily. It integrates AI to analyze responses and generate actionable insights. 

Users can design surveys tailored to their specific needs, making it an excellent choice for gathering feedback from customers or conducting market research.

How SurveyMonkey Helps in Market Research

SurveyMonkey simplifies the survey creation process while providing robust analytics that help businesses understand their audience better.

Standout Feature ⭐

The predictive analytics feature uses machine learning algorithms to forecast trends based on collected data.

Why We ❤️ It:

Qualtrics is known for its robust capabilities and flexibility in handling various types of research projects.

Pricing:

Qualtrics offers custom pricing based on the specific needs of the business.

3. Google Trends

Google Trends is a free tool that provides insights into search trends over time. It helps businesses identify what topics are currently popular among consumers.

How Google Trends Helps in Market Research

By analyzing search queries, businesses can gauge consumer interest in specific products or services, allowing them to adjust their marketing strategies accordingly.

Standout Feature ⭐

The ability to compare multiple search terms side by side provides valuable insights into relative popularity.

Why We ❤️ It:

Its accessibility and real-time data make it an invaluable resource for quick trend analysis.

Pricing:

Completely free to use.

4. Typeform

Typeform is an interactive form builder that enhances user engagement through its visually appealing designs. It incorporates AI to analyze responses effectively.

How Typeform Helps in Market Research

Typeform allows businesses to create engaging surveys that capture more detailed responses from participants, improving data quality.

Standout Feature ⭐

The conversational form layout encourages higher response rates compared to traditional surveys.

Why We ❤️ It:

Typeform’s aesthetic appeal and user-friendly interface set it apart from other survey tools.

Pricing:

Offers a free plan with limited features; paid plans start at $35 per month.

5. HubSpot

HubSpot is a comprehensive marketing platform that includes powerful market research tools. Its AI capabilities help analyze customer interactions and preferences effectively.

How HubSpot Helps in Market Research

HubSpot enables businesses to gather customer feedback through various channels, providing a holistic view of customer sentiment and behavior.

Standout Feature

The integrated CRM allows for seamless tracking of customer interactions alongside market research efforts.

Why We ❤️ It:

HubSpot’s all-in-one approach simplifies marketing efforts while providing valuable insights into customer behavior.

Pricing:

Free basic features are available, with advanced tools offered through paid plans starting at $50 per month.

6. Hotjar

Hotjar is a powerful tool that helps businesses understand user behavior through heatmaps, session recordings, and surveys. By integrating AI, Hotjar analyzes user interactions on websites to provide actionable insights.

How Hotjar Helps in Market Research

Hotjar allows businesses to visualize how users interact with their website, identifying areas for improvement and optimizing user experience.

Standout Feature ⭐

The heatmap feature shows where users click, scroll, and move on a webpage, helping businesses optimize their layouts.

Why We ❤️ It:

Hotjar’s intuitive interface and comprehensive user behavior analytics make it easy for teams to derive insights quickly.

Pricing:

Offers a free plan with limited features; paid plans start at $39 per month.

7. SEMrush

SEMrush is primarily known as an SEO tool but also offers robust market research capabilities. It provides insights into competitors' strategies, keyword analysis, and market trends.

How SEMrush Helps in Market Research

Businesses can analyze competitors' online presence and performance, allowing them to adjust their strategies accordingly.

Standout Feature

The competitive analysis tool enables users to see what keywords competitors rank for and how they perform in search engines.

Why We ❤️ It:

SEMrush’s comprehensive suite of tools makes it a one-stop solution for digital marketing and market research needs.

Pricing:

Plans start at $119.95 per month after a free trial period.

8. BuzzSumo

BuzzSumo specializes in content research and social media analytics. It uses AI to analyze what content performs best across various platforms, helping businesses identify trends and influencers in their industry.

How BuzzSumo Helps in Market Research

By tracking content performance, businesses can understand what resonates with their audience and tailor their marketing strategies accordingly.

Standout Feature ⭐

The influencer identification tool helps businesses connect with key figures in their industry for collaborations or promotions.

Why We ❤️ It:

BuzzSumo’s focus on content performance provides valuable insights into audience interests and engagement.

Pricing:

Offers a free trial; paid plans start at $99 per month.

9. UserTesting

UserTesting is a platform that allows businesses to gather user feedback through recorded sessions and surveys. The AI component helps analyze user responses to improve product design and user experience.

