This is Sanjay's story and his startup Market Insight Consultants
Market Insight Consultants, is India’s Leading Decision Support Consultancy that assists our clients to take objective decisions based on high quality Market Research across sectors. We have worked across diverse domains and have handled variety of research requirements.
MIC has a track record of over 14 years in assisting business firms PAN India. We have served Fortune 500 firms to SMEs across industries. Recently, MIC has been ranked amongst top Ten Market Research Consultancies in India in a survey conducted by Silicon India Magazine.
Tell us about yourself and your organization?
I am a mechanical engineer from IIT Roorkee and graduated in 1983. I started my career with Larsen & Toubro Limited and was part of the core team responsible for introduction of the vibratory compactor technology in India.
My first entrepreneurial venture was in the same industry of research and consulting when I started a consulting company – GN CONSULTING in 1993 which I subsequently sold off in 2002 as my partner decided to get back to the luxury of a job ! Immediately after this I started Market Insight Consultants, a niche consulting firm that is positioned as a Decision Support Consultancy.
MIC is a highly differentiated Decision Support Consultancy that does in house research on one end and complete program management on the other. MIC also has a repertoire of some innovative and differentiated models on measurement of corporate interfaces like Customer, Internal Customer and Channel satisfaction. Market Insight Consultants is the only company in the country to have a process based model on Supplier Satisfaction.
MIC consults with blue chip corporate clients like Godrej Group, Mahindra & Mahindra, Tata Group, Shriram Pistons, GMR, GVK to name a few. MIC has also structured the entry of over 60 Foreign firms in India.
I am a qualified ISO assessor trained by IQA UK, I am also a Business Excellence assessor trained by CII, and a MASTER TRAINER in Marketing on the panel of CBI, Government of Netherlands and a global trainer who has conducted programs in South Africa, Europe, Vietnam, Tanzania, and Pakistan.
What are your company roots? What was the 'eureka' moment when you decided to start the company? Who initially funded it? Was there any angel funding /PE/VC funding involved?
There was no Eureka moment per se – it was just the tugs of entrepreneurship and I was feeling stifled as a CEO. I started with Rs 10,000 capital on 6th June 2002 – today MIC employs 43 full time employees ( all MBAs) and does a turnover of around Rs 5 crores in research can consulting fees. The company is still 100% funded by me and internal accruals.
In 25 words or less, what are you all about? What problem do you solve and for whom?
We help any business entity to take decisions that add to their competitiveness or enhance their strategic competence. We work with the Government of India ( designing an Innovation INDEX) , we work with Corporates ( assisting on brand architecture and strategy) and we assist SMEs ( Nominated as a TA by KVIC to help set up clusters across India.
What is call to action for your customer segments? or your partners ? or your potential investors?
How do you make money (or plan to make money)? Who are your primary customers and why do they choose you?
What are your marketing channels? How do you use social media for marketing? What are the platforms you primarily use for marketing? Have you outsourced your social media marketing or plans for future?
Largely facebook and websites – we had tried to outsource the lead generation and brand development activities – still looking.
How big is your Business Development team? What is the current mix - purely technical vs MBAs? What are you plans for ramping up Business Development Team?
Our BD team consists of Four People. Current mix: All are MBAs and two with engineering + MBA
What are your dreams for your company?What trends do you see heading into 2014 and beyond that are relevant to your industry and company?
What are the biggest challenges you are facing in scaling your business up? What’s the #1 to # 3 thing on your To-Do list?
Last but not the least, are you looking for hiring interns or full time managers for your company? If yes what is the best way to reach you or your HR?
Yes we are looking forward. You can reach HR at firstname.lastname@example.org / email@example.com