Grave business problems can be tackled early by sniffing for potential opportunity gaps. The question arises of when should the bell ideally ring in the head? How should we respond to the alarming bells?
Confused over the stagnation of your business growth?
Market gaps serve as extremely good sources for inspiring a business development idea. Make deliberate improvements when you know why customers use an existing feature and what they appreciate about it. Making specific modifications to improve the feature or discarding the feature entirely for better sustenance is an alternative to resort to. Identifying unsolved issues is a major chunk of the pie and can get graver if not met with timely addressable. Customer grievance is one such area which worked upon rigorously and implementing effective strategy/policies can ensure customer retention.
Can you afford to ignore your Opportunity Gaps?
The benefits of closing opportunity gaps are clear, but the risks of neglecting them are just as real. The peril lies in your brand assigning resources to opportunities that don’t generate returns.
If your brand must pivot to capitalize on an opportunity, it’s crucial to know that the efficiency is maintained at the highest level possible. The positive aspect is that identifying and closing opportunity gaps tends to generate high returns — and sometimes more cost-effective than investing in new projects altogether.
We at Market Search India enable clients to understand and realize the significance of market gaps through a thorough study of your brand and the market sentiment around its prevalence.
Based on a past study conducted for a leading auto component manufacturing company
Maintaining employee engagement across the organization is a task especially when it comes large scale manufacturing set ups. Engaged employees contribute energetically, enthusiastically and passionately over and above their jobs
Let’s not forget how COVID-19 has affected every sector of the corporate world and forced organizations to work from home, while most of the corporate sectors did have the flexibility to adapt to work from home, few industries did not have any choice and had to work on-site
We partnered with one of the largest manufacturer of auto component products in India with 17 companies spread across 24 locations. The requirement was to measure satisfaction of employees across the group.
Market Search India helped them establish a robust research plan. With our “Employee Engagement Module” we evaluated the current engagement level and suggest a corrective action plan to increase employee engagement level.
Highlights of the study
This customized study enabled the client to gauge the employee engagement level and take corrective measures on the concern areas. This study also helped the client to identify the motivating factors to boost the engagement level.
Other than Automotive, we have also worked with the clients across the industry verticals like Construction equipment, Electronics, Healthcare, IT, Pharmaceuticals, Real estate, Retail, Shipping, etc.
Richard Branson put it best: Customers come second, employees first. It’s a philosophy that brings unexpected benefits to both the company and its clients. If your employees are not going to be happy they are not going to be productive neither is it going to benefit your company! Don’t you see that’s a big problem!
So how would identify your internal customer is satisfied?
Our client decided to gauge the satisfaction of their employees by thorough research. The client partnered with Market Search India to execute this online employee engagement study across the organization. The company is a Japanese manufacturer of optics and reprography products. Initially specializing in microscopes and thermometers, the company holds roughly a 70-percent share of the global endoscope market.
For the client, the engagement index score was higher than the engagement level which is usually found the other way. Brand image of the company, affinity towards the organization, alignment and direct managers are the major contributors to the same. The company still needs to perform better on performance & rewards, compensation, growth enabling environment and work life balance.
The study recommended the client to improve on its Hiring & Pay Policies to make sure that the right people are recruited and good people are not lost because of compensation issue. Employees should be provided professional development opportunities which would upgrade their skills.
Market Search India has supported many clients for conducting Employee Engagement Studies across various sectors including Automobile, Construction equipment, Electronics, Healthcare, IT, Pharmaceuticals, Real estate, Retail, Shipping, etc.
Just because the past didn’t turn out like you wanted it to, doesn’t mean the future can’t be better than you ever imagined.
Don’t rush in calling up your clients and push-sell your product or service. Apply this strategy to successfully turn them into active and loyal customers.
Sounds Interesting right? Read on!
Your customers drive your business, which is why it’s so important to note how they interact with your brand. Don’t just reach out to them when you want their business; find ways to continuously connect with and show them that you care.
Here are 5 effective ways to connect with your customers and build lasting relationships that can keep them loyal to your brand.
