Budget and cost is always a concern for businesses and organizations. How do we limit expenses? Is there any way to reduce costs? What do we have to do now and what can wait until next year? These are questions that are fired back and forth in conference rooms daily.
It is no different for market research companies and focus groups. How much does market research cost? How can we reduce the cost of market research? How much do focus groups cost?
Focus groups are a form of qualitative market research with groups of 4 to 12 individuals. A moderator asks questions to the group and feedback is analyzed and integrated into a report. Oftentimes, at least 2 or more groups are held in a day or night session.
Focus groups can prove costly. When you look at the expenses associated with travel, moderators, facility rentals, rewards, food and beverages, audio, video, and transcripts, it is easy to see the cost of a focus group quickly skyrocketing.
Here are 4 examples of how to save money with focus groups from our focus group firm in Upstate New York.
Here are 4 simple ways to trim down your focus group costs and keep your piggy bank filled.
Money Saver 1: Rent a Non-Traditional Focus Group Facility
In a recent post we covered 4 alternative options for focus group facilities. This included looking at library community rooms, hotel conference rooms, business or organization conference rooms, and shared space. Any of those 4 options will offer a significant discount over a traditional focus group facility in Upstate New York.This can save you up to 50% or more on your facility booking.
Money Saver 2: Shorten the Length of the Focus Groups
This is another option to save on costs. The length of time you need the focus group facility often has a direct impact on increased costs. By shortening focus groups from 2 hours to 90 or 60 minutes it shortens the amount of time you need to rent a facility, requires a small time commitment from participants (meaning a smaller incentive), lessens the time required from the focus group firm (moderator in Upstate NY, analyst, hostess, etc.), and does not require as much time for reporting. All items that will help your bottom line.
Money Saver 3: Opt for Audio Recordings Instead of Video
Another expense is the video recording of focus groups. In a traditional focus group facility in Upstate NY, video recordings of the groups are provided on a flash drive or DVD. In some off-site remote facilities, it requires the hiring of a videographer and expensive equipment. If you can get away with using just audio recordings it will save you money at your focus groups. Audio recordings can still be utilized for transcripts.
Money Saver 4: Choose a Different Level of Analysis and Reporting
There is a lot of value in creating a comprehensive PowerPoint report for a client. This report includes a focus group executive summary, recommendations, participant personas, an infographic, and a section-by-section breakdown of results from your focus groups. Don't have room for a full report in your budget? Ask for a high-level report or summary only.
Contact Our Firm
Drive Research is a focus group firm in Upstate New York. Our team conducts focus group across Upstate New York and across the country. Interested in receiving a bid on your upcoming focus group recruitment or project? Contact us at email@example.com or call us at 315-303-2040.