Pricing market research projects: Four things to keep in mind

We’ve been talking about pricing market research projects and surveys for a while now. But there’s so much to the whats and hows of it, and one can neither ever justify it nor that it ever remains constant!

With so many industries emerging every day; surviving in turbulent times, it takes a whole different level of strategic business decisions and actions to make a stay in the market.

Researching your market or surveying potential customers and experts in your industry definitely becomes helpful to place yourself as an imminent venture. However, this demands experiments, loads of research and reiteration, and bags of money.

At CleverX, one of the major concerns that our clients share is about pricing market research projects. When you spend a massive chunk of money on researching different market segments, every penny counts!

Penning down on behalf of our communication team, here I’m sharing some tips that you can borrow to place a price tag on your market research project while understanding if you are doing it the right way or not!

First and first — figure out exactly how much financing you need to keep your research going.

You must establish an overall marketing budget before even setting a budget for your market research project. This will give you an idea of how much you are going to spend on market research and other marketing activities.

The three factors listed below will help determine this share, but, remember, it needs to be a proportional ratio of the budget overall. So it could go either way. For instance, if your total project budget is $250,000, don’t expect to get all your potential research data from a single $5,000 report; on the other side, you do not have to have spent $100,000 either.

Before making a decision, research all relevant options.

Many scaled analyses exist on various topics, from broad global overviews to some of the most highly scrutinized data-driven critiques. It includes data from government agencies, trade associations, market research firms, and other sources. One effective way to help set up a realistic budget is to search for relevant data already available before you decide to conduct custom market research.

Syndicated reports can supply the answers to most of your questions and save you a considerable amount of your budget over time, as in-depth externalities are often cheaper than custom market research.

If you choose to go with custom research, plan your primary research budget accordingly.

It is best to go with primary research when you don’t get answers from the syndicated reports.

Primary research budgets can vary significantly in size, depending on the scope and depth of the research project. Custom research projects typically require a higher budget than traditional data sources. It is because custom research entails collecting data specifically for your project, often from primary sources.

There are several factors to consider when planning your primary research budget.

1. The first is the type of information you need. For example, if you’re looking for industry trends or demographics, you can likely find good data sets available online. However, if you require detailed information about a specific product or service, you’ll probably need to conduct custom primary research.

At CleverX, we are home to several leading industry experts from different domains, collaborating with ventures who are looking for custom market research solutions.

2. The second factor to consider is the location of your target market. For example, if your target market is in a different country than where you are conducting the research, your costs will be higher due to translation and other related expenses.

Studies with a large sample size will be more expensive than those with small sample size. Additionally, the type of research methodology used can also impact costs. Qualitative studies tend to be less costly than quantitative studies, for example.

3. Another thing to remember is that not all research projects are created equal. For example, some studies require more time and effort than others, so please ensure you understand the project’s scope before agreeing to any costs.

While it may seem costly, the benefits associated with conducting custom primary research can also be more significant. The custom reports you receive will be in detailed information — hence, saving you time and money in the long run. It will also give you a competitive edge by helping you understand your customers and what they want.

Nevertheless, consider this option a last resort if your budget is constrained.

Maintain an awareness of what costs to expect and what information provides the greatest insight.

Market research is a substantial expenditure in terms of time and money. So, diving into it blindly doesn’t make sense. Studying and discovering realistic expectations for what the data report within your budget can provide you is essential. That knowledge will make it easier for you to find the right market research tool or platform for your requirements and budget.

Below is a breakdown of the report’s costs:

Top-level reports

Top-level reports typically contain basic information about a market. For example, they answer relevant questions about the market’s size in addition to who the most significant competitors are. They will also provide some basic information regarding why the industry is the way it is today.

Full-market analysis reports

When you commission a full-market report, you can expect to receive an in-depth examination of all aspects of the market in question. It includes a thorough analysis of the current market landscape, including competitor analysis and market sizing. In addition, an entire market report will delve into the target audience for the product or service in question and provide insights into consumer behavior and preferences.

Product detailed market reports

Product detailed market reports offer an in-depth analysis of a product and its competitors. The report includes information on the product’s pricing, features, and how it compares to similar products. It also provides data on how many units have been sold and the forecast for future sales. This information can help companies decide whether or not to produce and sell a particular product.

Researchers typically gather data from both primary and secondary sources when compiling a detailed product detailed market report. Primary sources are typically surveys or interviews with people who have bought or used the product in some way. Secondary sources can include articles from newspapers and magazines and reports from government agencies and other organizations.

You can also use the data provided in a product detailed market report to create several different types of sub-reports. The most common report is a summary report, which highlights the most critical findings from the research.

This is considered to be one of the most highly-priced market research reports — but stay rest assured, it brings answers to all your possible questions.

Conducting market research projects with CleverX

Market research is time-consuming as it involves research related to a specific market, niche, or even product. And though it is a lengthy procedure, it gives first-hand knowledge, which every top player in the industry prefers.

With CleverX, the whole process of market research becomes a lot easier — with professionals coming from diverse backgrounds and roles, we help research clients with data that is neither faux nor available in between any other information sources.

Take a look at how we are changing the market research industry and how research firms are making a hit with us!