Market Insight Consultants (MIC) isn’t just another research firm. Established in 2002, this Noida, India-based company has carved a niche as a prestigious brand to watch in 2024. Here’s why, according to the Managing Director of TMIPL MIC, Sanjay Nagi, they deserve a spot on your radar:

Leaders in Market Research and Consulting

MIC boasts a proven track record of over 22 years of assisting businesses of all sizes – from Fortune 500 giants to ambitious SMEs – across diverse industries. The team’s expertise lies in providing comprehensive market research and consulting services, helping companies make informed decisions and achieve sustainable growth.

~When asked, as a trailblazing brand in their industry, could he take us back to the beginning of their journey? What motivated him to step into this dynamic field?

Sanjay answered: “I am a mechanical engineer from IIT Roorkee and graduated in 1983. I started my career with Larsen & Toubro Limited. I was the youngest engineer on the team, and despite being the youngest, I was part of the core team responsible for introducing vibratory compactor technology in India.”

“I started a consulting company, GN CONSULTING, in 1993, which was subsequently sold off in 2002. Immediately after that, I started Market Insight Consultants (MIC), a niche consulting firm that is positioned as a Decision-Support Consultancy.”

“While MIC has travelled for 22 years, the journey was never easy. In 2002, when I decided to be an entrepreneur, I shook my pocket to find limited resources to start a company. This pushed me to do thorough research before starting a company, as I did not have the option to go wrong. At this time, I found a huge gap in the market research industry where big MNC research firms were present who took the help of body shops to complete my research. While most of these researches were done unethically, there was a vacuum for such intellectual MR firms who could provide decision support research. This is why I incepted MIC as a decision support research firm for global clients. The company helps clients globally decide whether to venture into another geography or diversify its offerings. “We have positioned ourselves very differently and are willing to put our heads on the chopping block to provide the best service to our clients. We are the only company in India that provides research and consultancy support to help them implement the steps needed to execute the research results.”

~MIC has emerged as one of India’s ten most prestigious brands. Could you share the guiding philosophy that has propelled your organization’s success?

Sanjay’s answer: “I would attribute our success to 5 philosophies that have guided us:

*Ethics- we have left crores of turnover because we knew that the price offered by customers would force us to be unethical – our core values are SATYA (TRUTH) and DHARMA (DUTY), on which we never wavered.

*Customer above Profit—Many times, we encounter scope creeps and project challenges. Our philosophy has been the customer’s interest above our profits. I remember once we stopped a project midway and told the client to confirm a particular business model, which, if not possible, would render them ineffective. The client’s Board took three months, and we started the project again.

*Innovation in our work—whether it is our designs or our project execution methodology, we innovate extensively in our work to benefit both us and our clients.

*Long-term Stakes—We see projects as stepping stones and seek long-term stakes with our clients. With a few clients, we have 15-year-old relationships, and we feel proud of that.

*Custodian of the client‘s end goals —We see ourselves not as just making a report but as custodians of the client’s goals.”

Focus on Client-Centric Solutions

MIC goes beyond generic reports. Sanjay says they understand that each client has unique needs. “Our commitment to client satisfaction is evident in our custom-tailored solutions. We meticulously analyze your situation, developing strategies to address your challenges and capitalize on your opportunities.”

~When asked that in the continually evolving industrial landscape, how do they ensure that their brand remains adaptable and ahead of industry trends, providing innovative solutions to their clients?

Sanjay answered: “I agree that the market environments and industrial landscape are evolving in diverse manners, but customer concerns are NOT!! Every customer, whether 20 years ago when we started or today, requires a partner who understands their concerns and works with them closely to ensure their success. And that has been unchanged—that is the core of our work. We can easily adapt to technical changes by using technology for data capture, etc.”

~Your leadership style is often recognized as a driving force behind your company’s achievements. Could you explain your approach to leadership and team building within the organization?

Sanjay’s answer: “There are five HR principles that guide my leadership approach: 

• Give love, respect, and recognitionto all our team members (now we are 52 strong) 
• Be as Transparent as possible– and I go to great lengths to do that – our people know our bank balances, project margins, etc., as closely as I know them!
• Trust people to perform, and don’t micromanage.I have enough control points, and I give people targets, incentivize them on results, and then get out of their way.
• Develop People’s potential, not just get the work done. I do this a lot. Coaching and mentoring come easily to me as a trainer, so I identify people’s gaps and give them thinking pathways to improve and become better people and professionals. 
• Have a friendly and fun environment while doing serious work—we have lots of fun at work across our offices, which helps us better team up.”

