Start a Marketing Research Business in South Africa

With a viable business plan now probably ranking towards the top of the tree for many entrepreneurs seeking business finance, the need for feasibility studies and market research has seldom been as significant as it is today. Entrepreneurs, small business, large corporates and Governments are continuously looking for up to date marketing research information on which to base business finance or strategic decisions. Today may be as good a time as any to start a marketing research business take advantage from the huge demand there is for this type of service.

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.

Now this is probably not everyones cup of tea and if you are not good with figures, communication, marketing and research work then this certainly will not be for you but there will be a number of you reading this blog that may just take on the challenge of starting your own business supplying these type of services. If you are the entrepreneurial type and you are giving this a real go then please do contact us as its a service that we are regularly looking for.