OVERVIEW OF BUSINESS MODEL
In todayâ€™s competitive marketing world, careful research is a must if you want to put advertising dollars into the right places. The Internet is now the fastest and most bountiful marketing research environment our world has ever seen. If you have experience in marketing data-collection methods and producing reports to prove specific theories, this is the business for you. The business would gain revenue from payment for research analysis reports and related industry reports for clients it attracts.
Knowledge of online research methods is a must for this operation to run successfully. Creating professional reports of your research data and theories is also needed. You will need basic Web publishing skills to manage your Web site and client and partner mailing lists.
COST TO START THIS BUSINESS
You will have to pay for the development, design, and hosting of your Web site. If you do not own a computer, this obviously will have to be purchased along with the requisite software and printer. You will also need Internet access to do the research. The estimated cost is $3,500 to $5,500 to start.
NUMBER OF EMPLOYEES NEEDED TO START
The number of employees needed to run this type of business is one dedicated individual, and you can start this venture from home while keeping your regular job. Remember that you will need connections in the market analysis community so that you can access accurate information in reasonable time.
This business has strong international potential. The global nature of the Internet creates a need for specific or niche online interest groups. The international potential for this business will depend on how much marketing you do and thelanguages in which you are capable of developing your reports.
E-BUSINESS MODEL/PAYMENT PROCESSING METHOD
Clients can pay you directly by check, money order, and so on. Once you develop an extensive group of clients or sell your reports via download from your site (big chance for money here!), you may opt for other payment methods.
IMPORTANT BUSINESS ISSUES TO BE ADDRESSED
Being accurate and providing data reports that make sense is the only way to get ahead in this business. Make sure that your prices are competitive and that the reports you develop are based on studied information. Selling your completed reports via download from your site is a great way to garnish income.
ONLINE MARKETING TECHNIQUES
- Develop a comprehensive link strategy. Make sure you are linked from as many market research and business service Web sites as possible, as well as appropriate directories, cybermalls, and meta-indexes.
- Participate in newsgroups and discussion forums related to online market analysis, advertising, or the industries that your clients are targeting.
- Develop a sponsored listings campaign to bid on appropriate keyword phrases with the popular search engines.
- Launch a strategic banner advertising campaign on Web sites frequented by your target markets.
More income can come from banner advertising and sponsorship of your mail list from companies that are targeting the same market as you are.
Hope you like this detailed report on making a business of market research.