Innovative online market survey business idea. The aim of this blog is to bring some of the best business ideas that anyone can start. All business ideas are detailed here, from problem statement to investment. Also, if you want more information, I promise to get back to you in a week or two.
Introduction to market survey business
Drawing an error-free GTM (Go to Market) plan is always considered to be the toughest job in a business, you might say execution is harder than that but remember a wrong plan can never bring the desired result even if with the best of execution.
Do not worry, I am not going to discuss the GTM plan here but a smaller part of it. Which I believe can take the shape of an independent market survey business. In GTM proper understanding of the persona of prospective buyers and value expectation of the product to be marketed is important.
Let’s see how the market survey business opportunity unfolds with this ideation.
Problem Statement (Why does this survey business model have a good prospect?)
As I say in the introduction, in any GTM understanding prospective buyers’ persona and their value expectations from the prospective product is an important aspect, hence reaching target audience is important. Traditional method of reaching target audience is time consuming and requiring a large sample size further prolongs the entire GTM process, we know that time is precious.
Now if we consider modern methods of conducting surveys like the Internet, which have much less control than the traditional (person to person) method but can reach faster and higher number of audiences. The lack of control in digital surveys is due to the absence of person-to-person interaction. And secondly, the audience does not see a benefit due to the use of data but a cost.
Concept of survey business
We will take the digital route to establish this survey business. The business will attract people to participate in the survey remotely by giving free 1 GB of mobile data. Here I will not discuss the content of the persona or value survey, because that will depend on the product to product or purpose. Hence, I will emphasize the revenue model and modus operandi of the core business.
Example
Due to heavy use, I reach my daily data limit, either I must buy, or I should wait till the next day. But I know there is a solution where I can get 1GB of free data instantly by attending an easy survey through an app, in such scenarios most probably I will take the benefit.
Investment, Revenue Model & Process: Market survey business plan
To start this market survey business one needs an app, website, domain name, hosting, and cloud server. Along with this, the business will buy 1GB of data coupons from all different service providers in bulk. I am giving an estimation of Rs 30 Lakhs (INR) here, as below.
- Application with domain, hosting, and the server will cost Rs 3 Lakhs (INR).
- In India there are four telecom companies, hence the business will buy 40K 1GB of data coupon. [10K from each TSP]
- Businesses will start by giving survey services to four clients that too free for the first 5K sampling and will charge for additional per sample basis. This is an introductory price and offer. If we calculate the cost of procuring 40K 1GB of data coupon will come around Rs 8 Lakhs. [Considering Rs 20 for each 1GB of data coupon]
- Business will have a small team and keep around Rs 10 Lakhs as working capital.
- Business will reach the target segment (Individual and location) for survey by the route of digital marketing. The estimated cost is Rs 4 Lakhs. [Rs 1 lakh for each campaign to get 10K sampling]
- The Business needs to take a small space for an office. Which I think may cost Rs 1 Lakh as lease money/rent advance. With this model, the business will conduct four surveys for four clients to pilot the business feasibility.
- Business will put in some artificial intelligence on the application to figure out the authenticity of the participant. Like the system will give immediate data credit on receipt of an SMS sent via an MSISDN (Mobile No) on which the data is required. [System will identify the TSP by delivery route] Here, the credited data will expire within additional 5 minutes of estimated survey time unless the survey is completed.
Check home based business ideas here.
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Understand: The moment customer initiates the survey a SMS hits server from customer’s MSISDN and server immediately identifies the TSP and gives credit of 1 GB data valid for estimated time of survey plus additional five minutes.
If the survey is finished within the estimated time plus five minutes system will remove the time restriction so that customers continue enjoying the rest of the data balance. This will cost extra to build in the logic, I am assuming Rs 2 lakhs.
A 10K sample will give good and reliable statistical results in the survey. So, the company may charge Rs 5 lakhs and above as a service charge after piloting the feasibility test.
Best of Luck!
