The market Research industry is on course to grow 12-14 per cent annually till FY26 to cross the $4-billion mark, according to a report. As per the report by Market Research Society of India, the industry was $2.1 billion in FY21 and is on course to double to $4.2 billion by FY26, driven by the fact that the country is the global analytics hub. However, major contributors to this industry have been catering to the Indian market with standard processes. Shruti Tyagi, is a first generation entrepreneur who has picked the baton to take the industry global with her startup ResInnov. Shruti Tyagi worked in a firm prior to establishing ResInnov in the late 2021. ResInnov essentially is a portmanteau of ‘Research’ and ‘Innovation’. Shruti has had experience in the market research domain and her core objective while starting this company was to deliver multi dimensional solutions to clients' problems while maintaining a hundred percent quality.
ResInnov has been introduced as an effective tool for offering solutions to challenges in market research. The startup offers customized research solutions by studying client’s requirements and suggesting the most suitable plan to achieve maximum output. Shruti has put together a team of enthusiastic and dedicated people with 10+ years of extensive experience in both Primary and Secondary Market Research. ResInnov has in-house Moderators, Field Facilitators, Research Consultants and PMIPMP Certified Project Managers working in collaboration with every stakeholder as one team to generate impactful research insights. Shruti explains that in a quest to deliver quality results, ResInnov implements multiple practices going slightly into traditional approaches to research including hiring for market research through physical visits, personal interactions and multiple layers of quality authentication. This approach ensures that the client has the exact audience to conduct their study.
Cross Cultural & Cross Geographical Experience
Shruti worked in a plethora of organizations that were culturally diverse. From US based, to MNCs to Japanese enterprises, Shruti had the opportunity to understand and analyze the culture, audiences and the various research methodologies that work in different countries. Shruti herself has worked in all kinds of research methodologies including online, offline, primary, secondary, qualitative,and quantitative brainchild ResInnov is a culmination of all such methodologies with each country’s local expertise. ResInnov has a team of locally based freelancers, recruiters, and agents who offer insights into the country’s culture and audience, and helping to narrow down on the kind of methodology that will work in that particular country. Shruti observed that majority of organizations are often clueless about where to find the exact audience and how to find the correct data for their market study of a product. Such clients need consultations, and Shruti had just the thing with her idea of ResInnov.
The Spark that Sowed the Idea
An IT engineer and an MBA from one country’s esteemed colleges, Shruti’s zeal to learn and gain more insights on project management got her a PMP certificate. She is 31 and runs a market research firm that deploys people from across the globe. In her academic years Shruti closely observed the scarcity of market research in India. Soon, Shruti dropped her job at the IT firm and made a switch to an Indian healthcare market research firm in Bangalore. The job required her to interview nurses, doctors, patients, physicians and help the pharmaceutical end-client brands to further improve upon their devices, medicines and researches on diseases like cancer, arthritis etc. This was, as she quotes, ‘overwhelming’ for her. In not more than 2-3 weeks Shruti found her calling in this industry and realized this was the industry for her. From thereon, there was no turning back for Shruti. She desired to understand the industry further from different verticals’ perspective. Therefore, she worked in consumers segment, B2B sector etc. She worked towards taking in more knowledge and further improve her skills in the market research industry.
Foundational Journey
Shruti has worked for 10 years in the industry and realized almost every other market research firm takes a standard process of delivering their studies. It is noteworthy, that the process may not be applicable in every country. Thus, it occurred to her to build a platform wherein clients can openly discuss their products’problem,the country in which they want to overcome that problem, and their budgets. Keeping all these factors in mind,ResInnov will provide them not only one, but multiple solutions, so that they can decide and pick the best suited solution for their product. requirements, their market, and then suggesting the suitable plan for that country so that they can receive maximum output from the investment and have their product properly modified or created”, says Shruti.
