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  It’s always a good idea to learn what you can about a market before trying to sell to it. This way, you’ll know who you’ll be selling to, and come up with ways to appeal to them specifically. Many businesses realize this, so they’re utilizing a lot more consumer data than they previously did. But if you’re going to build a revenue-generating enterprise, you’ll have to learn how to start a market research business.
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Market research is a crucial step in the lead-up to setting up a commercial or industrial organization. Firms that deliver this service have a lot of ground to cover. And the demand for this service is growing, thanks to an increased emphasis on data-backed marketing and business development strategies. Are you considering setting up a market research firm in Nigeria? Here are 7 steps you can take to do just that:

Investigate the Demand for Market Research

We have said that there’s more demand for market research in Nigeria than ever before. However, this demand appears to be concentrated in certain areas of the country—for example, in larger cities with well-established formal corporate economies. Also, while it’s true that you can serve organizations across the country from a remote location, many companies (especially the older ones) still prefer to work with firms that have a physical presence.

Acquire the Necessary Skills

As is the case with most other businesses, it certainly helps if you have a background in the field in which you’re looking to start a company. But if you don’t, you’ll have to learn how market research works. It’s easier for people whose education exposed them to statistical research methods that involved surveying people (e.g. social sciences). Don’t be discouraged if you don’t have prior knowledge of these things. You can pick up a lot of what’s required in a few months.

Register Your Business

Registering your business makes it a legal entity. This means that it’s recognized by the government, and that it can engage and be engaged by other parties accordingly. In Nigeria, primary business registrations are the concern of the Corporate Affairs Commission (CAC). Other registrations you may have to take care of include those with the FIRS and State and Local Government bodies.
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Establish a Digital Presence

You should have a website, social media pages, and an email address. Your website will be the go-to place online for any information about your firm, what it does, and how it can be contacted. Social media is ideally for engaging and promoting to the broader public (especially your target audience). And emails are for both of these, as well as for updating potential and existing clients about your work, and presenting them with offers. Here are three tips for attracting attention with digital channels: be active, be insightful, and be available to help.

Reach Out to Potential Clients

“Build it and they’ll come” is absolutely not a mantra to adopt when starting a market research firm. Most of your potential clients are other businesses, and don’t have the time to carry out an extensive search for research firms when they need them. It makes sense to put your services in front of the decision makers in those businesses. You have to do this a lot when starting out. Cold emails, pitching representatives at business events, and messaging marketing heads and SME owners on LinkedIn are favoured approaches.

Take on Lower Level Projects

Don’t begin by trying to land large companies. They tend to work with firms that have an established reputation (and some prestige). You are better off hunting for smaller companies. Although SMEs won’t pay you as much as big organizations, they are a decent starting point from which to advance. Take fair market research projects to build up your portfolio and experience. These two gains will propel you to better opportunities down the road.

Build Your Reputation

There’s a third thing that starting small will do for you: establish a good reputation. When you repeatedly deliver value for your clients, you’ll grow a positive public profile. As you do so, make sure to share the testimonials of satisfied clients on your digital channels. Over time, your firm will go from a barely-known entity to an established player in the market research space.
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Final Words

We have shown you how to start a market research business in Nigeria. It’s an idea that suits people who love data, research, and understanding how individual and group characteristics determine brand engagement and product purchase patterns. If this is something that appeals to you, we suggest that you think about establishing a market research agency. You can follow the steps we’ve talked about here to do that.
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 9th April 2025
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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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