How UserTesting Helps in Market Research

Businesses can observe real users interacting with their products or services, gaining insights into usability issues and preferences.

Standout Feature ⭐

The ability to create targeted tests for specific user demographics ensures relevant feedback is gathered.

Why We ❤️ It:

UserTesting’s focus on real-time feedback makes it invaluable for iterative product development.

Pricing:

Custom pricing based on business needs; typically starts around $49 per test.

10. Zappi

Zappi is an automated market research platform that leverages AI to provide fast insights from consumer data. It offers solutions for concept testing, ad testing, and brand tracking.

How Zappi Helps in Market Research

Zappi enables businesses to gather consumer feedback quickly through automated surveys and analysis, reducing the time needed for traditional research methods.

Standout Feature ⭐

The rapid testing feature allows businesses to validate ideas before launching them in the market.

Why We ❤️ It:

Zappi's speed and efficiency make it an excellent choice for businesses needing quick insights without sacrificing quality.

Pricing:

Custom pricing based on usage; typically requires consultation for specific needs.

11. Scios

Scios is an AI-driven market research tool that specializes in predictive analysis and consumer behavior insights. It helps businesses understand market dynamics by analyzing various data points to forecast future trends and consumer preferences.

How Scios Helps in Market Research

Scios enables companies to analyze show attributes and content quality, predicting which concepts will resonate with audiences, thereby informing content creation and marketing strategies.

Standout Feature

The predictive analysis capability allows users to conduct "what-if" forecasting, helping businesses identify potential outcomes based on different scenarios.

Why We ❤️ It:

Scios stands out for its ability to provide actionable insights that can lead to significant improvements in viewership and ad revenue through data-driven decision-making.

Pricing:

Scios offers custom pricing based on the specific needs of the business, making it adaptable for various organizations.

12. Dynamic Yield

Dynamic Yield is an AI-powered personalization platform that enhances customer engagement through tailored marketing strategies. It uses machine learning algorithms to segment audiences and deliver personalized experiences based on detailed consumer data.

How Dynamic Yield Helps in Market Research

This tool allows businesses to create personalized marketing campaigns that resonate with specific audience segments, leading to improved customer engagement and higher return on investment (ROI).

Standout Feature ⭐

The personalization engine can generate targeted offers based on user behavior, significantly boosting customer spending and engagement rates.

Why We ❤️ It:

Dynamic Yield's focus on personalization has proven effective, as evidenced by case studies showing substantial increases in cardholder spending and premium sign-ups.

Pricing:

Dynamic Yield provides custom pricing options tailored to individual business requirements, ensuring flexibility for various scales of operation.

These tools exemplify how AI can transform market research by providing deeper insights into consumer behavior and enabling businesses to make informed decisions that drive growth.

Can AI Do Market Research?

AI tools have revolutionized market research by streamlining data collection and analysis processes. They enable businesses to gather large volumes of data quickly and derive actionable insights. 

However, there are limitations; AI lacks the nuanced understanding of human emotions and cultural contexts that professional researchers possess. 

While AI can enhance efficiency, hiring experienced market researchers remains essential for interpreting complex data accurately and developing effective strategies.

The question often arises: Can UX be replaced by AI? 

While AI can assist in many aspects of UX research, the creative and empathetic elements of human designers are irreplaceable.

What are effective market research methods?

Here are some effective methods for conducting market research:

1. Surveys and Questionnaires

Surveys and questionnaires are widely used methods for gathering quantitative data from a large audience. They can be distributed online, via email, or in person.

How It Works:

• Create structured questions (multiple choice, Likert scale, etc.) to gather specific information.

• Distribute the survey to your target audience.

• Analyze the responses to identify trends and insights.

Benefits:

• Cost-effective and can reach a broad audience.

• Provides quantifiable data that can be statistically analyzed.

2. Focus Groups

Focus groups involve guided discussions with a small group of participants from your target market. This qualitative method allows for in-depth exploration of consumer attitudes and perceptions.

How It Works:

• Recruit participants that represent your target demographic.

• Facilitate a discussion around specific topics or products.

• Record and analyze the conversation to extract insights.

Benefits:

• Provides rich qualitative data and deeper insights into consumer motivations.

• Allows for immediate follow-up questions to clarify responses.

3. Observational Research

Observational research involves watching consumers in their natural environment to understand their behaviors and interactions with products or services.

How It Works:

• Conduct observations in retail settings, online environments, or during product usage.

