The short answer: not as much as you might think.
Market research can be seen as pricey, but that’s not always the case. What really matters is the type of project you’ll be using market research for.
For instance, you likely stumbled across this post because you're wondering about the cost of competitor analysis. This type of research can be as cost-effective as an online survey or more of an investment that contains many phases and components.
While there’s no single answer to this question, determining certain factors about the scope of your project will help you find that answer.
That's why when asking a third-party market research company for a quote, it's important to include certain details so that they can provide you with accurate pricing.
Below, our competitive assessment market research company explains what factors can increase or decrease the cost of competitor analysis.
What Type of Competitive Analysis Do You Want to Conduct?
This, right here, is the big question.
While there is no “set” price for competitive analysis, you can get an idea of what you’ll be paying if you understand the type of research you’re interested in.
As we know, these assessments usually have four major components:
- Website competitor audit
- Competitor service or product analysis
- Competitive pricing analysis
- Marketing competitor audit
When new components are added to your project, the price will go up.
For example, it will be less expensive to only conduct a competitor pricing audit, vs. all four components.
💡 The Key Takeaway: Consider the main factors that go into this type of research when weighing the cost of competitor analysis. Like other forms of research, the more you conduct, the more you will pay. This is a decision each business needs to make, as every business has different needs.
What Type of Data Collection Method Are You Considering?
How is market research data collected, you ask?
Like many things in this industry, there are multiple ways.
These are some popular methods of data collection:
- Customer database
- Prospecting list
- Online panels
- Purchased lists
- Social media
- Intercept surveys
Don’t feel stressed if you’re not sure what type of competitor research you’d like to conduct–that’s what Drive Research is here for!
Together, we’ll work through your goals, pricing, and general ideas about the project.
💡 The Key Takeaway: Data collection can be done in a number of ways. Pricing for these collection methods varies widely. At our competitive assessment company, our goal is to lead you to the best, most affordable research option for your specific needs.
How Many Competitors Do You Want to Audit?
Since there are so many different businesses that are competing against each other, certain industries have more competition than others.
This is where pricing comes in.
If you’re in a really competitive industry, you may want to consider running multiple rounds of competitor research.
However, keep in mind that the more competitors you include, the more the cost will be. When working with a third-party market research company, definitely share the number of businesses you’d like to analyze.
Not only will this prepare your third-party team, but it will also give them a chance to come up with methodology recommendations.
With 70% of businesses wishing they’d used competitor research, don’t let pricing hold you back.
💡 The Key Takeaway: Put simply, the more competitors you include in your research, the more money you will spend. Whether or not you need to research multiple rival companies is up to you and your business goals. A third-party team like Drive Research will help you navigate this decision.
Competitor analysis is crucial to any business. You want to know who your rivals are and how to stay on top of your industry.
For instance, recent studies reveal that a whopping 94% of businesses will spend money on competitive intelligence to beat out rivals. Interested in joining the majority?
While the cost of competitor analysis varies greatly, having a solid third-party team to back you up makes the process a whole lot easier.
Drive Research is a full-service market research company that specializes in competitive assessments. After we discuss your main ideas, a custom proposal will be created for your reference.
Talk to us through any of these four ways.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
As a Content Marketing Specialist, Lark has a strong background and passion for creative, professional, and journalistic writing. She is also a self-proclaimed music freak and 90s enthusiast.
Learn more about Lark, here.