Harvard Case - Shodh - Market Research for Economy Housing (A)
"Shodh - Market Research for Economy Housing (A)" Harvard business case study is written by Avinash G Mulky. It deals with the challenges in the field of Marketing. The case study is 13 page(s) long and it was first published on : May 5, 2014
At Fern Fort University, we recommend Shodh adopt a multi-pronged strategy to establish itself as a leading market research firm specializing in the economy housing segment. This strategy will leverage Shodh's existing strengths in data collection and analysis, while focusing on building a strong brand identity, developing innovative research methodologies, and expanding its reach to both domestic and international markets.
2. Background
Shodh is a young market research firm founded by three recent MBA graduates. They aim to cater to the growing demand for market research in the economy housing segment, a sector experiencing rapid growth in India. Shodh's initial focus is on providing customized research services to developers, builders, and material suppliers. The case highlights the firm's early challenges in attracting clients and establishing a strong market presence.
The main protagonists of the case study are the three founders of Shodh:
- Anurag: The marketing and sales lead, responsible for client acquisition and brand building.
- Priya: The research and analysis lead, responsible for designing and executing research projects.
- Rajeev: The operations and finance lead, responsible for managing the firm's resources and finances.
3. Analysis of the Case Study
To analyze Shodh's situation, we employ a combination of frameworks:
a) SWOT Analysis:
- Strengths:
- Strong understanding of the economy housing market.
- Experienced team with diverse skills.
- Ability to conduct both quantitative and qualitative research.
- Flexibility to tailor research services to specific client needs.
- Weaknesses:
- Lack of brand recognition and market presence.
- Limited financial resources to invest in marketing and technology.
- Reliance on traditional research methods.
- Opportunities:
- Growing demand for market research in the economy housing sector.
- Potential to leverage technology and analytics for more efficient research.
- Expanding into new geographic markets, including international ones.
- Threats:
- Competition from established market research firms.
- Economic slowdown impacting the housing sector.
- Changing consumer preferences and behavior.
b) Porter's Five Forces Analysis:
- Threat of New Entrants: High, due to the low barriers to entry in the market research industry.
- Bargaining Power of Buyers: Moderate, as clients can choose from multiple research firms.
- Bargaining Power of Suppliers: Low, as research firms rely on readily available data sources.
- Threat of Substitute Products: Low, as market research is a specialized service with limited substitutes.
- Competitive Rivalry: High, with numerous established and emerging players competing for market share.
c) PESTEL Analysis:
- Political: Government policies and regulations impacting the housing sector.
- Economic: Economic growth, interest rates, and inflation affecting consumer spending.
- Social: Changing demographics, urbanization, and consumer preferences.
- Technological: Advancements in data collection, analysis, and visualization tools.
- Environmental: Sustainability concerns and green building practices.
- Legal: Laws and regulations governing market research and data privacy.
4. Recommendations
Based on the analysis, Shodh should implement the following recommendations:
1. Develop a Strong Brand Identity:
- Branding: Create a clear and concise brand positioning statement highlighting Shodh's expertise in the economy housing market.
- Marketing Communications: Develop a comprehensive marketing strategy encompassing advertising, public relations, content marketing, and social media.
- Brand Management: Build a consistent brand experience across all touchpoints, including website, marketing materials, and customer interactions.
2. Innovate Research Methodologies:
- Technology and Analytics: Integrate technology and analytics into research processes, leveraging AI and machine learning for data analysis and insights generation.
- Product Development: Develop innovative research products and services tailored to the specific needs of the economy housing segment.
- Disruptive Innovation: Explore disruptive innovation opportunities, such as using mobile apps for data collection and real-time market analysis.
3. Expand Market Reach:
- Market Segmentation: Identify and target specific customer segments within the economy housing market, including developers, builders, material suppliers, and government agencies.
- Target Markets: Develop targeted marketing campaigns to reach specific customer segments through relevant channels.
- Global Marketing: Explore opportunities to expand into international markets, particularly in emerging economies with strong housing growth.
4. Build Strategic Partnerships:
- Co-Branding and Partnership Strategies: Collaborate with industry players, such as developers, builders, and technology companies, to offer bundled research and consulting services.
- B2B Marketing: Focus on building strong relationships with key business clients through targeted marketing and relationship management.
- Affiliate Marketing: Leverage affiliate marketing programs to reach a wider audience and generate leads.
5. Leverage Digital Marketing:
- Digital Marketing Strategies: Implement a comprehensive digital marketing strategy encompassing SEO, SEM, social media marketing, content marketing, and email marketing.