• Take notes on consumer behavior, preferences, and pain points.

Benefits:

• Captures real-time behavior that may not be reported in surveys or interviews.

• Helps identify usability issues and areas for improvement in products or services.

4. Secondary Research

Secondary research involves analyzing existing data collected by other sources, such as industry reports, academic papers, and government publications.

How It Works:

• Identify relevant secondary sources that provide insights into your market.

• Analyze the data to draw conclusions about market trends and consumer behavior.

Benefits:

• Cost-effective as it utilizes already available data.

• Provides a broader context for understanding market dynamics.

5. Social Media Listening

Social media listening involves monitoring social media platforms for mentions of your brand, competitors, or industry trends. This method leverages AI tools to analyze sentiment and engagement levels.

How It Works:

• Use social media analytics tools to track brand mentions and customer sentiments.

• Analyze the data to identify trends, customer feedback, and areas for improvement.

Benefits:

• Real-time insights into consumer opinions and brand perception.

• Helps identify emerging trends and potential crises before they escalate.

Why Choose Consainsights for custom market research

1. Seasoned Industry Experts: Analysts possess deep domain expertise backed by rigorous training in relevant industries.

2. Proprietary Research Methodologies: Consainsights employs advanced techniques to uncover unique insights not available elsewhere.

3. Flexible Approach: The research process is customized end-to-end to address specific objectives through optimal data sources and analytical models.

4. Actionable Intelligence: Deliverables are distilled into concrete recommendations aligned with critical business decisions.

5. Reliable Industry Leadership: With decades of experience as a trusted market intelligence partner, Consainsights ensures quality through robust processes and senior-level oversight.

Final Words

In conclusion, utilizing effective market research tools can significantly enhance your understanding of consumer behavior and industry trends. 

By integrating these tools into your strategy, you can make informed decisions that drive growth and success for your business. 

Starting a new business is exciting, but before diving headfirst into investment and scaling, one crucial step often gets overlooked—market research. 

This foundational process not only helps validate your startup idea but also significantly increases your chances of success. Understanding the market, your potential customers, and the competitive landscape can guide your decisions and save you from costly mistakes down the road.

In this article, we’ll walk you through a complete step-by-step process for conducting market research tailored specifically for startups. But before we dive into the how-to, let’s first explore why market research is so important in the early stages of your entrepreneurial journey.

Why You Should Invest In Market Research For Your Startup?

By gathering valuable insights into your target audience, competitors, and industry trends, you can make informed decisions that drive growth and mitigate risks.

Let’s take a look at some of the major reasons why market research is a must for your startup’s success.

1. Validates Your Business Idea

Validating your business idea is one of the most critical steps when launching your startup, developing a new product, or expanding into a new market. 

Before you invest significant time and resources, it's essential to ensure that your idea meets a real need and has the potential to succeed. Market research helps you gather feedback from your target audience, allowing you to assess whether your concept resonates with potential customers. 

2. Identifies Target Audience and Market Demand

Market research is invaluable in helping you identify the right target audience for your startup. It goes beyond assumptions and provides data-driven insights that validate who your potential customers are, what they need, and how to reach them effectively. 

This research enables you to better understand customer behaviors, preferences, and pain points, which are crucial for tailoring your product, marketing strategies, and messaging.

For example, if you're launching a fitness app, market research can help you determine whether your audience is health-conscious millennials, busy professionals, or fitness enthusiasts. By identifying the specific needs of each segment, you can ensure that your app’s features, pricing, and promotions are aligned with what your audience truly values, increasing the likelihood of success in the market.

3. Reduces Business Risks

According to studies, nearly 90% of startups fail, and one of the leading reasons for this high failure rate is the lack of thorough market research. Without proper research, startups often make misguided decisions about their product, target audience, and market strategy. 

This can lead to launching a product that doesn’t meet customer needs, misallocating marketing budgets, or entering a saturated market without a clear competitive advantage.

Market research helps reduce these risks by providing a deeper understanding of the market landscape, competitor strategies, and consumer preferences. 

4. Informs Strategic Decision-Making

Effective market research plays a vital role in guiding strategic decisions, ensuring that your startup focuses on the most promising opportunities. It equips you with data to compare different options and make informed choices that align with market trends and customer preferences. This approach is far more reliable than relying on intuition alone.

For instance, imagine you are deciding whether to invest in a product that appeals to 30% of your target audience versus one that resonates with 60%. Without market research, you might miss the bigger opportunity. 

