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Business and Consumer Research Costs

Market Research Buyers' Guide

The cost of market research will vary massively based on a number of key factors. Market research is seen as an increasingly important business component and its popularity across every sector has grown hugely over the last decade. Because of this, there are a huge and ever-expanding number of businesses offering these services. They will all have slightly different offerings and will all charge varying rates, justifying their prices on their experience, size, expertise, client list, reputation in the market and past results. It is therefore a very competitive field that gives you the opportunity not only to choose a company that suits your requirements through having knowledge of your market, but also can offer their services at a competitive price.

The type of research you need will also affect the cost of the process. A small scale review of existing clients from a pre-formed database of information will cost less than a far-reaching research project that is tracking the effectiveness of a wholly new product into a brand new market because this involves spending time and resources on both the planning and the execution of the campaign.

The other factor that will affect your market research campaign costs is how you want the results to be presented and fed back to you. If you are happy just receiving the numbers for your own in-house analysis then this will certainly keep the costs lower. However, the best market research companies will take your data and present an in-depth report based on their findings. They will break down the numbers and identify certain trends and patterns that you and your company may miss. This may prove to be the more expensive option but the information revealed through this process may prove to be vital for the future of your company.

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