- Social Media Marketing: Build a strong social media presence to engage with target audiences, share insights, and generate leads.
- Content Marketing: Create valuable and informative content, such as blog posts, white papers, and case studies, to establish thought leadership and attract potential clients.
6. Enhance Customer Experience:
- Customer Relationship Management (CRM): Implement a CRM system to manage customer interactions, track data, and personalize communications.
- Customer Journey Mapping: Analyze the customer journey and identify areas for improvement, ensuring a seamless and positive experience.
- Customer Loyalty Programs: Develop loyalty programs to retain existing clients and encourage repeat business.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations leverage Shodh's existing strengths in data collection and analysis while focusing on building a strong brand identity and developing innovative research methodologies.
- External customers and internal clients: The recommendations address the needs of Shodh's target customers, including developers, builders, and material suppliers, while also considering the needs of its internal clients, the three founders.
- Competitors: The recommendations aim to differentiate Shodh from competitors by focusing on niche expertise, innovation, and customer experience.
- Attractiveness: The recommendations are expected to enhance Shodh's revenue growth, profitability, and market share.
6. Conclusion
By implementing these recommendations, Shodh can establish itself as a leading market research firm specializing in the economy housing segment. The firm's focus on innovation, customer experience, and strategic partnerships will enable it to achieve sustainable growth and profitability.
7. Discussion
Alternatives:
- Focusing solely on traditional research methods: This would limit Shodh's ability to compete with firms leveraging technology and analytics.
- Expanding into other market segments: This would dilute Shodh's focus and expertise in the economy housing market.
- Acquiring an existing market research firm: This would require significant capital investment and could pose integration challenges.
Risks and key assumptions:
- Economic slowdown: A slowdown in the housing market could impact demand for Shodh's services.
- Competition: Established market research firms could aggressively compete for market share.
- Technology adoption: Shodh's success in leveraging technology and analytics depends on its ability to adapt to rapid technological advancements.
Options Grid:
| Option | Advantages | Disadvantages | Risks |
|---|---|---|---|
| Develop a Strong Brand Identity | Enhanced brand recognition and market presence | Requires significant investment in marketing and branding | Potential for brand dilution |
| Innovate Research Methodologies | Differentiation from competitors, improved efficiency and insights | Requires investment in technology and talent | Risk of technological obsolescence |
| Expand Market Reach | Increased revenue and market share | Requires careful market segmentation and targeting | Potential for market saturation |
| Build Strategic Partnerships | Access to new markets and resources | Requires careful partner selection and management | Risk of partnership conflicts |
| Leverage Digital Marketing | Cost-effective way to reach target audiences | Requires expertise in digital marketing and analytics | Potential for competition in the digital space |
| Enhance Customer Experience | Increased customer satisfaction and loyalty | Requires investment in CRM and customer service | Potential for customer churn |
8. Next Steps
Timeline:
- Month 1-3: Develop a comprehensive marketing strategy and brand positioning statement.
- Month 4-6: Implement digital marketing initiatives, including website development, social media marketing, and content creation.
- Month 7-9: Develop and launch innovative research products and services.
- Month 10-12: Build strategic partnerships with key industry players.
- Month 13-15: Expand market reach into new geographic markets.
Key milestones:
- Achieve a 20% increase in website traffic within 6 months.
- Generate 50 new leads through social media marketing within 3 months.
- Launch 2 new research products within 6 months.
- Secure 3 strategic partnerships within 9 months.
- Enter 1 new international market within 12 months.
By following these recommendations and milestones, Shodh can position itself for success in the competitive market research industry.
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Case Description
S. Vaseem, CEO of Shodh, a Bengaluru-based market research agency has learnt that his proposal for carrying out a market research study for a new client has just been approved. The proposal had described a study to assess the opportunities in the economy housing segment comprising apartments priced below INR 2.5 million. This segment was attracting attention from real estate developers and several big builders had announced economy housing projects. Vaseem's client wanted to enter the economy housing segment in a big way with a simultaneous launch of projects in 10 cities of South India. As the segment potential was as yet unknown, the client wanted to conduct a formal market research exercise on a pilot basis in Bengaluru to confirm the size of the opportunity and to understand consumer requirements and preferences. Shodh's proposal had included secondary research, expert interviews, focus group discussions, surveys, and conjoint analysis methodologies. Now that the proposal had been approved, Vaseem and his team had to design the data collection instruments for qualitative and quantitative research, develop the sampling plan, and begin the project.
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