However, with research, you can confidently choose the option with higher demand, ensuring a better return on investment and more significant growth potential for your startup. This data-driven decision-making increases your likelihood of success by focusing your efforts on the most viable opportunities.

How To Conduct Effective Market Research For Your Startup

Conducting market research for your startup can seem overwhelming, but breaking it down into a few key steps will help you gather the right insights and set your business up for success. Here are three main steps to conduct effective market research:

1. Define Your Research Objectives

Before diving into the research process, it’s crucial to establish clear goals. What specific information do you need to gather? Are you trying to validate your product idea, identify target customers, understand market demand, or assess your competition? By defining your objectives, you ensure that your research is focused and relevant. For example, if your goal is to understand customer pain points in your industry, you'll want to prioritize surveys or interviews that allow you to capture that data.

2. Gather Primary and Secondary Data

Once your objectives are clear, it’s time to gather the necessary data. Market research involves two types of data:

• Primary Data: This is the data you collect directly from your target audience. It could include surveys, focus groups, interviews, or even online polls. These methods provide direct insights into customer behaviors, preferences, and needs.
• Secondary Data: This includes existing data available from industry reports, government publications, competitor analysis, and online databases. Secondary data helps you understand broader trends, market size, and competitor strategies without the need to collect data from scratch.

A balanced combination of both primary and secondary data ensures a well-rounded understanding of your market.

3. Analyze and Interpret Your Findings

The final step is to analyze the data you've collected and interpret it to make informed decisions. Look for patterns, trends, and correlations in the data that align with your research objectives. 

For example, if your survey data reveals that 70% of your target audience values eco-friendly features in products, it’s a clear signal to incorporate sustainability into your offering. Similarly, competitor analysis might reveal gaps in their product offerings, giving you a competitive advantage.

Once you have a clear picture of the market, use this information to refine your startup’s strategy, whether it’s shaping your product development, optimizing your marketing efforts, or identifying the best pricing strategy.

By following these three steps—defining your objectives, gathering primary and secondary data, and analyzing your findings—you can conduct thorough market research that will provide the insights necessary for making confident, data-driven decisions.

Conclusion

While the process of conducting market research is essential for your startup’s success, it can also be complex and time-consuming. Gathering the right data, analyzing it effectively, and making informed decisions require expertise and experience. That's where professional help can make a significant difference.

At Consainsights, we specialize in providing both readymade research reports and custom market research tailored to your startup's specific needs. Whether you need insights into a particular industry, target market, or competitor landscape, our team can provide you with the data-driven intelligence to guide your business decisions. 

Connect with us today, and let us help you navigate the complexities of market research, ensuring a strong foundation for your startup’s growth.

Looking to find the best market research companies in 2025? 

Here’s your guide to the top 14 firms that are shaping the future of business insights. 

These companies deliver expert data and analysis to help businesses make smarter decisions. Check out our list and discover who’s leading the way in market research this year

1. Consainsights

• Founded In: 2018

• Headquarters: Hyderabad, Telangana, India

At Consainsights, we are a data-driven custom market research company that helps businesses understand their markets better. We work with companies in many industries, including advertising, automotive, and technology.

We offer several key services:

• Custom Industry Research: We create research projects that are tailored to meet the specific needs of our clients.

• Top Market Leaders Analysis: We study the biggest players in the market to see what makes them successful.

• Company Analysis: We provide detailed evaluations of individual companies to help our clients understand their strengths and weaknesses.

Using the latest research methods and insights, we help businesses make smart decisions and find new opportunities. 

Our goal is to deliver real value and results. We work closely with our clients to understand what they need and help them achieve their goals.

2. Ipsos

• Founded In: 1975

• Headquarters: Paris, France

Ipsos is one of the largest market research firms globally, specializing in understanding public opinion through surveys and data analytics across various sectors such as media, advertising, marketing research, opinion polling, and social research. 

The company operates in over 90 countries with a diverse range of methodologies that include qualitative research techniques like focus groups as well as quantitative approaches like online surveys. 

Ipsos prides itself on delivering accurate insights that help clients make informed decisions about their products and services while enhancing their understanding of consumer behavior. Their commitment to innovation ensures they remain at the forefront of market research.

