In recent years, India has emerged as one of the fastest growing consumer-based markets in the world. As such, it has loads of potential which can be tapped by businesses around the planet. However, in order to enter such an aggressive environment it is requisite that an organisation must carry out business research in India first. Information is a vital link between the industry and the customers, which needs to be collected and analysed before any company sets up its operations in India. A rational
business research in India can only provide the intelligence needed to methodically plan for a successful venture. The business research in India also needs to be more extensive and detailed as compared to a normal
market research, due to the high level of competition existing within various businesses in the market. Moreover, a cogent business research in India shoud cover and analyse the various vital business parameters, such as the location, influence region, products and prices, pertaining to the competitors in a comprehensive manner. The business research in India should also shed light on the division and accessibility of the myriad manufacturers, distributors as well as customers in the market. Additionally, the
business plan in India should identify the opportunities and the gaps available which can be successfully tapped by the company, which wants to establish itself in the market. A recent project by Eurobrands centered the understanding and development of effective strategies for growth of businesses in the Indian scenario. Andreas De Rosi, the MD of Eurobrands is with us to discuss the business research being carried out by the company in India.
Varun Kapoor: What is your take on the prevailing business prospects in India?
Andreas De Rosi: Our business research services in India are all about finding the right business partner. We do this now both ways: not only for European companies which want to enter the Indian market, but also for Indian companies which are planning to enter the European market. This makes the match making process much easier. It is not just about trying to sell some products in India because the traditional markets in Europe this days are stagnating or saturated. Its more about open each others doors to the respective market so the long term result will be a clear win / win situation.
Varun Kapoor: Which analytical methods are being used to carry out business research in India?
Andreas De Rosi: We use import data, various company data bases, online research, industry specific publications and we make use of our network of industry experts. We also frequently visit trade fairs to speak to well established and new companies about possible future distribution or production agreements. So it is a mix o of desk work and field work.
Varun Kapoor: Competitors play a very important role in deciding upon the most suitable business plan in India. Why so?
Andreas De Rosi: This I would say is important in every market. India is not much different from any other country in this way. European companies must however keep in mind that selling in India means competing with local companies and Chinese manufacturer, which are just around the corner and can deliver quite fast to India. So before being too enthusiastic about the booming Indian market, European companies should look at similar products, which are already available in India and at what price those are being sold. Indian consumers are ready to pay some extra for Made in Germany or Made in Italy, but once the premium price is not reflecting the extra value, better image or superior quality, then the product is going to be flop.
Varun Kapoor: What are the important parameters, which your business research in India covers?
Andreas De Rosi: Well there are some very standard numbers like turnover, year of establishment, number of distribution depots, growth rates, etc. But most important is to find the management which is open for a collaboration with a European company and willing to invest some time and dedication to introduce a new brand in the Indian market. And again I would like to point out that our
business research in India is not just about finding buyers of European products, it is more about finding the right business partners which have the same values and visions and provide each other the opportunity to grow together both in the Indian and the European market.
Eurobrands Sales & Marketing Pvt. Ltd. is a research, consultancy and marketing company based in New Delhi, India. Their mission is to promote trade and investment between Europe and India and to provide business and marketing support services to SMEs looking for expanding their business overseas. For more information visit
www.eurobrandsindia.com