Don’t use one size fits all strategy – Customizing your user interactions improves relevance and authenticity. Do not group all your customers as one category but rather understand their perceptions and communicate accordingly
Go above and beyond – Going above and beyond for customers can increase their perception and loyalty to your business. Offer special discounts for customer loyalty, recommend specific products based on what you know about customer’s interests, and always remedy an unpleasant experience.
Follow up – Following up with customers communicates to them that they matter, and it helps you identify poor customer experiences.
Use social media as your strength – Create social media accounts on the platforms where your customers are. Respond quickly to questions and concerns that come in from customers through these channels.
Survey your customers – A very important step of the process is surveying your customers as this helps you gain insights about your customers and helps improve your offerings. This can result in higher sales, which means more money in your pocket.
You can gain value based insights about how your customers react to your ways of communication and much more!
Studies show that one of the most effective ways to receive honest and candid employee feedback is through an employee engagement survey. Our surveys ensure 100% confidentiality while providing leaders with actionable insights about the organizations strengths and weaknesses.
It’s easy to see why leaders invest in the employee engagement survey process, but what do employees think?
With an experience of more than 100+ surveys analysis in the course of the years and found out some employees love the process, but at the same time some of them feel it’s a complete waste of time.
But why is that? Shouldn’t all employees value a process that is designed to make their opinions be heard and ultimately improve their work experience?
Well here is what the “I love employee engagement survey” category of people feel.
When an organization carries out an employee survey, It gives the employee a voice to express. It shows that the opinion of the employees is valued. The key now is to follow up and act on the opinions and feedback received with the help of the survey.
And now let’s see what “I hate employee engagement survey” category of people feel.
When organizations survey and leave the results to wither on the vine, employees actually become more disengaged, defeating the purpose of surveying entirely. Organizations must carefully consider employee feedback, address it, and communicate what changes were made based on the survey results. Which is why follow up after carrying out a survey is very important.
Want to effectively conduct an employee engagement survey?
Get in touch with us! We are just a phone call away.
If you want to get people to buy your products, you need to understand how consumers make purchasing decisions. Some 87% of buying decisions begin with research conducted online. In order to continue attracting your target audience, you need to keep up with the wants and needs of customers.
This can be a real challenge if you don’t understand the factors that influence consumer purchasing decisions.
According to our understanding and expertise we have noted the 3 very influential factors that affect the consumers buying decisions.
1. Product or service review:
Many studies in recent years have confirmed what we already know: People read reviews and decide what to buy based on them. Very few consumers are going to blind buy a product or service based on the content they’ve come across on your website. No matter how effective and well communicated your demonstration videos are customers will look at the review sections first and check what kind of rating your product has.
Well it’s a fact – consumers aren’t going to feel comfortable buying a product or service unless it has good reviews!
So start gathering reviews on your site. That said, don’t delete negative reviews. They actually help sales if there are only a few of them and they’re politely worded.
Even though social media and the Internet rule, customers make purchase decisions using a combination of old media, new media, and conversations with friends and family. They may ask someone in person for a recommendation or ask online, via social media, online chat, or email. It’s one of the reasons why it’s so important to continue targeting existing customers.
If you have a website, incorporating a section or creating a landing page specifically for customer testimonials can give your leads an idea of what to expect when they partner with you.
3. Social media:
Having a social media presence is incredibly important because so many consumers will turn to social media as a way to do research. These influences are the reasons why people are easily enticed to follow trends. A brand with no social presence, or one that doesn’t regularly engage with the community is not going to make as good of an impression on consumers.
If a person sees that others are enjoying a specific product, he or she will have a subconscious desire to own one.
The effects of social media on consumer behaviour cannot be ignored by brands and businesses.
That’s all folks.
Interact, engage, and influence your new customers to become loyal customers.
If you have any doubts about how to enhance your business, gain more customers, and generate more revenue, do get in touch with us. We are just a phone call away.
HR function becomes quite critical in case of emergency or unexpected situations like this COVID pandemic.
