The market research cost depends on the project’s size and scope.
For instance, a basic online survey with 100 responses and a condensed report from a market research expert would cost less than a phone survey with 1,000 responses and a detailed report.
One of the most critical inquiries prospective clients ask us – and one of the first – is a variation of “how much is this going to cost?”
Market research is a project, not a commodity; thus, it makes sense that there is no typical response to this question. It is not comparable to purchasing equipment, technology, or real estate. Market research might cost less than $1,000 or more than $100,000. It all depends on the problem(s) a business aims to fix with market research and, of course, if it makes financial sense to proceed.
Market research, or the act of acquiring information about consumer preferences, is an integral part of your company’s marketing strategy. It includes product testing, focus groups, and direct observation, providing essential input on your offerings and those of your competitors. However, market research may become costly; therefore, you may need to investigate financing options other than cash flow.
While there is no “average cost” for market research, it is helpful to understand the factors that influence its price.
What factors affect the price of market research?
Generally, the following components contribute significantly to the total cost of market research:
- The number of participant groups to be targeted. For instance, current customers and prospective customers are two distinct audiences. Also, buyers and end users are typically different (especially in B2B).
- What is necessary to learn from each participant group? These are the issue(s) that the market research intends to solve, and they are translated into a sequence of carefully crafted questions.
- The location(s) of market research respondents.
- The resources required to construct a suitable participant pool from which to recruit. Costs increase as a segment becomes more specialized or difficult to reach. While researching with Survey54, clients can upload their own audience or employ our audience pool. The former is more cost-effective.
- Which data collection methods will be utilized? The respondents’ location will directly impact the costs of employing various research methods. For instance, it may be preferable to carry out one-on-one in-depth interviews, but if participants are geographically dispersed, this may not be financially feasible. In such situations, combining in-person data collection with less expensive methods such as telephone interviews is common.
- The reporting requirements that follow the collection and analysis of market research. Numerous corporate functions, such as sales, promotion, product design and development, R&D, customer, and technical support, etc., utilize market research. Therefore, the results must be communicated to each stakeholder comprehensively in their context.
Again, this is not an exhaustive list of considerations. However, it includes some significant elements that comprise the total market research cost and eventually decide the final price.
Research with Survey54: FAQs and answers
How much does it cost to conduct Market research in Africa?
The cost of market research in Africa depends on:
- The country in focus
- The number of questions
- The number of respondents
- How detailed would the report be
- Screener questions
How much does it cost to survey Ghana, Kenya, and Nigeria?
Survey54 has provided clients in Ghana, Nigeria, and Kenya with various market research services. These countries have also been instrumental in Africa’s market research growth.
Using our pricing calculator, you may estimate the cost per respondent in these nations, which ranges between $2 and $3. For instance, a survey of 300 consumers in Ghana, Nigeria, or Kenya would cost between $600 and $900 for the respondents alone.
Other variables, like Questionnaire design, focus groups, Custom reports, and other flexible pricing models, can increase the price to between $2,000 and $2,500 or less.
How much does it cost to survey South Africa?
The South African market is unique with different Living standards measure (LSM) groups that surveys can cover.
Our pricing calculator provides more insight into the cost per respondent in South Africa, which ranges from $2 to $3. For example, surveying 300 South African consumers would cost between $600 and $900 only for the respondents.
Other variables, such as questionnaire design, focus groups, custom reports, and other flexible pricing models, can increase the price to between $2,000 and $2,500 or less.
How much does it cost to survey Francophone African Countries and the Middle East?
Only a few research companies have the capacity and expertise to research Francophone African countries like Cameroun, Senegal, Burkina Faso, etc., and the Middle East like Egypt, Djibouti, Qatar, Turkey, and the UAE, etc. Survey54 is one of such. As a result, surveying these regions has never been this seamless.
You can translate your surveys to French or any other language of your choice and get the survey results translated back to English using our platform.