3. GfK

• Founded In: 1934

• Headquarters: Nuremberg, Germany

GfK is a global market research company that specializes in providing data and insights related to consumer behavior and market trends. With operations in over 60 countries, GfK offers a wide range of services including brand health tracking, customer experience measurement, and sales forecasting. The company's expertise spans various sectors such as technology, consumer goods, media, and healthcare. 

GfK employs advanced analytics and big data solutions to deliver actionable insights that help businesses understand their markets better and make strategic decisions. 

Their focus on innovation ensures that clients stay ahead of the competition by adapting quickly to changing consumer preferences.

4. Nielsen

• Founded In: 1923

• Headquarters: New York, United States

Nielsen is a global leader in audience measurement and analytics, providing insights into consumer behavior and media consumption. Initially focused on brand-based advertising analysis, the company has expanded to include radio and television ratings, becoming the standard for audience measurement worldwide. 

Its National Consumer Panel tracks shopping behaviors of millions of consumers, linking purchasing habits to demographic data. 

Nielsen offers a range of services, including data analytics and consulting, helping clients make informed marketing decisions across various industries such as media, retail, and consumer goods. 

5. Kantar

• Founded In: 1993

• Headquarters: London, United Kingdom

Kantar is a leading market research company that provides insights and actionable recommendations across various sectors, including consumer packaged goods (CPG), technology, and retail. 

The firm specializes in collecting qualitative consumer data in over 80 global markets through customized research surveys and panels from a network of over 150 million respondents. 

Kantar also offers healthcare professional and patient panels, expert survey design, and a do-it-yourself market research platform called Kantar Marketplace. 

This platform allows users to guide their data collection and analysis efforts independently. Kantar’s comprehensive approach ensures that businesses can adapt to market changes effectively.

6. Forrester Research

• Founded In: 1983

• Headquarters: Cambridge, Massachusetts, United States

Forrester Research specializes in technology and market research, providing insights that help businesses navigate digital transformation and improve customer engagement. 

The firm covers a wide range of topics, including consumer behavior, technology trends, and marketing strategies. 

Forrester offers advisory services and detailed reports to assist organizations in making strategic decisions. 

Known for its rigorous methodologies, its insights are utilized by leading companies to enhance their competitive advantage. Additionally, Forrester conducts surveys and interviews with industry leaders to gather qualitative data that complements its quantitative findings, enabling clients to understand both market dynamics and underlying motivations.

7. Gartner

• Founded In: 1979

• Headquarters: Stamford, Connecticut, United States

Gartner is a premier research and advisory firm focusing on IT-related insights. The company provides valuable data and analysis to help organizations make informed decisions about technology investments and business strategies. 

Gartner's research spans various sectors including IT, marketing, finance, and supply chain management. 

It is renowned for its Magic Quadrant reports that evaluate technology providers based on their ability to execute and completeness of vision. 

With a global presence serving thousands of clients, Gartner's analysts are recognized thought leaders who provide actionable insights through publications, webinars, and conferences. Their expertise helps organizations identify emerging trends and best practices driving innovation.

8. J.D. Power

• Founded In: 1968

• Headquarters: Troy, Michigan, United States

J.D. Power is known for its consumer insights and data analytics across various sectors such as automotive, finance, healthcare, and telecommunications. 

The company conducts extensive surveys to measure customer satisfaction and product quality, providing benchmarks that help businesses improve their offerings. J.D. Power's ratings are highly regarded in the industry and significantly influence consumer purchasing decisions. 

Their research methodologies focus on real-time feedback from consumers, allowing brands to adapt quickly to market changes. 

In addition to surveys, J.D. Power offers consulting services that help organizations implement strategies based on customer feedback while ensuring transparency in their insights.

9. Mintel

• Founded In: 1972

• Headquarters: London, United Kingdom

Mintel is a market intelligence agency specializing in consumer research across diverse sectors like food & drink, beauty & personal care, and technology. The company provides comprehensive reports that analyze market trends, consumer behavior, and competitive landscapes. Mintel's insights help businesses understand their target markets better and develop effective marketing strategies. 

With a focus on innovation and data-driven analysis, Mintel is a trusted resource for brands looking to enhance their market positioning. Their reports often include detailed forecasts and actionable recommendations based on extensive primary research conducted through surveys and interviews with consumers worldwide.

10. Civicom

Civicom is a market research services group offering both online and offline options for conducting various types of market research projects. 