The study was conducted for understanding employee feedback regarding the HR function of their company was initiated in the early phase of lockdown and the client have shown their courage and firm decision to launch the survey even if the organization was undergoing a transition from normal to WFH situation and lockdown restrictions.
For them, the objective of the study was to understand the level of satisfaction of their employees with HR function of their organization and extended support provided during the lockdown period. To our surprise, 80% participation of the employees in the survey during this transition phase was quite encouraging. The overall satisfaction index was also close to the manufacturing industry benchmark which was quite appreciating.
Of the various key indicators, HR policies and procedures, Information sharing, and HR tools had shown higher satisfaction whereas areas for improvement were Implementation, L & D, and PMS. This shows that even if you are having good policies in place, these have to be implemented in a proper way and at the right time. Employees need to be kept engaged, motivated during a changing working environment.
Employees should be able to find their career path growing along with the company and their efforts should be recognized. Employees look for transparency in their assessment and to participate in training for technical skill enhancement.
They would prefer to work remotely but not in silos!!!
They look forward to retain the connection with their teammates/ senior management through regular virtual meetings and clear communication. Team building activities, recreational activities should be conducted to boost morale and take care of the emotional strength of the employees.
According to them, HR should understand the pulse of the people and act accordingly. Compensation and increments should be designed based on performance.
Constant feedback is the only way for continuous monitoring of employee performance, emotions, sentiments, and wellbeing. Online confidential surveys are the best way to keep communication ongoing and measuring pulse of people which would help organizations to take wiser strategic decisions and grow and in a way make it ready for tomorrow.
We conduct similar HR function related studies like employee wellness study, 360-degree feedback study, employer branding study, inter-departmental satisfaction study, etc.
Workforces and leaders returning to an office setting in the wake of COVID-19 are confronting significant concerns, such as the following:
What will social distancing look like in the office setting?
Will safe practices allow for effective in-person communication?
Can I balance working from home with work on-site?
As an organization, how will we respond to societal and cultural changes in the wake of the pandemic?
What accommodations will organizations make for high-risk team members or those with high-risk family members?
Such worries and fear can threaten the team member’s job satisfaction, productivity, and wellness—in the workplace and beyond.
Organizations should follow the 4C’s to deal with the current situation:
Communication – Prioritizing communication is integral while working from home. Regular conversations with team members go a long way in picking up early signs of anxiety and make more space for taking and giving feedback during this time.
Caution – Employees are experiencing a range of concerns about their wellbeing, how to cope if they fall ill, or simply how they will get work done if they are unable to travel to their workplace? Listen to them – listening to employees during distressing times is an important signal that the company cares.
Compassion – With personal and professional work lines blurring, employees are juggling new responsibilities, fears, and problems, and they need to hear their leaders that they understand, that they have the full support of their organization. Hence the role of a leader gets more critical.
Care – Introduce initiatives that are aimed at improving the wellbeing of employees – provide upskilling opportunities to employees via online courses and webinars, announce wellness initiatives focusing on the mental health and fitness of employees. Such initiatives build trust and resilience among the employees helping them meet the demands of the changing environment and make organizations future-ready.
As the pandemic resets major work trends, HR leaders need to rethink workforce and employee planning, management, performance, and experience strategies.
Companies will have even greater challenges in helping employees stay engaged when the workplace begins to move back to offices, which is already in progress.
The imperative for HR leaders is to evaluate the impact each trend on their organization’s operations and strategic goals, identify which require immediate action, and assess to what degree these trends change pre-COVID-19 strategic goals and plans.
Market researchers are constantly looking for trends in other industries — but staying at the forefront of your own sector is just as important. With the industry continuing to grow, and data-driven decision-making taking on more cachet in every industry, there are great opportunities for forward-thinking market researchers.
This is obviously not an exhaustive list, but we think it’s a great starting point for thinking about investments in 2020 and beyond
Artificial Intelligence as a Service
For a long time, artificial intelligence (AI) has existed only in the realm of research institutions, corporations and governments. However, the rapid progress done on technologies like machine learning, relational databases, deep learning, and neural networks mean that AI is already a reality.