Shruti mentions another important driving factor to establish ResInnov. She wants to put India on the global map of market research industry. Rightly so, while Indian market research firms are doing considerable business in India, their focus mainly lies on Indian clients only. Shruti, on the other hand, wished to leverage her experience with international companies to go global. ResInnov not only caters to global clients but also hires global workforce to the task, thus generating employment. Interestingly, that’s two objectives met.
“Resinnov offers customized researchsolutions by studying client’s requirements and suggesting the most suitable plan to achieve maximum output”
International Exposure
Arguably the most glaring differentiating factor that ResInnov posseses as an edge over other market research firms, is the global market’s knowledge via the local workforce. The startup , as mentioned earlier, essentially hires local recruiters, field agents, facilitators, who are very well experienced in their country's culture, audience, and market research practices. These members help ResInnov to prepare the best suitable plan for that country and hence enable to provide quality data to the clients.
Ethical Practices
When we talk global services, the most important factor to consider and reconsider is the compliance and guidelines. Shruti, as the Director, not only oversees technical and sales segment, but also the activities that involve global accounts payables and receivables. She ensures every compliance or guideline of a particular country is adhered to and that ethical market research practices are followed by all stakeholders in the value chain.
Self-Made
A lot of Shruti’s experience in running a company comes from her own hard-work. “I don’t come from a business background and most of the people around me in my family or at my in-laws are in the service industry or corporate. There was no one to guide me on establishing a firm”, says Shruti. Shruti explains how her education, particularly her MBA, played a very important role in lighting her path. Most importantly, she did a lot of reading, participated in startup webinars & conferences, went through materials available online, and consulted with the people who have successfully started their own company.
“Shruti Is A Highly Motivated Entrepreneur With One Of The Most Important Quality Of A Leader: Gratitude”
However, Shruti, at first, hesitated to leave a well paying job and enter entrepreneurship. Her husband was the biggest support in such testing times, as Shruti recalls. “My husband had that confidence in me and he pushed me a lot to pursue this dream. I think I owe it to him that I'm here today and he has been the biggest emotional support”, says Shruti with a pleasant smile. She adds, “Unlike what we hear these days, my family have been a pillar of strength for me. I am very fortunate in that way”.
True Achievements have been the People
Throughout her professional journey, Shruti considers the contacts/ friends/ peers as her greatest achievements. She agrees how women tend to get emotional in work cultures. However, she is thankful to the people who have helped her understand and establish the lines between her personal and professional life. This was really important considering being an entrepreneur often takes a heavy toll. “I appreciate everyone who has motivated me at some point in my life. Shruti’s biggest inspiration in life is her mother. A retired professor of psychology and a dynamic woman, she was the first ‘working female’ in the family and serves as the underlying strength for all the ladies in Shruti’s family. “My Mother, who has always been my biggest inspiration, said something that I will always carry with me, ‘if you are not motivated to do your job, then you have to rethink your role, why are you in this company?’.
This reminds me that one needs to be passionate about his or her job”, says Shruti. Shruti is a highly motivated entrepreneur with one of the most important quality of a leader: gratitude. She remembers how she met with good people in life same time, keep learning. She says, “I want to create an organization where employee job satisfaction is our priority. So that is a driving force for me, an environment where employees are motivated towards their work”. Shruti, is a learner. She intends to keep learning even when she is 60, and wants to create a similar environment of learning at ResInnov that her employees will love to work around. She intends to build a flexible corporate culture filled with learning, and motivation, eradicating the monotonous 9 to 5 work culture.
‘Appreciate your Education’
For women around the world, and India in particular, this is Shruti’s advice, “This is the Age of Aquarius, which means, women will rise. This prophecy is coming true because of our parents and ancestors who gave us a wonderful life. Appreciate education. Do something about the education and qualification. Communicate your ideas, problems, extend a hand and you will get help. Staying self motivated and constant learning, is the key to achieving anything you’ve ever dreamt of”.
Shruti Tyagi
A first generation entrepreneur, Shruti founded ResInnov which acts as an effective tool for offering solutions to challenges in market research. She brings to the table a diverse experience.
