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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.
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