Any Innovation Needs Structured Feedback: Amitayu Basu, NumrResearch, Talks About Importance Of Market Research Before C

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Any Innovation Needs Structured Feedback: Amitayu Basu, NumrResearch, Talks
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Research says, most startups fail within first five years of launching business.
When we started the market was used to a very traditional pen and paper way of doing things.
We have worked on changing the market and run a profitable business while launching new verticals to further expand the market.
Last year a research by CB Insights gave a peek into why startups are failing.
42% of the failures were attributed to lack of any market need.
There were 18% startups that failed because pricing was not correct.
You need a proper market research even before you get down to creating your product.
A methodical study on the prospective customer’s opinion about your idea, offerings or pricing can be give life saving insights to a new startup.
This small investment to do market sizing and pricing pays many times over and should be one of the first things that a VC or start-up does to evaluate the idea.
But then, isn’t market research a costly proposition for startups?
In fact, a basic market research or pricing research will cost a startup only around INR 1.5 L.
Why a market research company is important?
An experienced survey company will know how to frame questions right, how to validate a question with other follow up question, how to analyse the answers and generate the most meaningful insight for you.
The best company will be able to get this all done within hours or posing the research question with industry level learning baked in the insights using advanced machine learning.
As a company offering market research services to startups, do you find enough takers of the service?
They know the grind and market research is becoming a part of their plan increasingly.
So while we are already working with major unicorns, we are constantly seeing a rise of interest in market research from the ‘about to be launched’ OR ‘newly launched’ startups.
Our company Rebuscode has gained enough attraction as a research based technology company that specialized in analyzing survey inputs

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