A Multidisciplinary Powerhouse

MIC’s strength lies in its multidisciplinary team. Sanjay says the team houses experienced professionals with expertise in market research, marketing strategy development, customer satisfaction analysis, organizational diagnostics, innovation management, and market access studies. “This diverse expertise allows us to offer a holistic approach to our clients’ business needs,” adds Sanjay.

~The essence of brand building lies in innovative solutions and enhancing the end-user experience. How does your company strike a balance between functional efficiency and customer satisfaction?

Sanjay’s answer: “As I said earlier, we are more concerned with customer happiness than our profits or efficiency. Today, you may lose a few lakhs in a project that overshot its targets, but if the client is happy, it will come back many times over. Of course, you have salaries to pay and profits to earn, but the approach is never profit or internal efficiency first—it’s invariably customer first.”

The workforce is the cornerstone of any successful organization. How does your company foster a culture of growth, skill development, and empowerment among its employees?

Sanjay’s response: “The Majority of our employees relate to our value system, and as I shared, my leadership style encourages each one to rise to their potential. Whenever an employee does a course around self-skilling, we give them a reward and recognition certificate. Most employees also work in this company as though they are part owners. So they start shouldering more responsibility, which gives them growth and a sense of fulfilment.”

Unwavering Commitment to Ethics

In the cluttered world of market research, data integrity is paramount. MIC stands out for its unwavering commitment to ethics. The team adheres to a rigorous process to ensure the high fidelity of their research, be it qualitative or quantitative. This dedication to ethical practices fosters trust and empowers clients to make strategic decisions based on reliable data.

In industry, technology plays a pivotal role in enhancing efficiency. How does your company leverage technology to optimize its services and stay ahead in a digital age?

Sanjay’s response: “We use generative AI for secondary data sourcing, developing district profiles, etc. That saves us a lot of effort and contributes to our profitability. We use software-based primary surveys, which eliminate data entry and also reduce cost. We use web scraping for database generation. We use AI tools for collating qualitative data and making a sentiment analysis.”

“We also teamed up with an IITB start-up and made a Sentiment meter, currently in its beta version. I think we are pretty much up there on technology.”

~Sustainability and environmental responsibility are crucial aspects of modern industry. How does your company integrate these principles into its operations and contribute to a greener future?

Sanjay’s answer: “As a service firm, we can neither significantly contribute to GHG emissions nor do too much to save things. Reducing paperwork is one initiative that we have across offices. Through our foundation (MICRUTS), we also plant trees. I may admit that we are not doing too much around this.”

Global Reach, Local Touch

MIC’s presence extends beyond India. It has a strong foothold in the Middle East, demonstrating its ability to navigate diverse markets. However, its Indian roots give it an invaluable understanding of the local business landscape, allowing it to translate global trends into actionable insights for Indian companies.

As a leader on India’s industrial horizon, your company has likely faced its share of challenges. Could you share an instance where your team’s resilience and ingenuity triumphed over adversity?

Sanjay’s answer: “Once we did the world’s largest survey of lakh passengers at Delhi International Airport a few years ago, daily numbers were getting tougher for our people, and the project was slipping. We knew DIAL had to take critical decisions out of this and make millions of dollars in investments, so we could not allow a slack. I went to the floor myself and was with the team for the next 48 hours, sleeping at the airport and working through both shifts. The teams saw the management commitment and responded with new energy and positivity, and we were able to put the project back on track.”

A Look Towards the Future

MIC isn’t resting on its laurels. As a prestigious brand to watch in 2024, it invests in cutting-edge research methodologies and stays abreast of industry trends.

~Looking to the future, what is your vision for MIC? How do you aspire to continue making a significant impact on India’s corporate landscape?

Sanjay’s response: “Currently, we are positioned as a Decision Support Consultancy with the onus of the clients’ goals – I would like to see that positioning changing to that of a custodian – we start with the clients’ goals and go full cycle through alliances to deliver value to the client.”

“Next, I would like to see more co-working with our Global partners—we have many of them in the UK, Germany, Australia, Vietnam, France, and Italy. But we are not able to engage so much as our Indian clients keep us busy (touchwood). I would like to do more global projects, building on our track record of bringing more than 70 companies into India.”

“Our dedication to staying ahead of the curve ensures we remain a valuable partner for businesses seeking to thrive in a dynamic global marketplace,” he concludes.

Thus, Market Insight Consultants is more than just a research firm. Its client-centric approach, multidisciplinary expertise, and unwavering commitment to ethics position it as an industry leader and a prestigious brand to watch in 2024.