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What are the best ways to conduct market research for technology products in India?

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If you are an import/export operator who wants to sell technology products in India, you need to conduct market research to understand the needs, preferences, and trends of your potential customers. India is a large and diverse market with different segments, regulations, and challenges. Here are some of the best ways to conduct market research for technology products in India.

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Akshay Pradhan

Senior Analyst | MENA Construction & Sub-Saharan Industry Specialist | Power & Water & Oil & Gas Segments | Market…
Jonathan David Ursell

Director at UK India Business Council

1 Identify your target market

Before you start your market research, you need to define who your target market is. You can use various criteria to segment your market, such as geographic, demographic, psychographic, behavioral, or technological. For example, you can focus on urban or rural areas, age groups, income levels, lifestyles, usage patterns, or device types. You should also consider the cultural, social, and political factors that influence your market. For example, you should be aware of the languages, religions, values, and norms of your target customers.

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Rafael S. Quiles.

??Asset Management Technical Analyst | Analista de inversiones a medio-largo plazo | ??Eco friendly farmer ??
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Análisis de Regulaciones y Políticas. Participación en Eventos y Ferias Comerciales. Análisis de Competencia. Consideraciones Culturales y Sociales. Análisis de Infraestructura Tecnológica.

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Stone Trade Networks Ltd

Sales at Stone Trade Networks Ltd | Imроrt- Export Strategic Sourcing | е-?оurсing | Suррliеr Mаnаgеmеnt & Logistics
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Focus on major cities, target tech-savvy younger demographics, use online surveys and focus groups, partner with local tech companies for insights, analyze competitor products.

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TALHA FAROOQ

Export Marketing | Nishat Group I Home Textile l PHD Marketing I Lecturer l x Coca Cola & Sapphire
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One effective way to conduct market research for technology products in India is through online surveys, leveraging the country's rapidly growing internet penetration, which stood at over 624 million users as of 2021. Additionally, tapping into social media platforms like Facebook, Twitter, and LinkedIn can provide valuable insights into consumer preferences and behavior patterns. Furthermore, utilizing data analytics tools can help analyze trends and sentiments across various online platforms, guiding product development and marketing strategies. Collaborating with local research firms familiar with the Indian market landscape can also yield targeted and culturally relevant insights.

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Jonathan David Ursell

Director at UK India Business Council
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All of the touchpoints mentioned are potentially valid criteria. However, before commencing a market research exercise, you need to clearly set out the question/s you want answered and indeed whether it is realistic and feasible to achieve economically. Then you can define the criteria to use.

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2 Use secondary sources

One of the easiest and cheapest ways to conduct market research is to use secondary sources, such as reports, publications, websites, databases, or blogs that provide relevant information about your market. You can find secondary sources from various sources, such as government agencies, trade associations, industry experts, media outlets, or research firms. For example, you can use the Indian Ministry of Electronics and Information Technology, the India Electronics and Semiconductor Association, or the International Data Corporation to get data and insights about the technology sector in India.

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Akshay Pradhan

Senior Analyst | MENA Construction & Sub-Saharan Industry Specialist | Power & Water & Oil & Gas Segments | Market Analysis | Quality Audits | Business Process Improvement | Merit Group | GlobalData | MEED Projects
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There is no wrong approach when it comes to secondary, anything and everything available about the product on public domain is secondary research. Just we should apply more thought when inputting keywords regarding what we require.

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Ravindra Mittal

Market Research & Data Analysis || Consulting || Market Intelligence Reports || Business Analysis
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Another example is, you can use the Digital India: Technology to Transform A Connected Nation, this report by McKinsey Global Institute highlights the rapid spread of digital technologies and their potential value to the Indian economy by 2025.

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Jonathan David Ursell

Director at UK India Business Council
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The value you can attach to the secondary research you undertake has to be put into context. What is quality / reliability of the data? And how much data of relevance was there in the public domain to review? In developing countries, and sizeable ones such as India, depending on the sector these need greater triangulation through primary research and indeed other types of review such as regulatory demands, taxation implications (duties), etc.

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3 Conduct primary research

Another way to conduct market research is to collect primary data from your target customers directly. You can use various methods, such as surveys, interviews, focus groups, observations, or experiments to get feedback and opinions from your potential buyers. You can use online platforms, such as Google Forms, SurveyMonkey, or Qualtrics to create and distribute your surveys or interviews. You can also use social media, such as Facebook, Twitter, or LinkedIn to reach out to your audience and engage them in conversations or polls.

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Akshay Pradhan

Senior Analyst | MENA Construction & Sub-Saharan Industry Specialist | Power & Water & Oil & Gas Segments | Market Analysis | Quality Audits | Business Process Improvement | Merit Group | GlobalData | MEED Projects
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I agree, but i my experience primary research is best when it comes to you via direct interaction with the person. Scheduling an interview or talking over the phone or a conversation via email will provide better source authentication for the data collected. In today’s era, WhatsApp just like LinkedIn can also be used to communicate for research. If the reach of primary is an audience then Polls or surveys work the best to gather data with so many opinions.

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4 Analyze your competitors

A crucial part of market research is to analyze your competitors and understand their strengths, weaknesses, opportunities, and threats. You can use various tools, such as SWOT analysis, Porter's five forces, or benchmarking to compare and contrast your products with your competitors' products. You should also monitor their marketing strategies, pricing policies, distribution channels, and customer service. You can use online tools, such as Google Alerts, SimilarWeb, or SEMrush to track and measure your competitors' online performance and activities.

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Jonathan David Ursell

Director at UK India Business Council
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There is a line to observe to maintain an ethical research approach. Analysis of this type is investigative by nature. If a deep dive is required, competitor analysis overlaps with primary research techniques whereas this suggests it may be done based solely on technology and secondary searches

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5 Test your products

Finally, one of the best ways to conduct market research is to test your products in the Indian market and see how they perform and how they are received by your customers. You can use various techniques, such as prototyping, beta testing, or pilot testing to launch your products in a limited or controlled way and get feedback and data from your users. You can use online tools, such as UserTesting, TestFlight, or Launchrock to create and manage your product testing campaigns. You can also use analytics tools, such as Google Analytics, Mixpanel, or Hotjar to track and measure your product usage and behavior.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best ways to conduct market research for technology products in India?

1

2

3

4

5

6

1 Identify your target market

2 Use secondary sources

3 Conduct primary research

4 Analyze your competitors

5 Test your products

6 Here’s what else to consider

Import/Export Operations

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What are the best ways to conduct market research for technology products in India?

1

2

3

4

5

6

1 Identify your target market

2 Use secondary sources

3 Conduct primary research

4 Analyze your competitors

5 Test your products

6 Here’s what else to consider

Import/Export Operations

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