Before you get started with market research you first need to request a quote or a proposal. A quote is a basic and high-level estimate on the cost of market research. This can usually be turned around quickly because little detail is offered outside of the estimate or range.
A market research proposal is more detailed because it outlines the scope of the study. This includes several components and a more accurate cost. In many cases a proposal details a final cost which is different from the estimate provided in the quote.
Here are the 4 parts of a market research quote or proposal.
Before you send that email to request a market research quote or proposal, know what to expect.
This is the introductory piece of a market research proposal. It highlights key expectations from the market research. For a customer satisfaction survey (CSAT) this may include items like NPS, drivers to loyalty, and specific likes, and dislikes about the customer experience. If you are requesting a quote on a brand equity study the objectives should tackle awareness, perception, and word association. The objectives lay the groundwork for the rest of the proposal.
The approach section is the most detailed section of a market research proposal. The approach highlights the process and methodologies involved in the project. It might detail the length of the online survey and the step-by-step task-oriented approach of testing, fieldwork, analysis, and reporting.
If the approach is a mail survey, it will discuss how the process moves from drafting a proof through the printing, assembly, stuffing, and sending of the mail pieces. A phone survey approach will touch on CATI, times of calls, purchasing of lists, etc. This is the most informative section of the proposal.
No market research quote or proposal is complete without a timeline. Will my project take 2 weeks? Will it take 4 weeks? Will it take 4 months? The timeline will help an organization understand the length of time involved with a market research study. It will often highlight the length of time for each step including kickoff, design, testing, fieldwork, and reporting.
Finally, the cost is specified in each market research quote or proposal. In a full proposal the cost is often listed as fixed or a package price. Costs in market research are based on the estimated hours it takes to complete a task at specified hourly rates. The cost may also include fees to rent sample or panel costs to access respondents.
Drive Research is a market research company. We work with a variety of industries and offer a full array of market research services. Interested in receiving a market research quote or proposal from our team in Upstate NY? Contact us at [email protected] or call us at 315-303-2040.