Market Research (MR) companies have formed an important segment of the corporate services space. Communication technology has changed significantly over the past two decades and so have the customer engagement strategies of companies. Earlier the engagement was more static and one sided, but today, this is dynamic, with a continuous conversation happening between the consumers and the companies, credit goes to Mobile platforms and Big Data. Naturally, to adapt to this new market reality, the Market Research companies have had to observe newer insights to address needs of their clients. Team Estrade spoke to Jasal Shah – Founder, CEO & MD of Velocity MR and learnt incredible insights into the ever changing world of market research. Jasal Shah is an MBA graduate from the Institute for Technology and Management and has worked with leading agencies like IDC (International Data Corporation) and IMRB International (Part of the Kantar Group, WPP’s information, insight and consultancy division). He specializes in technology related market research. He has also served as the council member of most prestigious global market research association – ESOMAR. Currently, he lives with his wife and sons in Bangalore. Following are the excerpts of Team Estrade’s interaction with Jasal,
About Velocity MR: Cross Marketing Inc; a Tokyo stock exchange listed company recently launched a new age research company called “Velocity”. The idea was born out of the conviction to provide insights and meaningful research quickly from all parts of the world and all walks of life. Velocity operates with a fully customized approach, tech driven methodologies, innovative differentiators and a compelling value proposition. The tech driven methodologies they use enables quick turnaround time and high quality data.
Velocity has unparalleled research capabilities thanks to their real time web based computer assisted telephone interviewing (CATI), strong field force and responsive client servicing team. They offer custom quantitative and qualitative research solutions which enables market segmentation and profiling, living up to their motto of “Igniting Insights”.
With today’s digital marketing innovations, their mission is to be a client-centric global force by providing cost-effective, data driven & impactful research solution to our clients by providing an uncompromising time-frame. In a world where unstructured data is not confined, understanding consumer behavior is no easy. Following trends with the available platform is more challenging, our focus lies on delivering world-class solution to the clients in a stretch of time”.
Tell us about Velocity? How did you start this company?
Velocity is a new age market research company. The idea was born out of the conviction to provide insights and meaningful research quickly from all parts of the world and all walks of life. Velocity operates with a fully customized approach, tech driven methodologies, innovative differentiators and a compelling value proposition. The tech driven methodologies they use enables quick turnaround time and high quality data.
“Globally the MR industry is growing at 2% – 3%.”
What are your products and services?
We help businesses grow and successfully navigate the challenges posed by their competitors and other economic variables through quality insights. Our tech-driven methodologies help us achieve quick turnaround time and with the help our resources with global experience, we are able to serve clients from across the sector. We offer custom quantitative and qualitative solutions which are tailor made to suit our clients’ needs. Our solutions are indicated below:
- Advertising and communication research
- Tracking studies
- Market Segmentation and Profiling
- Customer satisfaction
- Qualitative Services
- Quantitative Services
- Product and Pricing
- Brand Studies
What is your geographical range?
Currently, our reach is within the precincts of India but we are gradually spreading our wings and would soon enter other geographies as well, since we have the capabilities to reach global market through our well established parent company.
What is the size of the market you are currently competing in, both in India and the world?
Globally the MR industry is growing at 2% – 3%. While this rate is led by US and Europe, other emerging / established economies like India, China and Brazil are growing at a significantly higher rate. This could be in the region of 8% to 10%, but it becomes difficult to assess the actual rate of growth due to the dilution of the lines between traditional MR agency and the hybrid companies which cater to Analytics as well.
“‘generalized’ approach to research questions will not yield any meaningful insights”
Who is your client? What is your marketing strategy?
Since we are an insights provider company, our clients could be from any sector viz. E-commerce, FMCG, Finance/Banking, Healthcare, Media, Real Estate, Travel, Telecom, Retail et al – they all need insights in this highly competitive market where every brand is trying to get the maximum pie from its customers and today, its more than imperative to know your customers better than what others know. This is what will help you take best tactical and Strategical decisions.
We strongly believe in letting our clients speak for us, as we patronize their goal as ours and that really helps.
“Our client base has expanded to E-commerce, Banking/Finance and FMCG sectors.”
What is Velocity’s unique value offering? What is key differentiating factor/variable? Who is your competition?
Velocity is catering to the new age company that believes in a fast turnaround of research projects rather than a ‘tool’ based research approach. It believes that India has become such a dynamic market that a ‘generalized’ approach to research questions will not yield any meaningful insights. Instead, the need is to truly understand the immediate (Short / Medium term) dynamics of the client’s business, and deliver bespoke research solutions with immediate actionability.
Market Research companies in India and abroad are our competition broadly.
Companies from which particular industry/segment form the majority of your customers?
Though we are in our initial phase, but our client base has expanded to E-commerce, Banking/Finance and FMCG sectors.
What is the biggest challenge faced by your company currently?
As we are expanding, it is important to find talent that resonates with our requirements and that possess client-centricity in its approach.
Who are your investors? What would you advise to other start-ups before they start scouting for investors?
The Company is a 100% subsidiary of Markelytics and Cross Marketing Inc., a Tokyo Stock Exchange listed company.
What is your vision for your company, in terms of,
- Near term future, over the rest of 2017
- Long term, over the next 4 years or so.
- Our target is to increase client base and focus on an organic growth for the company.
- We are aiming to become a prominent brand in the insights space, additionally, technology is the focal point and this gives quick turnaround time and accuracy with unmatched capabilities. We wish to ride high on these and ensure that our insights help businesses grow and succeed. Courtesy our parent company, we also aim to leverage their global outreach.
We see ourselves as trend-setters in terms of a) fast turnaround of research projects, b) innovative research solutions and c) transparency in research practices. In five years’ time, these entire attribute will become a ‘hygiene’ factor in assessing the capabilities of any MR agency, and Velocity would be known as an agency that will tick all these boxes.
Our Vision: Our vision is to become an insight provider with technology as its focal point, which brings in quick turn-around time and accuracy with unmatched capabilities to serve various sectors.
“We see ourselves as trend-setters” – Jasal Shah, Velocity MR