Improved Customer Experience to sustain brand loyalty
2020 will be the year of the customer. We’re seeing a major shift in faith about what marketing actually is. It’s no longer about trying to convince people to buy from or work with your company. Instead, the priority has moved towards providing fantastic customer experiences that will keep people coming back for more.
If systematic and friendly service is the keystone of great customer experience, how do we ensure we are providing this? It is of course, is in your employees. Your employees are the human face of your brand, so concentrating on interactions between your employees and your customers should be a key part of your marketing strategy.
Visualization as an important feature
With an explosion of smart speakers and voice search in recent years, you’d be forgiven for thinking that “readable” content is more important than visuals and design these days. While advancements in voice search are certainly influencing the way that we’ll create content now and in the future, you shouldn’t neglect visual content either. Research has proven that people favor visual content to plain text. You just have to look at the growth of image-focused platforms Pinterest and Instagram to see the proof of this.
Personalization of surveys
Increased data collection and development in technology have already had a huge impact on the level of personalization that is possible and on what consumers expect from their interactions with brands. Today’s consumers are flooded with marketing messages from multiple channels to the point where they have started to tune them out. Traditional advertising is losing its effectiveness.80% of consumers said that they’d be more likely to do business with a brand that provides a personalized experience.
These quick polls have long been carried out everywhere from shopping centers and cinemas to pubs, cafes and restaurants. These intercept surveys are short and satisfying to fill out, yet can yield useful customer insights which can inform and enrich branding strategy. Social media polling tools and real-time SMS data collection practices are expected to grow increasingly commonplace as more and more of our time online is spent socially — whether we’re scrolling through our Twitter feeds or watching videos on YouTube.
Many of these trends have been bubbling underneath the surface for the last couple of years. And are now ready to take center stage. Getting a handle on the key trends for market research will position you well to assist your brand with sensible consumer insight
That wraps up the main trends we feel are booming in the research industry in 2020.
While many of us had huge plans for the year 2020, the year apparently had a different plan for us. India went under lockdown from 25th March to contain the spread of the coronavirus outbreak which lead to restricted movement of goods and put a hold on the functioning of industries. As a result, companies that sell fast moving consumer goods (FMCG), as well as retailers of such goods, saw severe disruptions across the value chain.
Companies are struggling to keep pace with new shifts and disruptions in the procurement and supply chain processes.
Businesses are being shut, and the supply chain is disrupted. Industries are either closed or operating at sub-optimal utilization (with 8-10% of staff).
Companies in the healthcare, logistics, technology and media sectors are witnessing an increase in spending because these companies had to invest in unplanned remote workforces which became functional virtually overnight. Retailer supply chain happens to be one of the most crucial ones to be impacted by the pandemic and the on-going lockdown.
While many are losing jobs and many retail stores have reached the verge of shutting down, the lockdown is probably proving to be boon for the food retailers. Grocery as well as medical stores have seen a sharp rise in demand but due to the situations they were facing severe constraints of stock replenishment as company salesperson visits were severely hit.
While the online food and grocery stores are stepping up their operations to supply essentials to the masses, the overall food supply chain is battling a number of challenges to stay functional.
Retailers reported changes in the demand profiles of specific products, as shoppers’ behavior changed in response to the outbreak of COVID-19.
How the lockdown has affected the supply chain?
• Sourcing challenges
• Fewer sales channels for the raw material producers and farmers
• Capacity constraints
• Operational disruption
While various factors are forcing logistics and supply chain networks to adapt and rise to the challenges, going forward in order to ensure that if a situation like this pandemic is to rise again, companies across all sectors will be working on innovative ways with use of technology to smoothen the supply chain disruptions and have better visibility and communication.
The end goal ideally would be to ensure that the customer regardless of the situation should have access to the products they need.
Unfortunately, the road to recovery is not as straight forward as we expect.
Interested in more market-specific insights on the impact of Covid 19 on the supply chain system?
Partner with us to get solutions to how you can prepare for the new normal post-Covid-19.