How much does market research cost? Prices and methods of the best market surveys

Are you wondering what the prices of market research are? Here is everything you should know.

Do you know what is one of the most common questions we hear about market research? No, we are not talking about how many Facebook posts a competitor makes or what price to choose for their products. The question is this,“How much does market research cost?” 

Speaking of Facebook, thankfully no one has ever asked us for prices in a search with the classic (and somewhat obnoxious) “price” post. However, it is a more than understandable curiosity.

So let’s try to learn more about it….

The first thing you need to know is this: market research with fixed prices does not exist. And if you’ve heard someone selling them at a fixed cost, it’s probably a rip-off. Seriously, forget about people who brag about fixed-price research.

A serious market analyst, who works in this world to really help client companies, will never tell you that his work costs 1,000, 10,000 or 100,000. 

This is because, before giving you a comprehensive quote, it absolutely must understand what your needs and goals are.  

Would you ever walk into a car showroom and ask, “Hello, may I know how much a car costs?” without specifying which car you wish to buy, the engine capacity, model, optional extras, and you name it?

Certainly not.

And, even if I did, the salespeople would probably look at me as if I had never set foot in the real world…. Then they would pepper you with questions regarding your needs, so you can figure out what the perfect car for you might be. 

Likewise, we cannot tell you how much market research costs without first fully understanding your needs. However, we can tell you what factors affect the price of a survey. 

The 5 factors that affect the budget of a market analysis

As you may have guessed, market research and analysis does not have a fixed cost, an hourly rate. There is no sort of price list.

Simply because the research is not a product that comes out of mass production but the result of pushed customization.

To get an idea of the final price, before asking for market research you should, first of all, define your goals, determine whether you want to conduct a one-time survey or whether you need constant data monitoring process over time.

We also advise you to define your budget.

Yes, it may seem a little strange to you to think of a price before you know the cost of a service. Yet it is useful as a starting point to focus on what is most useful for you and your goals. 

It is not a matter of imagining how much you would like to spend on market research but rather defining how much you are willing to invest to achieve one or more business goals.

It is not just a change in perspective but the very essence of one of the most important rules for any business: never confuse goals with the tools needed to achieve them.

Based on the information you provide, we can design an ad hoc market research and provide you with a quote based on the following main variables:

• The type of market research you need and its scope 
• The type of data to be intercepted 
• How defined is the scope of the market survey
• The market analyst who will work for you
• The duration of the survey

Let us see, in the next paragraphs, how these elements affect the price of the survey.

Type and extent of market research: how do they affect labor costs?

Every client needs amarket survey that is different from others and designed specifically for him.

For example, you may need to check your reputation, conduct amarket and competitive analysis, find out trends in your industry, and more.

We insist on goals because, depending on them, you may need to analyze a single area or several areas at once. 

The point is that the structure of the survey and its scope strongly impact the price of market research.

In fact, they may require the involvement of more or fewer analysts, more or less time spent on the investigation, and more or less in-depth research.

Read also: Market research analyst: what he does and what his job consists of

Data to be intercepted: how can it be found?

Information intended for market research can be easy to find from free market analysis databases.

Much information, on the other hand, can be decidedly difficult to track. These often require the use of complex software, which requires advanced experience in their proper use.

Such software, as you can well imagine, is chargeable. And to be honest, they are very expensive.

Market research may therefore include the sourcing of:

• Easy-to-find information, 
• data that can be tracked only with the use of paid and complex software, 
• Mixed information.

The price of your market research depends heavily on the amount of data we need to track. But the field of action is also no less. 

Is the scope of your market research defined? Whether it is (or not) affects the cost of the survey.

Market research with a well-defined scope is more moderately priced than exploratory surveys, which can go in several different directions.

This is something that can be defined exclusively during consultation with our analysts.

We cannot know this before planning all the operations dedicated to your investigation!

The market analyst who will work for you also determines the price of your market research.

Numerous people work in our market research agency: from the analyst who works remotely to intercept the data needed for the survey to the analyst who works together with the client to manage an extremely sensitive project. 

The first and second figures are also at the opposite extreme in terms of price.

A professional working remotely costs less than an agent working together with the client to solve or understand a thorny matter.

Read also: Market intelligence: here are 3 you should already know now

The duration of the market survey clearly conditions the price.

We came to the last variable, the most predictable of all. The duration of the survey itself counts heavily on the cost of the market research itself. 

However, we need to consider the possible continuity of the operation .

An analysis conducted on a one-time basis, in and of itself, costs significantly more than a cadenced or real-time survey that extends over time. 

In conclusion 

We could tell you that market research costs $1,000 and up, as written on many other sites… But what would be the usefulness of this information that somehow turns out to be bogus?

Market surveys are constructed based on customer needs. Making “packages” or fixed prices is virtually impossible for those who work seriously to ensure truly useful information for businesses. 

As Oscar Wilde said:

Today people know the price of everything and the value of nothing.

Do you want to know the price of a market research conducted by us at CMI? 

Then we recommend that you contact us for a free consultation, during which we will clearly define together with you your company’s goals, needs, and the path to achieve them!

DO YOU WANT TO MAKE ACCURATE AND TARGETED DECISIONS, INTERCEPT NEW CUSTOMERS AND INCREASE BUSINESS PROFITS?

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