In an innovative stride that promises to reshape the contours of market research, the Market Research Society of India (MRSI) has proudly announced the rollout of its latest endeavor, the Integrated Socio-Economic Classification (ISEC) system. This pioneering initiative is poised to inject a new level of precision and depth into the realm of consumer profiling, against the backdrop of India’s rapidly changing economic landscape.
The Genesis of ISEC
The Call for Innovation
Amidst the bustling growth of India’s GDP, the surge in incomes, and the widespread acquisition of consumer goods and vehicles, the traditional Socio-economic Classification (SEC) system has begun to show its age. Its reliance on ownership of consumer durables for market segmentation has become increasingly inadequate, sparking the need for a more dynamic and insightful framework.
Crafting a Unified Approach
The development of ISEC is the fruit of collaborative efforts among key industry players, including The Indian Society of Advertisers (ISA), leading corporations such as ITC, Hindustan Unilever Limited, Marico, Dabur India, and research powerhouses like Kantar and IPSOS, together with prominent media agencies.
Unveiling ISEC: A New Chapter in Market Research
Mitali Chowhan, Director General at MRSI, captured the essence of this significant leap forward: “Socio-economic classification is the base of any targeted consumer understanding. At MRSI we recognise the need for an evolved SEC structure and ISEC is a system that is highly relevant. ISEC was developed by the industry, for the industry and unlike any previous classification system, it considers women’s education as a key definer of social capital, an attribute that is highly pertinent in current day. As an industry body, we are deeply invested in our stakeholders and the launch of ISEC is in line with our commitment to help our industry grow and evolve.”
By weaving in factors such as the education levels of the most educated male and female adults in a household, along with the chief earner’s occupation, ISEC offers a nuanced and comprehensive lens through which to view consumer demographics, setting a new standard for socio-economic classification.
Industry Endorsements and Implementation
The introduction of ISEC has been met with enthusiasm across the spectrum of market research and advertising, with industry leaders praising its depth, representativeness, and potential to revolutionize targeting and consumer insights.
Insights from the Panel
A panel discussion, enriched by insights from executives at IPSOS India, Wavemaker India, Kantar, Dabur India, and the India Today Group, and steered by MRSI’s General Secretary, Shuvadip Banerjee, highlighted the pressing need for an updated socio-economic classification system. The conversation illuminated the complexities of modern consumer behavior and the challenges of media targeting within the current landscape.
The Future of Market Research with ISEC
With its introduction, ISEC is set to redefine the standards of socio-economic classification, offering a richer, more stable foundation for understanding the diverse consumer segments of India. Its adoption signals a new era in strategic planning for brands, advertisers, and researchers, heralding more targeted and effective marketing strategies.
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The unveiling of ISEC by the Market Research Society of India marks a pivotal moment in the evolution of market research. Through its innovative approach and comprehensive methodology, ISEC stands as a beacon of progress, guiding the industry towards a deeper, more accurate comprehension of consumer dynamics. As the landscape of market research continues to evolve, ISEC embodies the industry’s dedication to innovation and excellence, promising a future of enhanced consumer insights and segmentation.