Using our pricing calculator, you can select any Francophone-speaking nation, such as Côte d’Ivoire, to obtain an exact price on the respondent’s side.
This costs between $3 – $5 per respondent. If you are targeting 300 consumers in Cote d’Ivoire, for instance, the cost of the responses would range from $900 to $1500.
Other variable price models, such as Questionnaire design and Test, Custom report, screener questions, etc., can increase the cost of a Cote d’Ivoire survey to between $2500 and $3100.
The cost of comprehensive research services in Africa
Carrying out surveys in Africa has a range of add-ons that can be tailored to your specific needs.
Survey54 meets the demand for comprehensive and high-quality market research services in Africa, focusing on efficiency and customer satisfaction.
- Questionnaire Design & Test: Questionnaires are a possible source of bias and must be properly designed to ensure the data’s integrity. From survey design to questionnaire testing, it is essential to avoid misunderstandings and misinterpretations, as well as to avoid influencing or offending respondents. This costs around $100 – $300.
- Translation (per language from English): French is spoken by an estimated 141 million people in over 34 countries and territories in Africa. With Survey54, there is no language barrier to conducting adequate research in the continent. Our translation services aid your customers in non-English-speaking nations in comprehending and articulating their views. With $100 – $300, you can get actionable insights translated from English into your preferred language.
- Report & Cross-Tabs: Crosstab reports, also known as matrix reports, are utilized to demonstrate the relationships between multiple query items. Crosstab reports display data in rows and columns, with summaries at the intersections. The price range for this service is between $100 and $300.
- Custom reporting: Custom Research is an exclusive investigation that is streamlined and suited to your specific needs. If you require an in-depth and one-of-a-kind examination of a specialized industry, we can work with you to develop a custom study.
Custom Research is client-driven, allowing you to provide the exact data you require within your desired timeframe and format. This service enables our industry specialists to undertake exclusive research and compile it just for you to provide answers to your specific questions.
Are there different cost structures for various research methods?
Yes, the quantitative research method, which includes using Survey54’s platform to launch surveys, costs less than qualitative research methods. The latter is more in-depth, such as conducting face-to-face surveys offline, conducting desk research, targeting low-income earners offline, and employing foot merchants in each African nation.
Does the number of respondents determine the cost of research?
Yes, it does. The higher the number of respondents, the more the charges.
Are additional fees incurred if the research runs past the allocated due date?
There are no additional fees incurred. If the survey takes longer than anticipated, we inform the client at no extra cost.
Does Survey54 offer discounts on surveys?
Yes, we offer discounts to clients that go with our pricing model.
Is there room for trial periods before users start paying for surveys?
Yes, we offer 50 trial responses, but this is for those ready to buy.
Why market research?
There are several instances in which market research is relevant to your business. Here are some of the most common cases where you would use it:
- When your company is introducing a new service.
- When designing an organizational strategy and deciding which verticals to focus on and specialize in.
- When your business is experiencing a decline in market share.
- When your market’s environment evolves.
- When your company must speed its growth.
- When your company is trying to understand Product-market fit.
- When you want to understand the customer journey.
- When trying to understand and expand to more African countries.
Build your business for growth in Africa
Survey54 empowers businesses to grow and scale through rapid and transparent audience insights from Africa and emerging markets.
We provide organizations with the remote and mobile capacity to survey millions of people in Africa and emerging markets worldwide.
As an automated data platform, we bring you closer to your customers with mobile-driven data collection techniques and insightful data.
Our technology allows businesses to obtain the information necessary for making informed decisions. We give data based on your audience and reach specifications, allowing you to:
- Test brand awareness.
- Conduct product-market fit analyses.
- Obtain real-time polling data.
We pride ourselves on helping you make quick data-driven decisions with on-demand and transparent insights.
Want to learn a little more about how you can get a definite cost tailored to your exact market research needs in Africa? Click to send an email to email@example.com.