How Much Does Market Research Cost?
The cost of market research is directly proportional to the scope and size of the project. In fact, the market research cost is a very relative factor. For instance, the cost of a market research involving just 100 phone surveys along with a small report from a marketing consultant would cost less as compared to a survey involving 1000 phone calls and an exhaustive report.
What Constitutes an Expensive Survey in Market Research?
Among the different types of surveys such as mail, in person, phone or online surveys, the highest cost incurred is on field work as well as for data collection. In mail surveys, the cost of printing, stamping, getting the mail ready and sending the survey emails to potential consumers is an added cost, not to exclude the data entry costs for the surveys that tend to get returned.
In today’s scenario, the most sensible and affordable option is to opt for online surveys as there are no administrative charges attached to the same. Everything gets done at the click of a mouse. The data and feedback get filled by survey respondents on behalf of the company. This alone is the reason for the growing popularity of email and online surveys in the last few decades.
Reporting and Market Research Cost
Any organization while reviewing the market research cost should first try to gain an insight about the revenue from the back end of the market research company. Some of the market research companies may end up sending a costly report but would send you with a data on an excel pattern or even an automated description in a PDF without any analytical report.
Some companies may even end up sending a team comprising of 10 people or more with banners adding to every other expense that could be imagined. Many market research companies have the reputation of wasting unwanted money on demographics that are totally insignificant and unwanted analysis of data.
Cost Effective Market Research Companies
The best and ideal market research companies are those that are able to offer the best balance between an affordable as well as informative and engaging report. They will not only provide you all the crosstabs and needed details of information that is relevant but would also project the key highlights, topics, ideas, and suggestions from the entire data that has been gathered. While reviewing the expenses for the next project of market research, an organization has to make sure that the reporting expenses gets reflected based on your needs.
It is very difficult to find an average cost for market research as many factors are involved such as size and setup of the organization, the level of field work undertaken including reporting. In short, where the scope is less, the cost is also less. It is found that the best market research is undertaken in focus groups when there is person to person interaction, in direct interviews and through phone surveys. Hence choosing wisely makes sense.