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Market Insight Consultants

Market Insight Consultants

Market Insight Consultants (MIC) was founded on 6th June 2002 by Sanjay Nagi, an engineer from IIT Roorkee. MIC commenced as a proprietorship firm and then in 2013 it was  converted to a private limited in the name of Tomorrows Market Innovators Private Limited. MIC is  driven by the passion of the founder and its people, many of whom have been with the company for  over 5 years. Being a value driven company, the core values that distinguish it from the others are:

SATYA – a passionate commitment to Truth
DHARMA - keeping the duty above self
HARSH – ensuring the happiness of clients
ANURAG – having the winning instinct in every endeavor

MIC is also very uniquely positioned in the research industry which is dotted with just “form filling agencies”. MIC maintains a distinct position of a Decision Support Firm.

Addressing the Market Challenges

In a depressed economy with few promoters seeking to diversify or set up new plants, the overall business is going down in a macro sense. Even large clients who would usually set aside a bigger budget for market research are reducing their spends. This has impacted the market quite a bit but at the same time a new market for startups has emerged. The need of the hour for companies is to innovate on their technical and commercial offerings to cater to this market. As a forward looking company MIC has made innovations and is willing to work at costs + stake in business, something that is unheard of in the industry till now.

MIC has already innovated its business model to even take stakes in the clients business if the client is not able to give the desired fixed fee. The company has also commenced a “Lean culture” and has put cross functional teams to identify the waste and minimize it. This has led to enhanced competitiveness for the company. MIC has also commenced a market process outsourcing division which will outsource the entire process from SMEs.

On the people front, MIC has rationalized the manpower and drawn up capability matrices for its employees. MIC employees are knit together in a very unique culture of co- ownership and entrepreneurship and that has enabled it to retain and grow the people. MIC is now introducing variable salary structures also.

Services

MIC offers all range of decision support research services to its clients. These are principally in 3 buckets:
Bucket 1 – Market understanding/ assessment/ feasibility/ access range of studies
Bucket 2 - Market strategy/ GTM strategy/ brand architecture range of studies
Bucket 3- Customer satisfaction / employee satisfaction / dealer satisfaction studies

Most of the services are tailor made for clients and MIC has the highest range of services including location Search services/ dealer assessment services/ market process outsourcing services etc.

The Differentiating Factors

MIC scores over its competitors in terms of brand reputation built on ethics. Those who want cheap work and just form filling are not in the radar of MIC. Those who wish to have cost effective research backed decision support are. The second differentiator is that majority of work is done in house as compared to using free lancers on a per day basis. Also, MIC can work in ANY sector – b2b or b2c or luxury or social enterprise. With a very high service range, MIC is probably the only company that is willing to implement its reports.

Clients

MIC serves groups like TATA, GMR, GVK, Mahindra, Godrej, Jaypee and over 50 foreign companies who have got into India with assistance of MIC. The company also serves Ministry of Science & Technology in developing an Innovation Index on a national scale.

The Organizational Structure

  MIC culture is typically:
• 100 percent transparency
• High employee spirit and motivation
• Great team work
• Zero politics
• Controlled flexibility
• No micro management
• Fun at work
• Rewards / recognitions and reprimands

MIC basically innovates on its products and develops new indices but that rarely involves employees. Employees are more involved in process innovation like how to reduce waste, how to handle multi tasking, how to ensure before time delivery etc. SOPs are developed quickly, people trained and then the innovation gets rooted in the company and this cycle goes on.

The Road Ahead

Market process outsourcing is a big vehicle for MIC’s growth. The company intends to target Middle East aggressively for research and consulting services considering that it has already served clients in UAE and Kingdom of Saudi Arabia.