90% of startups fail within their first two years of operation despite the fact every startup founder being personally convinced that people would easily buy their services during the initial phases of their startups. Contact Your Target Audience: Search people on the basis of their age, gender, locations and monthly income who you think can be your potential customers and tell them about your new ventures or services you are planning to offer.
Analyze your Competitors: Research the level of competition you have to face in your new venture. Visit Local Authorities: Almost every city has a specific department which helps local people in starting small businesses.
This guest post is contributed by Rudo Malequin, who works as Internet Marketing Executive for Fortepromo, which creates customized promotional products for startups and help them to promote their brand in market. The following shows a typical example of how we’d go about approaching market research. There is an intense discussion among marketing researchers about whether DIY research is going to replace external marketing research vendors. After being on both sides of the river, I think external marketing research vendors will still be needed for years to come despite the spread of DIY marketing research.
The DIY marketing research team doesn’t have qualified staff to design and execute the type of research needed or the expertise to interpret the results and extract actionable insights.
Hi Michaela – there are some really valid points here against DIY research, which is especially relevant to hear from someone who comes from the client side and understands the pressures that are driving client-side research teams to use DIY methods.
It is often necessary to commission marketing research to estimate total market size and calculate a company’s market share. Relevant Insights is very thorough in how they go about thinking through and performing data analysis.
The BLS produced salary data for Market Research Analysts in the United States in 2010 at a median pay rate of $60,570 a year. In 2012 CNN released a report that listed a Market Research Analyst as the 7th best job in America. Looking at all the data below we have uncovered the highest paying markets to get a job as a market research analyst.
Listed below is information that is specific to Market Research Analyst job salaries that you can expect to receive in that state area. The key reason behind this: most startup founders never realize the importance of a detailed market research before starting their venture, which leads to a startup founder analyzing the situation wrongly and making bad decisions.
Sometimes the competition in niche markets is very high that you may need a huge budget for marketing to attract customers. You can go to such offices and discuss with them about the feasibility of your new venture and how much initial investment would be required.  Governments do give grants to startups in specific niches, so check if your venture is related to any such niche. You can find lots of free and useful information on web like latest market reports, experiences of successful founders of similar startups, resources you will need to set up your venture and everything else you can think about. I was the ultimate DIY research department at several of my former employers on the client side. To be totally self-sufficient a DIY marketing research team would need to have a staff of researchers with expertise and hands-on experience in a wide range of research methodologies, which is costly and nearly impossible. Many large research agencies have established processes and standardized methods that have been tested over time, which provides consistency in data collec­tion and reporting (e.g. External market­ing researchers are neutral judges of research results and don’t have a vested interest in its outcome one way or the other.
Public data gathered internally is often received with some skepticism, particularly if it is favorable to the company’s brands and products, so companies are better off by using a neutral third-party vendor that can assure the data is legit.
There are more and more companies who are mining their cus­tomer base and using them as the primary source of sampling. If we look only at the cash that could have been paid to an external vendor, DIY research is definitely cheaper.

