How to Get Started in Freelance Market Research

Freelance market research is a process of collecting information or other relevant data about a product, set of consumers, competition and market potential for your client’s products or services during flexible hours. Market research is the first step a new business takes to enter the market. This strategy is also adopted by established business to enhance their existing products or service market. The report prepared after the market research is crucial to a business in making decisions pertaining to product/service introduction, expansion or diversification. Smaller companies cannot afford fulltime market research professionals, and therefore, they prefer to employ freelance market researchers.

Educational requirements

Graduation in any field is enough for getting a head start; however, knowledge of statistics and market analysis is essential. A post graduate education in business administration with market research specialization is preferred by most of the job providers in freelance market research. You can specialize in qualitative or quantitative method of market research according to your preference.

Prior Requirements

Start working for a marketing research agency as a field interviewer and learn the basics of market research. Move to a freelance market research job wherein you could do market research surveys under the guidance of an experienced market researcher. Gain experience of conducting telephone interviews for market research by volunteering for smaller or non-profit organizations.

Getting Started In Freelance Market Research

  • Find the leading market research agencies by contacting the Market Research Society or association office in your area.
  • Work as a telephone interviewer for different companies in order to have a steady flow of income.
  • Register with freelance job search engines and post your portfolio there so that freelance market research project providers take notice.
  • Bid for freelance market research projects posted on the registered sites.

Tips for Being Successful

  • Fully understand the business needs of your client and the nature of the assignment delegated to you.
  • Use the primary research and secondary research methods in a systematic way to collect required information.
  • Analyze the collected data with statistical and analytical methods to prepare a report depicting the future of the product's market viability.
  • Prepare a credible report to assist your clients in the process of decision making.

Income Possibilities

Freelance market research professionals are paid on project basis. It can be between $500 to $1,500, depending on the experience and the type of market research you undertake, but smaller organizations post freelance projects with a fee for completing the gig on an hourly basis.  

Final Word

Freelance market research professionals are cost effective, and hence, the opportunities for you to work in freelance market research abound. You have a lot of independence in your working hours, but the money flow might not always be consistent. Hence, you have to be ready to do market research jobs at various levels during your initial days in order to build a reputation and establish yourself successfully. Enhance your credibility by providing quality work and taking the responsibility of supporting decision makers.