“How much does a market research cost?”
“As usual!“, you would be thinking! “They always answer this way.“
Nobody gives much away when it comes to budgeting, isn’t it? And so, you still don’t have a clear idea about the figures we are talking about, with the feeling that it probably costs more than you would like.
“Could you give me at list an order of magnitude?”
Here is the second question, the bonus one (and the one that makes you win only half a million dollars)!
It should be easier to answer, right?
- 1 Well, let’s do an experiment.
- 2 As you well know, there is no “order of magnitude” for the cost of a car.
- 3 Similarly to the choice of a car from several brands and models, it is not even possible to associate a fixed price to each option and add-on in a market research.
- 4 We can build the price together, based on your goals. How? Having a clear idea on what the market research should help you achieve.
- 5 Leaving the jokes aside: like for a car, a market research project needs to be built around your needs.
Well, let’s do an experiment.
Enter a multi-brand cars dealer and try to ask the seller:
“Good morning, how much does a car cost?“
Of course the poor guy will ask you what kind of car do you want, whether a sport car or a city car, if you want it fully equipped, whether you prefer a diesel or a gasoline one, if you want 3 or 5 doors and so on.
Now, stop him while he is listing all the possible variants and ask him:
“Thank you. But could you please give me at list an… ORDER OF MAGNITUDE?“
First, I guess he would look at you like you were a Martian who has never bought a car in his/her life – and who has never even seen a TV commercial about cars.
Second, starting sweating in his plump suit, he would answer you that a car could vary from a few thousand euros for second-hand city cars, to several hundred thousand euros for luxury sport cars, especially if you want it customized to your needs.
Nothing strange, don’t you think?
As you well know, there is no “order of magnitude” for the cost of a car.
It depends on so many factors that it can not be anticipated in advanced without knowing the needs of the customer, the reasons for use, the budget he wants to spend and so on.
The same thing when it comes to web intelligence, market researches, competition analysis, reputation evaluation, trends investigation and so on.
We can work at the level of a second-hand city cars, with a quick research whose goal is to give you just a clearer idea of a specific theme. The city car just needs to go from A to B in the shortest possible time, right? 😜
Or we may decide to add some optionals, such as fog-lights, and we could call a more experienced agent to investigate on a broader area to get you a broader overview.
If you want to reach information that are difficult to intercept, if you need to analyze your market from many different points of view, if you want our agent to work with you in the field, and so on, then we should better evaluate a racing car… well, I think you got it!
Similarly to the choice of a car from several brands and models, it is not even possible to associate a fixed price to each option and add-on in a market research.
It is necessary to evaluate it case by case, because one option may be included in the price in some cases, while in others it may force you to change the project radically!
But do not despair. I can not tell you the price in advance, but I CAN CERTAINLY TELL YOU how much the market research YOU NEED would cost!
We can build the price together, based on your goals. How? Having a clear idea on what the market research should help you achieve.
So, I would first ask you to answer these questions:
- What is my goal? What do I not know today and I would like to find out?
- How many different things would I like to find out?
- What is the budget I have at this time?
- Do I need the research once, for a project that starts and ends, or will I need it several times over time?
From the answers to your questions, which we obviously see together, we can understand a number of factors that affect the total cost of the project.
For example, the main ones are:
- What kind of project is this (and how wide it is). Do you just want to analyze your competitors (and how many?), your reputation or a specific trend, or do you want an overview of your entire industry covering different areas? As you imagine, this point directly impacts on how much work the survey requires, and therefore on the total cost.
- What is defined is the survey spectrum. Is this a specific job with well-defined boundaries, or it is an exploratory work that can go in different directions, requiring new investigation techniques?
- Which agent will investigate for you. The previous point directly affects the agent’s choice: do you just need a Spy Agent who works remotely, or your project is more complex and delicate, so you need the intervention of an agent working in the field next to you?
- What kind of data should we access? Some data is publicly available at almost zero cost, while others need to be extracted through complex software that in some cases could be expensive. Do you need, for example, to go back several years in the past? Or do you want to discover the most talked about topics in a foreign language like Chinese or Arabic? Fortunately, CMI is partner of the most advanced network listening software, so the cost of the data we can intercept for you is really competitive! However, it is very important to determine the cost of the project.
- How long does the investigation last? If the project continues over time, such as a monthly or real-time monitoring, obviously the cost of the single survey decreases and the cost is considered on a wider time horizon.
- How much budget do you have for marketing intelligence. Last but not least: if you have a budget constraint, we can help you understand what are the most important things we can find at that cost!In fact, even if with a low budget we would not be able to find out everything, we could give you the answers that are most urgent for you and we would maximize the budget at your disposal.On the contrary, if you don’t have any budget constraints, we will not propose a Skoda when your idea is to buy a Ferrari! 😜
As you can see, answering in advance to your first million dollars question about a market research cost was completely IMPOSSIBLE.
If someone could really predict the exact cost just by looking at you and without asking these questions… then he’s a fortune teller and he really deserves a million dollar prize (or he wants to fraud you, but that’s another story)!
Leaving the jokes aside: like for a car, a market research project needs to be built around your needs.
At least, in our case, there is the great advantage that we can build it as we prefer, without any constraints on brands, models and optionals… but always with the goal to bring you where you want to go!
If you really need a market research and you want to understand what we can do for you, click here:
Contact a detective of the web
Now you know what questions we will ask you (and why!) to understand what you need! 😜
See you soon, and as I always say… eyes open and ears to the ground!