How much does market research cost?
Paul Stallard - Monday July 8th 2019
The cost of market research depends almost entirely on the type of hypothesis you would like to test and in what depth. If you are looking merely to ask a few questions as part of a survey, in a small sample and use it for one report or release, you will be looking at costs around £1,000, scaling up to £5,000. If, however you would like to conduct global, detailed and segmented research, using CATI, CAPI and CAWI methodology, you can easily end up spending over £100,000.
The key to budgeting for your research project is to look at it in terms of purchasing a new car. You do not simply walk into a dealership and purchase a car without evaluating what you will need from that car, how it will be used and what additional features you would like it to have. The same process involved with buying your new car should apply to how you view research budgeting. You must work out what you will be using the research for and look at what you would like to get from it in great detail.
Furthermore, it is never a good idea to conduct detailed research on a budget that is too small for the project. Referring back to the new car concept, you cannot expect a brand-new supercar when you are paying the same price that you would for something second hand. Approach a research project with a clear understanding of budgets and how much you can apply to the cost of research.
Never feel pressured to spend large amounts of a marketing budget on research, as effective, concise and productive projects can always be produced using minimal funds.
Arlington Research is an award-winning full-service market research company. Get in touch with us for a friendly chat about your next project.