Attending a recent session on Market research methodologies was a revelation of sorts, given that my understanding of market and consumer research is anything worth mentioning. The hightlight of the session was listening to the case studies of Paras Pharma, and some of the stories directly from Darshan Patel (Darshan bhai as he is known) himself.
Starting in 1988, Paras had hardly any growth till 1993. What followed then was a fairy tale story. Story of churning out brands – all of them is either number 1, or number 2 or in very rare cases number 3 in their categories. Behind every rupee spent on building these brands is meticulous research and insights. Consumer research continues to be an integral part and an ongoing process for Paras. Paras today has about 20 brands, the leading one being Moov.
Paras is also perhaps a rare case of manufacturer turning into a consumer and brand building business. Reportedly, over 32% is annual sales turnover goes into marketing and advertising. Something that is never heard of. ‘Advertising is my raw material’ is what Darshan bhai had to say.
A relentless focus on consumer research to understand consumer needs & motivations and developing products and positioning them accordingly is at the centre of this brand building saga. True its philosophty that ‘Every brand from Paras is a discovery of a consumer need’.