Market Researching Business

4 Market Researching Business Success Stories [2024]

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Updated: October 7th, 2024

Market research analysts research, compile, and analyze information on products and market conditions. The experts identify potential new markets, sales opportunities, and effective marketing strategies.

The employment of market research analysts is projected to grow rapidly over the coming years.

If you love helping businesses reach strategic decisions to excel and beat the competition, then starting a market research business can be fun and rewarding.

In this list, you'll find real-world market researching business success stories and very profitable examples of starting a market researching business that makes money.

1. Tap Research ($18M/year)

Aaron Platshon, the co-founder and CEO of TapResearch, came up with the idea for the business after encountering frustrating experiences trying to conduct consumer research for his previous startup, Wheelz. He realized there was a need for a platform that would make it easy for anyone to access valuable consumer insights, leading him to create TapResearch. Today, the company generates roughly $1.5 million in revenue each month by delivering over 1 million surveys for hundreds of clients.

How much money it makes: $18M/year
How many people on the team: 20

How We Built A $1.5M/Month Survey And Research Solution

TapResearch generates roughly $1.5M in revenue per month through their Sample and Insights platforms, which allow market researchers to access survey respondents they need and make fast and easy decisions through a highly scalable respondent network that delivers surveys to hundreds of millions of people.

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2. Pickfu ($1M/year)

Justin and John both craved entrepreneurial freedom and wanted to learn valuable lessons outside their corporate jobs. They initially launched a restaurant menu aggregator, but soon stumbled upon a bigger need while working on their first venture. They required consumer feedback for design decisions and realized asking friends and family was ineffective.

They built a simple tool to gather unbiased feedback from the public and saw a steady, organic interest in the tool. This prompted them to shift their focus onto what would become PickFu. Over time, they refined their service based on user feedback and expanded its capabilities, constantly validating the need through customer interactions. The genuine market value and consistent demand for consumer insights convinced them to transition fully to PickFu.

How much money it makes: $1M/year
How many people on the team: 17

How 2 Founders Built A Booming Consumer Research Platform With PickFu

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3. SolutionBuggy ($240K/year)

Arjun Bharadwaj, Founder & CEO of SolutionBuggy, came up with the idea for his business after recognizing the dearth of skill sets in the MSME segment of the manufacturing industry. In 2016, he conceptualized the platform and launched it in 2018, aiming to digitize the MSME consulting space in India using AI technology. Today, SolutionBuggy is the largest manufacturing consulting platform in India, with over 50,000 industries and 10,000+ experts registered on the platform.

How much money it makes: $240K/year
How much did it cost to start: $0
How many people on the team: 30

We Built A $240K/Year Online Platform From India

SolutionBuggy is an AI-based manufacturing consulting platform, providing end-to-end solutions for entrepreneurs looking to start the manufacturing industry, having completed over 2000 projects with 50,000 industries and 10,000+ experts registered on their platform, and planning to expand with 20 million registered MSMEs and 300,000 consultants in the next few years.

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Read by 4,625 founders

4. Deep Research ($180K/year)

Amid the COVID-19 lockdown in the UK, Abhishek Kumar spent countless hours on Twitter, where he decided to leverage his growing network and podcast to build Deep Research, a boutique market research agency now generating $15,000 per month.

How much money it makes: $180K/year
How much did it cost to start: $400
How many people on the team: 1

How I Started A $15K/Month Market Research Agency With Just $400

This case study is about Abhishek Kumar, the founder of Deep Research, a boutique market research agency that helps startups gather customer insights and guide their product and growth strategies. With revenues consistently growing over the past 10 months, they have achieved their highest revenue of $15,000 last month through continuous service evolution and increased value.

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Read by 5,248 founders