This includes online focus groups, recorded in-person panels, mock jury trials, usability testing sessions, hybrid online/in-person focus groups, and more. Civicom also features an AI-powered report generation tool called Quillit that enables clients to create summaries and format documents efficiently while ensuring compliance with GDPR and HIPAA regulations. 

Their ability to facilitate hybrid focus group sessions makes Civicom an adaptable choice for businesses looking for tailored market research solutions.

11. Mordor Intelligence

• Founded In: 2014

• Headquarters: Hyderabad, Telangana, India

Mordor Intelligence is a leading market research and advisory firm that specializes in providing comprehensive market intelligence across various industries. 

With a team of over 550 domain experts and specialists operating in more than 150 countries, the company delivers both syndicated and custom research reports tailored to meet the unique needs of its clients. 

Mordor Intelligence serves a diverse clientele, including over 5,500 organizations, many of which are Fortune 500 companies. 

The firm focuses on sectors such as aerospace, automotive, healthcare, consumer goods, and technology, offering insights that empower businesses to make informed decisions. 

Their services include market sizing, competitive analysis, and trend forecasting, all designed to help clients navigate complex business ecosystems effectively. 

With a commitment to quality and reliability, Mordor Intelligence has established itself as a trusted partner for organizations seeking actionable insights to drive strategic growth.

12. Kantar IMRB

• Founded In: 1970

• Headquarters: Mumbai, India

Kantar IMRB is a prominent market research agency specializing in providing insights across various sectors such as media measurement and social research within India. 

The firm employs both qualitative and quantitative methodologies to gather data from diverse demographics using advanced technologies like mobile surveys and online panels. 

Kantar IMRB's comprehensive approach allows clients to access actionable insights that drive strategic decision-making processes effectively while adapting to the rapidly changing market landscape.

13.  Market Xcel Data Matrix Pvt Ltd

• Founded In: 2000

• Headquarters: New Delhi, India

Market Xcel is an established marketing research firm offering comprehensive solutions tailored to client needs across various industries including FMCG (Fast-Moving Consumer Goods), healthcare & pharmaceuticals among others. 

They specialize in both qualitative and quantitative research methodologies utilizing advanced technologies for data collection like CATI (Computer-Assisted Telephone Interviewing). 

Market Xcel has built a reputation for delivering high-quality insights quickly due to its robust infrastructure which includes multiple offices across India.

14. Majestic MRSS

Founded In: Not specified

Headquarters: Mumbai, India

Majestic MRSS is recognized as the largest independent market research agency in India specializing in both qualitative & quantitative research methodologies across numerous sectors including FMCG & healthcare among others. 

With an extensive network of field researchers combined with advanced technological tools for data collection like CATI stations spread across Asia-Pacific regions they ensure reliability & validity checks while maintaining faster turnaround times on projects undertaken by them.

Final words

Hiring Consainsights for custom market research offers tailored insights specific to your business needs, ensuring relevance and actionable data. 

Our in-depth understanding of consumer behavior and market trends provides a competitive advantage, enabling informed decision-making. 

We help you minimize risks and optimize strategies, ultimately enhancing your return on investment. With flexibility to adapt as your business evolves, our ongoing support ensures you remain equipped to navigate market complexities and seize new opportunities. 

Contact Consainsights to empower your growth and success in any industry.

Market research is a crucial activity for any organization, whether you're a small startup or a large corporation. It helps businesses understand their target audience, stay ahead of trends, and make data-driven decisions. 

At Consainsights, after working with hundreds of clients and researching over 10,000+ markets, we have refined a strategic approach to market research. In this article, we’re excited to share our proven 5-step market research process that has helped companies unlock valuable insights and achieve measurable growth. 

But before that, let us understand the basics of market research:

What Is Market Research?

Market research is the process of gathering, analyzing, and interpreting information about a market, including information about the target audience, competitors, and the overall industry. It helps businesses understand market trends, customer behaviors, preferences, and the competitive landscape. 

This information is crucial for making informed decisions, such as launching new products, refining marketing strategies, and identifying business opportunities.

Market research can be divided into two main types:

1. Primary Research: Involves directly collecting data from potential customers or other relevant sources through surveys, interviews, focus groups, or observations.

2. Secondary Research: Involves analyzing existing data from sources like industry reports, government publications, academic studies, and competitor websites.

By conducting market research, businesses can reduce risks, improve products, and tailor their strategies to meet customer needs effectively.

Steps To Perform Market Research

Now that you have a clear understanding of what market research is and why it’s essential for business success, we’ll walk you through our proven 5-step market research process.

