Contrary to popular belief, research does not have to break a marketing budget to be effective. In fact, a simple online survey can provide the individualized and high-quality data you are looking for at a fraction of the cost of other methodologies.
While the cost of market research ranges based on a variety of factors, there are easy ways to reduce the cost of conducting research to fit within the means of any tight marketing budget. Before getting started with market research, hone in on what you will be requesting from a third-party company.
Is there a type of methodology (phone surveys, focus groups, online surveys, etc.) you have in mind? How many responses or participants are necessary for the research? What level of reporting do you need? Is this a one-time or reoccurring market research project?
After sharing your research objectives, goals, and budget with a third-party market research firm they should be well equipped to suggest a study that is well-aligned with your specifications.
If you are still in the initial brainstorming phases, stay with us! Our national market research company has 4 tips for conducting research on a tight marketing budget.
1. Choosing Your Methodology
Qualitative or quantitative? Measure or explore? The possibilities and methodologies in market research are seemingly endless. With that being said, budget constraints can limit what type of study is available for your organization.
For example, an online survey is less expensive than a focus group. Much like a geofencing survey is less expensive than an intercept survey. While every methodology has it’s own pros and cons, the cost-effective research methodologies still prove to provide the data necessary to drive key business decisions.
Market research companies, like Drive Research, also offer qualitative recruitment services. This service is helpful for organizations who have already written a survey or want to host a focus group, but are having trouble tracking down their target research participant.
Drive Research can find hard to reach participants cost-effectively, but the cost of qualitative recruitment can vary. More on that here.
2. The Number of Respondents or Participants
Choosing your ideal number of respondents or participants for a research study can be a challenge and often affects the cost of outsourcing market research. There is no tried and true magic number that is perfect for all types of studies. It is truly dependent on the type of study, the audience, and what is required of the participant.
For quantitative studies such as surveys online, 400 responses is considered the “sweet spot.” The more responses, the more nonobjective the outcome of the research becomes. However, if on a constricted budget this number can easily be reduced and still provide valuable insight for your organization.
If you are looking for a proposal or quote from a market research company, ask the third-party firm to include pricing tiers for a range of total requested responses. Seeing this breakdown can help your team understand how many responses fit within your budget.
3. Basic vs. Full Report
Once a study is complete, your research partner will provide you with a market research report. Our market research company offers a variety of reporting options to fit any request or marketing budget.
While your team will be able to choose from many different reporting deliverables, the two most common reporting packages are a basic report and a full report.
Basic Report: A basic report can be as minimal as a simple data export or an export of high level charts and graphs summarizing the research data. A basic report will be slightly less expensive than a full report.
Full Report: A full report delivered by Drive Research often includes an executive summary, recommendations for next steps, an infographic, and an appendix of question-by-question results.
4. Bundling Research Projects
Market research is not a one and done study, but a continual process in order to maximize results. Taking the data and feedback from a market research study and using it as action items to make a positive change is crucial.
If conducted a research study on a monthly, quarterly, or yearly basis, an organization is able to see if their scores or feedback have improved based on the prior study.
Luckily, bundling research projects are more cost-effective than doing one survey every other year. Speak to your market research partner about what cost savings are offered if you are to sign on for more than one project at a time.
Drive Research is a national market research company located in Syracuse, NY. Our team has the knowledge and tools to design a robust market research study that can fit within the means of nearly any marketing budget.
Interested in learning more about our market research services? Reach out through any of the four ways below.