If you are searching for an estimate on a customer survey, here are the 4 components you want to understand as you request a quote from a market research company. Estimates are not always an apples-to-apples comparison if you compare one bid to another. This is because there are many variables and unknowns with market research.
Offering up some of this information on the front-end can help you obtain a more accurate estimate on your customer survey. Unsure about which methodology or direction to go? It's okay. A great market research company will work with you as a consultant from Day 1 to help guide you down the right path and find a cost-effective, quality, and timely option for your customer survey.
Looking for a quote, estimate, or proposal on your upcoming customer survey? Here are the items which can impact cost going up or down.
Component 1: Methodology of Choice?
This one you may need a recommendation or suggestion for. However, some organizations already have a methodology in mind. This could mean an email survey to customers, a link on your order form or website, a mailed postcard survey, or a traditional phone survey.
Whatever option you choose or would like a recommendation for, the costs will vary. Online surveys are the most cost-effective and timely. But you will likely not get as much depth in responses as a phone survey. Each methodology has its own pros and cons.
Here is a handy chart which breaks down the advantages and disadvantages of different qualitative and quantitative methodologies. If you are interested in reading a comprehensive guide to market research methodologies, go here.
Component 2: Frequency of the Fieldwork?
Another major factor which impacts costs is the frequency of the fieldwork. If you want to run the survey once a year, once every 18 months, or once every 2 years, this will likely cost less than running a longitudinal survey. What I mean by longitudinal is conducting the survey regularly and repeatedly.
This might entail a customer survey conducted after every sale takes place (i.e. an email is sent after an order is placed online inviting the customer to a survey). Or this could mean our customer survey company sending a mail survey each month to credit union members who recently opened up a home equity loan.
How often you conduct the research and the setup costs involved with making it a one-and-done or ongoing project will impact your estimate.
Component 3: Length of Survey?
Our customer survey firm is a big fan of short, concise, and engaging surveys. We always view our market research from the perspective of the respondent. Would we love to ask 80 questions and keep them online for 45 minutes to take a survey? Yes. Think about the amount of data you could collect from this design. However, it is not unrealistic.
We work with our clients to find the perfect number of questions for a customer survey. In many cases this ranges between 15 and 25. This is a 3 to 5 minute survey for most which we consider an optimal length. It strikes the perfect balance of addressing key objectives but at the same time not overwhelming the participant or customer.
The other benefit of a shorter survey is it reduces the cost of the project: smaller set up costs, smaller programming costs, and fewer reporting fees because it is a shorter survey.
Component 4: Level of Reporting
Lastly, if budget is a concern you do have some options for a customer survey report. The gold standard is a comprehensive report with recommendations. The way we see it as a customer survey firm, it is our job to really dig into the findings and provide you with insights, recommendations, and action items to employ. If you cut back on the report, you may not get the ROI you desire.
Still, you have options. A basic reporting option might include an export of the data file in Excel with some banners (charts and graphs with frequencies and percentages). A second option might include an infographic which graphically highlights key insights and takeaways from the customer survey.
The comprehensive approach is the all-encompassing customer survey report. This includes an executive summary of key themes which reflect your objectives and the purpose of your customer survey (i.e. what did you want to learn?) It also includes recommendations and action items. Based on our experience with customer surveys, here is what our team thinks you should do...
It also includes an infographic and customer persona. A customer persona walks you through a typical customer experience (who your customer is, why he or she buys, and what he or she dislikes). Lastly the comprehensive report includes all of the charts and graphs broken down by key segments and demographics. A data file is also sent.
Here are 6 components of a market research report.
Contact Drive Research for an Estimate
Drive Research is a customer survey company located in the United States. We work with a variety of organizations in several industries to assist with customer surveys. As a full-service market research company we can manage your entire project from start to finish.
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