How can we reduce market research costs?

Marketing
Tutor: None Selected Time limit: 1 Day

How can we reduce market research costs?

Sep 12th, 2015

Thank you for the opportunity to help you with your question!

1. Reduce data collection costs by building an in-house panel (as opposed to using a 3rd party panel). If you have not done so already, and depending on your market, an in-house panel can reduce data collection costs. Yes, there is an up-front investment to create it, but depending on your population parameters and research frequency, it can pay for itself within a year.

2. Reduce reporting costs by eschewing slide decks. Market research agencies put a lot of time into creating slide decks (whether though PowerPoint, Keynote or other programs). Online reporting options and chart automation tools can reduce operating costs, though there can be trade-off’s in formatting and customization.

3. Reduce project management fees by changing to a retainer versus per-project fee structure. Market research suppliers are, after all, consultancies. The more predictable the revenue stream, the more efficiently they operate. Some agencies will offer lower fees if they have a guarantee of consistent work or more of a consultative relationship.


Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 12th, 2015

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