Not only do they have a great appreciation of how quantitative tools can work but they can translate them clearly to business implications.
To start we always like to take a look at government average salaries that give you starting point to finding out how much people are currently getting paid in positions like a Market Research Analyst career. The salary they reported on was a median pay of $63,100 and a top pay that you can expect to get if you’re the best in the market research field at $97,700. Depending on which state you get a job in as an analyst you could get a much higher wage than other states.
The top two states in the US are tied at $92,000 a year for an Analyst getting a job there.
Our state by state breakdown allows you to see which state is best to get a job as a Market Research Analyst.
A proper market research won’t only help an entrepreneur to understand how his or her target audience but would also help to decide whether or not the target audience is ready for the products they are going to launch in their venture.
Ask them about their opinions, expectations, needs, price they would like to spend for such kind of service.
So if you don’t have sufficient funds, it would be better to leave such startups instead of facing loss in later stages. If you can find enough ads from people who are looking for your services, then there will be a good scope in the market.
The rapid proliferation of DIY marketing research is making some external marketing researchers anxious about their livelihood, while others are simply angry about the trend towards “good enough” research which can poten­tially produce biased data and misguided conclusions.
I was able to provide high quality primary mar­keting research at a very low cost, and a quick turnaround.
My team could tackle many research projects that could have otherwise gone to external marketing research vendors. They also need researchers that can interpret results in meaningful ways to offer actionable insights. We don’t feel the pressure to get some hypotheses confirmed and our compensation doesn’t depend on it. This often touches on sensitive topics regarding satisfaction with management, salary, co-workers, etc. This can also be needed when internal teams in an organization ask for resources to launch a product, invest in an idea, etc.
Some companies are creating online communities they can re­cruit from for research purposes. Michaela, the founder is also a great thought partner in terms of research tools and applications in general and takes a high degree of pride in delivering the best possible. The total number of market research analyst jobs that were available in 2010 according to the BLS were 282,700 and were expected to grow from 2010-2020 by 41%. It was mentioned that useful skills for this job to make sure you get paid well are statistics, economics and computer science. The top 3rd and 4th states for paying high wages to market research analysts are also tied at $90,000 a year and then the last two come in at $89,000 and $87,000. The salary information provided below is off of real-world job listings for Market Research Analysts and the pay offered for those jobs. There are also boutique research vendors that can provide more custom approaches and innovative solutions (often accompanied with a more personal­ized attention and commitment).
Nowadays, DIY marketing research teams are often small and don’t have time to handle all the internal requests.
Using a third-party to gather and analyze data helps to protect employees’ identity and avoid any type of retaliation against them.
They need a credible data source to explain the rational of their request, and at times this means data gathered and interpreted by a knowledgeable neutral third-party.

However, often companies must go outside their customer base in order to identify growth opportunities.
I have seen many cases in which the research needs to be done again due to bad research designs at the hands of inexperienced DIY research teams.
Regarding cost, there are smaller boutique firms that can be very cost-effective and offer a great service and quality work without costing a fortune.
This puts this research analyst career at an extremely high growth rate compared to other careers. A market research analyst pours over data to try and figure out what consumers want to buy, where they want to buy it, how much they want to buy and at what price. Choosing the right state could earn you more than $5,000 a year extra from the #1 paying state to the #6 paying state! DIY research teams can add value to the service they offer internally by selecting external vendors that have spent the time and resources on developing processes, learning new methodologies and gather­ing experiences from different industries that can guarantee data quality and meaningful insights.
They may need to outsource parts of some projects or entire projects as other priori­ties take place. DIY research teams can also play a neutral role, but sometimes they can’t help but infuse certain bias without knowing it based on industry knowledge and office politics.
In times when many think they can write a survey because of access to cheap survey tools, the need for expertise is often disregarded costing thousands of dollars in wasted resources on decisions made on less than reliable data. In just one decade the job market is expected to add 116,600 market research analysts jobs that will need to hire new analysts.
The way market research analysts get to that conclusion is digging deep into consumer data driven numbers, market surveys and demographic information that can be produced into useful marketing data.
Those who say they do “everything” internally are often limited to do certain types of research with moderate to low level of complexity. I have seen many instances in which a DIY research team’s internal clients, hoping to get a particular outcome, explicitly request the use of a particular methodology, (for some reason focus groups are always top of mind), which may not be the right one to tackle the business issue in question.
There are cases in which customers might be unwilling to air certain opinions about a company if they know they are being surveyed by the company’s employees and can be easily identified. In estimating the actual cost of DIY research, companies need to factor in the alternative cost of getting bad data quality, an inadequate research approach and misleading conclusions. In my experience on the client side, I always got a better value for my money from smaller research firms.
You recognize them easily, when the answer is “We have SurveyMonkey.” Sooner or later they go looking for a research vendor that can help them extract deeper insights from collected data or simply provide a different approach that better answers questions related to the business issues at hand.
Sometimes the DIY team is able to push back, but at other times they can’t and the internal client wins. Even if customers know the research is being sponsored by a company, knowing that a third party is collecting the data and analyzing it mitigates confidentiality concerns. When the stakes are high, management is aware that “good enough” research is simply not enough. Others ask us to design and program conjoint studies, while they do the simula­tions themselves. Sometimes we come at the end of the process to analyze the data or write the reports, while in many occasions we take on projects from start to finish.

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