1. Define the Research Objectives

The first step in the market research process is to clearly define your research objectives. As an organization, you might require market research at various stages of your business journey—whether you're launching a new product, expanding to a new location, or even starting your own organization. The purpose of the research will guide how you approach the next steps. 

For example, if you're exploring a new market, your focus might be on understanding customer needs and preferences. If you're evaluating a product launch, you might want to assess competitors and market demand. 

By defining clear and specific objectives, you ensure that your research is aligned with your goals and delivers actionable insights.

2. Identify the Target Market

Once you’ve defined your research objectives, the next step is to identify your target market. Understanding who your customers are is essential for gathering relevant insights. 

This involves segmenting your market based on factors such as demographics, geography, behavior, and psychographics. By identifying the specific group or groups of people you want to reach, you can tailor your research efforts to gather the most valuable information. 

Whether you’re targeting a niche audience or a broader market, a clear definition of your target audience ensures that your research findings are meaningful and directly applicable to your business objectives.

Also Read: How Much Does Market Research Cost?

3. Collect Data

Collecting data is often one of the toughest steps in the market research process. There are various methods and processes involved in gathering accurate and relevant data, and it can be a time-consuming task. 

The quality of the data you collect plays a crucial role in the success of your research, as it directly impacts the insights you derive. At Consainsights, we understand the challenges businesses face when collecting the right data. 

That’s why we’re here to help. With our custom market research services, we support businesses across 20+ industries in collecting high-quality, relevant data that meets their unique needs. Whether it’s through surveys, interviews, or data analysis, we ensure you get the information necessary to make informed decisions.

4. Analyze the Data

Once you’ve collected the data, the next crucial step is to analyze it. This can be a complex process, as it involves sorting through large volumes of data to uncover patterns, trends, and insights that align with your research objectives. 

Analyzing data requires a deep understanding of both the numbers and the context, making it a task that often benefits from expert assistance. At Consainsights, we specialize in data analysis as part of our market research services. 

Our team of experts is skilled at transforming raw data into meaningful insights, helping you make informed decisions and drive your business forward. Whether it's identifying customer preferences, market trends, or competitive advantages, we ensure your analysis delivers actionable outcomes.

5. Interpret and Present Findings

The final step in the market research process is to interpret and present your findings in a way that makes sense for your organization. It's not just about gathering data and analyzing it; it's about turning those insights into actionable recommendations. 

At this stage, you'll need to translate complex data into clear, understandable conclusions that can guide your business decisions.

For example, suppose your market research indicates that 65% of your target audience prefers eco-friendly products, and 40% of them are willing to pay a premium for sustainable options. With these findings, you can interpret that there is a strong market opportunity for launching an eco-friendly product line. 

You can present this data in a report with visual aids like graphs, charts, or infographics to make the findings easier to understand and more impactful for decision-makers.

At Consainsights, we ensure that our research findings are presented in a way that provides clear insights and practical recommendations. Whether through detailed reports or interactive presentations, we help you make data-driven decisions that align with your business goals.

Conclusion

Market research is a powerful tool for driving business growth and making informed decisions. By following a structured process—defining objectives, identifying your target market, collecting data, analyzing it, and presenting findings—you can gain valuable insights that shape your strategies and ensure success.

If you're looking for custom market research tailored to your specific needs, our team at Consainsights is here to help. 

With expertise in industries such as Agriculture, Technology, Retail & E-commerce, Business Services, the Public Sector, Food & Beverages, and many more, we can deliver research solutions that meet your unique requirements. Connect with us today to discuss how we can support your business with actionable market insights.

The way businesses are making decisions today has changed. Guesswork and assumptions no longer cut it in a competitive market. Whether you’re launching a new product, expanding to a new market, or trying to understand customer behavior, market research is the difference between making a smart move and taking a blind risk.

Think about it—would you invest in a product without knowing if people actually want it? 

Would you spend money on marketing without understanding what attracts your customers? 

Market research helps you answer these questions with real data, not just instincts. In this blog, we’ll explore five key reasons why market research is essential for any business that wants to grow strategically and avoid costly mistakes.

Reasons Why You Should Perform Market Research

Based on our experience of conducting over a thousand custom market research studies, we’ve seen firsthand how businesses benefit from data-driven insights. Whether it’s refining a product, identifying the right audience, or staying ahead of competitors, market research plays a crucial role in making informed decisions.

