Contact Polaris Marketing Research

Or Call Us Today
1-866-217-7014

Understand and Control Marketing Research Costs

Whether you are performing a market research project on your own or outsourcing it entirely, chances are you will need to present a market research proposal in order to justify the costs.

Marketing research costs vary so widely, however, that obtaining a single sample research proposal is pretty much impossible. Why? Well, there are key reasons that every market research proposal looks different from the next.

As with everything, the number one determining factor for estimating market research costs is how much you are willing and able to do in-house. There is a trade off, since the more you are capable of doing in-house, the less the overall project will cost you in hard dollars, but the more it will cost you in time and needed expertise. Many companies and organizations don’t know what steps in marketing research their staff is truly capable of and therefore have a hard time deciding what  can be handled  in-house.

Another determining factor is that, while there is always a best approach and methodology for a particular market research project, there are usually several options to consider. It is critical to be truthful regarding budget, timeframe and a number of factors when putting together a RFP if you plan on outsourcing and soliciting market research proposals.

What are some marketing research costs to consider?

 

For Quantitative Marketing Research

Step 1. Identifying and defining your problem & Step 2. Developing your approach

    • Mostly consulting costs at this stage

Step 3. Research design

    • Strategy design
    • Questionnaire design
    • Acquiring sample
    • Incentives
    • Programming or printing the survey

Step 4. Collecting the data

    • Data collection
    • Data cleaning
    • Editing & coding of open-ended responses

Step 5. Performing data analysis

    • Data analysis

Step 6. Reporting and presentation

    • Executive summary
    • Detailed reporting
    • Online reporting
    • Formal presentation

For Qualitative

Step 1. Identifying and defining your problem & Step 2. Developing your approach

    • Mostly consulting costs at this stage

Step 3. Research design & Step 4. Collecting the data

    • Strategy design
    • Discussion guide
    • Recruiting participants
    • Incentives
    • Facility charges
    • Recording
    • Food & drink

Step 5. Performing data analysis

    • Data analysis

Step 6. Reporting and presentation

    • Executive summary
    • Detailed reporting
    • Online reporting
    • Formal presentation

To control your marketing research costs you must first understand them. Polaris can help you understand the consequences of each decision you make.