If you don't conduct market research frequently, you probably have some basic questions about the process. Let us guess, a big question you may have is…
How much does an online survey actually cost?
Although the scope and price of the most common types of market research vary a great deal, it can be broken down into five core components. We think these components will help you understand what goes into the cost of an online survey!
Every online survey proposal can be broken down into the following five cost categories:
- Project management
- Survey design, programming, and testing
- Feasibility of sample
- Number of completed surveys
- Timeline
- Analysis and reporting
In this blog post, our online survey company will explain each of these costs in more detail. For a quick synopsis, watch this one-minute video.
Category 1: Project Management
The costs for project management involve all of the setup and miscellaneous hours which go into an online survey project. This is an essential part of any online survey project, as it ensures everything runs smoothly from the kickoff meeting to the final debrief.
Keep in mind, the online survey cost may also factor in general budgeted time for vendor-to-client communication.
This varies from market research firm to firm but may include…
- Time for client meetings: Maintaining regular contact with the client throughout the survey process is essential to keep things running smoothly. In doing this, both parties can stay updated on happenings throughout the the project. For instance, if there is a question the client has, they can feel comfortable knowing they can reach out and receive a quick response from their team contact.
- Time to develop a kickoff meeting agenda: In market research projects, kickoff meetings are everything. They set the tone for the rest of the project, and also act as a way for the client to get to know the research team. It’s also a chance for topics do be discussed such as goals, timeline, concerns, and so on.
- Time to develop a workplan: An in-depth workplan serves as a guide for the entire project. It ensures that the research remains on top of each task, allowing the client to stay updated throughout the process. This promotes communication between both parties, ensuring any questions/concerns can be addressed swiftly.
Category 2: Survey Design, Programming, and Testing
This stage of the process also plays a key role in how much an online survey will cost. Each stage (design, programming, testing) is important and has a direct impact on the quality of data the survey yields. In the following sections, we’ll dive into each of these steps.
Survey Design
This is one of the core pieces of an online survey project.
Our online survey company always tells our clients: the shorter the survey the better. However, we understand it sometimes requires more than 15 questions.
The number of questions you would like to ask will play a factor in the cost of an online survey. It takes time to write, program, test, clean, and report each question. The more questions you want to include, the higher the cost will be.
Drafting the Survey Document
Furthermore, the cost also includes the time to draft an online survey in a Word document.
Many market research firms bypass the Word document, but our online survey firm finds that outlining the questions first saves time in the long run.
Rather than jumping immediately to programming, writing a survey on a Word document helps with revisions and changes to the script. It allows everyone on the client team to review the survey quickly and easily.
Survey Programming
Once the Word document is finalized, it is then programmed into an online survey software. The test link is shared with the client to view the survey as a real respondent.
Simple programming may only take a few hours, but a complex survey with multiple skip patterns, logic, and question sets can take as many as a few business days to program and test.
Whether or not these additional question features are included depends on the needs of the client and the feedback they wish to receive.
Learn more about programming an online survey in this short video.
Testing
The best market research firms also test drive the survey with a live sample. This is usually 100 invites or 1% of the sample. An example of testing can be seen in the soft launch.
In a soft launch, the survey is sent out to only a small number of respondents. That way, if there is an issue with the survey, it can be corrected before it’s been seen by the entire respondent pool.
This uncovers issues before it is sent to the masses. All of these costs make up the survey design, programming, and testing portion of an online survey project.
Category 3: Feasibility of Sample
Another key component of an online survey is both the cost of the sample as it can have a huge impact on market research costs.
In addition to the length of the survey, perhaps no other variable has a larger impact on cost than the number of completed surveys.
There are two types of sample for an online survey.
1. Customer Sample
This is the most cost-effective route. In these cases, the client passes the market research firm a list of customer emails to send invitations and reminders to.
Because the client is not paying additional for this list, it is easy to implement and often offers higher response rates.
This type of sample is most commonly used for customer satisfaction surveys.
2. Non-Customer Sample
This costs a bit more and can vary greatly.
For example, if you are looking for c-level decision-makers at Fortune 500 companies, the cost of sample and cost per complete will be much higher than a general sample of household decision-makers.
With a non-customer sample, many times market research firms are forced to work with regional and national panels or budget dollars to share the survey link on social media.
In our experience, this can prove more costly.
Recommended Reading: Surveying Non-Customers [Process & Questions]
Category 4: Number of Survey Completes
Take this: 200 responses costs more than 100, 400 responses costs more than 200, and 1,000 responses costs more than 400. You get the idea!
The best part about the number of survey completes is the number can be customized to any level to fit your budget (pending there is enough sample).
That said, they are closely tied with cost.
For example, a higher number of completes will likely result in a higher budget. The pros? You get more data to use. On the flip side, lower response numbers cost less. You’ll still be receiving quality data as you would with more completes, just less data.
This is a topic that can be discussed in the initial kickoff meeting, ensuring you receive the insights you’re looking for while still remaining within the preferred budget.
Category 5: Timeline
Do you need survey results in a couple of days? Or is the project not as pressing? The answer to this question will determine the final costs of an online survey project.
Depending on the audience and length of the survey, results can be delivered in as days. However, these fast results comes with a higher price tag. It is best to plan to plan at least two weeks ahead of time before you need survey results.
Category 6: Analysis and Reporting
The final stage of the online survey budgeting reserves dollars for analysis and reporting. Reports detail the findings of the survey, and are a valuable tool you can reference repeatedly to improve your business.
This can range from a simple one-page infographic to a comprehensive report.
A comprehensive market research report often includes:
- An executive summary
- Recommendations
- An infographic
- Personas
- Question-by-question results
The choice is yours depending on your budget and timeline but we always recommend hiring the market research firm to complete this.
Their level of insight, perspective, and experience adds serious value to the data providing you with fresh takeaways and action items.
Contact Our Online Survey Company
Drive Research is a national market research company providing organizations from across the county with affordable and actionable insights. With years of experience in online surveys, our team of seasoned researchers will work with you to craft and ideal project within your budget.
Interested in receiving a quote for an online survey? Contact us today!
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
Lark Allen
As a Content Marketing Specialist, Lark has a strong background and passion for creative, professional, and journalistic writing. She is also a self-proclaimed music freak and 90s enthusiast.
Learn more about Lark, here.