Below, we’ve listed some of the most important reasons why conducting market research is not just valuable—but essential—for business success.

1. Understand Your Target Audience Better

Let’s say you’re launching a D2C brand for solid perfumes. You have a unique formula, sleek packaging, and a vision to stand out. But do you know who your ideal customers are? Are they young professionals looking for a travel-friendly option, or are they eco-conscious buyers who prefer sustainable packaging?

Market research helps you find these answers. By analyzing customer preferences, shopping habits, and pain points, you can position your product effectively. For example, if research shows that your audience values long-lasting scents but dislikes synthetic ingredients, you can highlight the natural, long-wear aspect of your perfume in your marketing.

Understanding your target audience ensures that your product, messaging, and branding resonate—making it easier to attract and retain customers.

2. Minimize Business Risks

Imagine you're investing in a solid perfume D2C brand and planning to produce 10,000 units for the first batch. Without market research, this could be a huge gamble. What if the demand isn't as high as you assumed? What if customers prefer certain scents over others?

Let’s say you conduct a survey with 1,500 potential customers and find that:

• 65% prefer fresh, citrusy scents over musky or floral ones.

• 40% worry about residue from solid perfumes on their skin or clothes.

• 70% would pay more for an all-natural, non-greasy formula.

With this data, you avoid risky decisions like producing scents that won’t sell or using ingredients that customers dislike. Instead of blindly manufacturing 10,000 units, you could start with a limited batch of 2,000, focusing on the most preferred scents and refining your formula.

Market research helps you test assumptions before making costly mistakes, ensuring your business decisions are backed by real consumer insights—not just intuition.

3. Identify Market Opportunities

Market research isn’t just for new businesses—it’s equally important for established ones looking to expand. Whether you're launching a brand or already selling a product successfully, research helps uncover untapped opportunities.

For example, if you're selling handcrafted leather wallets in India, research might reveal a growing demand for premium, handmade leather accessories in markets like the UAE or the UK. By analyzing consumer preferences, pricing expectations, and competitor presence in these regions, you can identify whether expanding internationally is a viable move.

Similarly, if you're a new business, research can help pinpoint niche markets, trending customer needs, or gaps in the current offerings. Instead of entering a saturated space, you can find high-demand, low-competition opportunities—giving your business a stronger chance at success.

4. Stay Ahead of Competitors

In any industry, competition is inevitable—but staying ahead requires proactive research, not just reactive decisions. By actively researching market opportunities and trends, you can work on multiple fronts, including:

• Product Innovation – Identifying new features or improvements before competitors do.

• Pricing Strategy – Understanding what customers are willing to pay and adjusting pricing to stay competitive.

• Brand Positioning – Finding gaps in competitors’ messaging and creating a stronger brand identity.

• Customer Experience – Learning from competitor weaknesses to enhance your service and retain customers.

For example, if you’re in the organic skincare industry, market research might reveal that consumers are shifting towards refillable packaging due to sustainability concerns. By adopting this trend early, you not only differentiate your brand but also attract eco-conscious buyers before your competitors do.

5. Improve Marketing Effectiveness

Marketing today is all about data-driven decisions. If you don’t have a clear understanding of your market—who your customers are, what they want, and where they spend their time—you’re essentially shooting in the dark.

For example, if you're launching a plant-based protein supplement, market research can reveal:

• Which age groups are most interested in plant-based nutrition.

• Whether they prefer Instagram, YouTube, or health blogs for product discovery.

• What concerns they have—taste, protein content, or price.

With these insights, you can fine-tune your messaging, choose the right platforms, and create campaigns that truly connect with your audience. Without this knowledge, even the biggest marketing budgets can go to waste.

Market research ensures that every ad, every piece of content, and every campaign is designed to attract the right people and drive real results.

Can AI Tools Help in Market Research?

With tools like Deepseek gaining massive attention(over 10 million app downloads) just months after launch, many businesses are wondering—can AI replace market researchers?

The short answer: No, not entirely.

AI tools can analyze large datasets, track trends, and generate insights quickly, but they rely on existing information. If a market hasn’t been deeply studied or if you need highly specific, custom insights, AI alone won’t be enough.

That’s where experts like Consainsights come in. They provide custom research reports, dive into unexplored markets, and offer strategic recommendations that AI simply can’t. While AI can speed up the process, human expertise is still crucial for understanding context, verifying data accuracy, and making informed business decisions.