How To Start Your Own Market Research Firm

Marketing research team

The main purpose of market research is to offer consumer-driven industries exact, significant and valid information on the state of a market. It helps small and big time business firms to create an effective marketing strategy that can identify the marketing problems and the possible ways to resolve them. Moreover, it helps in making decisions about potential business prospects, creating analysis research, conducting surveys, implementing a marketing plan, marketing segmentation, analyzing data and reports, gathering relevant information, and target market selection.

There are different types of marketing research and these are advertising research, ad tracking, brand association research, brand equity research, brand attribute research, commercial eye tracking research, concept testing, copy testing, demand estimation, distribution channel audits, Internet strategic intelligence, mystery shopping, online panels, sales forecasting, test marketing and social networking potential among others. If you are interested in qualitative research or quantitative research and helping small and big time business firms, then market research may possibly be the best career opportunity for you.

Want to know how to start your own market research firm? Here are the steps:

  1. Identify your target market. Make a decision whether your market research company will focus on airlines, food, clothing or electronics.
  2. Make a strategic business plan. Every business needs a tactical business plan. It not only helps to predict potential business problems but to identify the services you will render to clients.
  3. Connect with powerful organizations such as a Small Business Association and the Chamber of Commerce. These two powerful organizations will help you to promote your marketing research firm. They will also update you with the latest business opportunities that can help your marketing research firm. 
  4. Make a modified opinion poll for customers. The opinion poll or survey will help your marketing research firm collect the most important information to help your customers. Please make sure to keep the opinion poll short yet understandable. Moreover, it should include general queries that help you get important demographic details like revenue, age and level of education.
  5. Contact experienced local business owners. Experienced local business owners will give you helpful tips on how to manage your marketing research firm. In addition they will provide you a better understanding on how to meet the marketing needs and demands of the clients.
  6. Hire a qualified marketing research staff. Post jobs offline and online, and make sure to detail the job description and requirements carefully. Highly competent staff can help your marketing research firm progress in no time.
  7. Advertise your marketing research firm. Post your marketing research firm ads on the Internet and in newspapers. This will surely help you find more clients.

Using the best business marketing strategy will help your market research firm become successful in no time. Get it right and you will gather the fruits. You need to teach yourself first, gathering information about the market research industry before launching your own company. But if you think you already have the right information and skills in this field, then don't think twice.


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