So here you are. You might have come across this blog post because you are trying to find some ways to save money on your market research. If you're seeking to reduce the cost of market research for your manager, team, company, or client, you've come to the right place.
In this article, our market research firm in NY will discuss 5 unique ways to reduce the cost of market research. Some are easier to employ than others. Some require more work. Some are more practical. Some are unique. But all will reduce the cost of market research and give you more flexibility in your budget.
In a budget crunch? Have no fear.
Here are 5 sure fire ways to reduce the cost of market research from our firm in NY.
Option 1: Consider a Change in Methodology
If your budget is tight, consider changing methodologies. This should be thought about if you have some flexibility in market research design. Using a small online survey will be less expensive than managing a project with 8 focus groups. Choose a methodology that answers your objectives in the most cost-effective way.
Working with a market research firm here will help. Based on their past experience the fitm will be able to guide you down the right path and help you choose a methodology that is most pertinent and budget friendly.
Option 2: Reduce the Number of Participants
Another quick fix to budget problems is reducing the number of participants in your market research study. This may include reducing online survey completes from 1,000 to 800, 400 to 200, or 200 to 100. In the focus group world this may mean hosting groups with 8 participants instead of 10 or 12. Many are opting for mini focus groups with 4 participants, which in a 2-hour session means each participant has approximately 30 minutes of air time.
Finally, this could mean reducing the number of in-depth interviews (IDIs) from 25 to 20 or 15 and so on. If budgets are extremely tight, work with your market research firm in NY to see if they can scale back fieldwork a tad.
Option 3: Reduce the Reward or Incentive (Careful Now)
One would think this is something you could immediately jump to when thinking about reducing a budget. For many clients this is the first thought. However, this can be deceiving and we'll explain why.
At face value if you have 25 in-depth interview (IDI) participants each receiving $100, that's $2,500 in rewards. If this is reduced to $75 that's $625 in savings. If you have even more participants, the savings can be that much greater.
However, what some don't realize is if the reward decreases, the actual cost to recruit will increase for your company. The market research firm may deem it will take more hours to recruit participants if they are paid a lesser reward. So in turn, the lower rewards could actually increase the overall cost of the market research. It's a bit of a paradox, but it many cases it is true.
Now you know why we said "careful"?
Option 4: Ask for a Basic Report or Data File
When it comes to a deliverable from a market research firm, you will likely have several reporting options. The full report includes an executive summary with themes, recommendations, personas, an infographic, and question-by-question results. Whereas a basic report might just include a summary with infographic. Several options exist and a flexible market research firm will work with you to design a report package to fit your budget.
A final option is to simply ask for the raw data or a data file only. The market research firm can pass on reporting or analysis and simply pass you the data in SPSS or CSV format. Although, we'd argue the market research report is the most valuable piece of the process. The team can add insights and recommendations through an objective point of view and new perspective. If you manage this internally you'll save on cost, but miss out on the largest benefit.
Option 5: Spend More, Wait...What?
This seems counter-intuitive but it's true. In the cases where you are looking at large quantitative studies, market research firms will often offer a lower cost per complete or CPI if the number of completes are increased. Another option for a per project discount is by signing off on a larger package of studies. If you need to reduce the cost of your online survey to under $5,000 consider signing off on a package of 5 or 6 to reduce the cost per survey.
Contact Our Market Research Firm
Drive Research serves a number of clients in a variety of industries. Read more about our market research services here. Questions about how you can reduce the cost of market research with Drive Research? Contact us at [email protected] or call us at 315-303-2040.