Budget Market Research Solutions

WITH JENNY KARUBIAN. CEO AND FOUNDER – READY TO LAUNCH RESEARCH

Some of the biggest brands in the US and the rest of the globe have risen to their respective realms of success due to the magic of market research. But it goes without saying that market research comes at a cost to all businesses, big or small. And there’s the rub: The age-old ‘You need to spend money to make money’ mindset.

But what if companies could leverage market research solutions that cost under $10,000 and receive a relatively high ROI on that investment?

In this episode of ‘FAQs with Jenny’, our CEO and Founder Jenny Karubian explains each of our budget market research solutions: Short Surveys, Market Intelligence Reports (MIR), and our Entrepreneur Package. Jenny explains which market research solution is suitable for your business needs, the deliverables, the type of insights that can be garnered, the time frame, and the price breakdown of each budget market research solution, and more.

 

MEASURING ROI ON MARKET RESEARCH SPEND: A MINDSET SHIFT

In a B2B International article, Julia Doheny talks about the discrepancy in company perceptions when calculating ROI on different types of company spend. Companies traditionally don’t take dollars spent on a business’ daily running costs or the ‘considerable amounts of money’ spent on insurance when calculating ROI. On the other hand, businesses appear to be taking the measurement of ‘Marketing ROI’ increasingly seriously.

Doheny poses the incisive question: ‘Why have organizations become so interested in questioning the potential return on investment of market research projects when market research is, in effect, insurance for reducing risk in business decision-making?’.

It begs the question: Do company leaders need to see high ROIs on their market research investments in order to be satisfied that their dollars are making a difference for their company’s future? Or do companies need to shift their perceptions on market research investment?

 

THE POWER OF CONSUMER INSIGHTS: WHY INVESTING IN MARKET RESEARCH  IS CRUCIAL

Market research is not just a collection of data and statistics on your business’ target audience. Market research data is the answer to all your consumer questions. The goal of a great market research study is to eliminate uncertainty by uncovering consumer truths relating to your specific consumer questions.

That being said, there are one of two main ways that your company’s market research investment can pan out.

  • Market Research as a Catalyst: The insights uncovered from your market research survey – whether via Focus Groups, Surveys, Social Listening, Shop Along, or Ethnography – can validate your assumptions. But that’s not all. The insights can illuminate the path you take in executing your company’s next business decision. Whether that’s launching a new product, expanding your service portfolio, rebranding your business, or looking to embark on industry innovations.
  • Market Research as a Fail-safe Solution: The power of market research lies in its power of prevention. If a company were to invest hundreds of thousands of dollars on a business idea based on a ‘hunch’ only to find that their assumptions were completely wrong, businesses would be losing more money on bad decisions than they would have if they had done the research first. Market research offers decision-makers the opportunity to take a temperature check of their target market, understand their consumers’ wants and needs, and navigate them toward better business decisions or away from bad ones.

 

OPTIMIZE YOUR MARKET RESEARCH SPEND

So, if market research can either help your company sink or swim amidst changing consumer and industry trends, and can put the wind in your sails to help navigate you to the right business decision and your ultimate success, why not invest? The misconception that all market research solutions are too costly.

But we’re here to dispel the myth that all market research solutions are as costly as In-depth Interviews (IDI) or Telephone Depth Interviews (TDI). If you’re looking to invest in market research solutions that cost less than $10,000 consider our budget market research solutions:

 

SHORT SURVEYS

According to Jenny, our Short Survey budget market research solution includes a survey of up to 20 questions that target a ‘general population audience’ and costs between $5,000 and $7,000.

Short surveys are intended to be succinct and narrowly focused on the research area. There are fewer questions in it to allow for prompt feedback. Due to their brevity, short surveys tend to have a higher rate of completion, meaning your business is more likely to get answers to your research questions, faster when compared to a long survey. Shorter surveys are utilized for customer satisfaction metrics collection, in-app feedback, post-purchase feedback, and customer assistance resolution, among other purposes.

This market research methodology is a great way to optimize your market research spend and get a good bang for your buck. However, if you’re looking to garner greater in-depth insights then you might want to consider investing in our qualitative market research solutions.

  • Summary:
    • Budget market research solution: Short Survey
    • Investment: $5,000 – $7,000
    • Deliverables: Survey of 20 questions and key consumer insights

 

MARKET INTELLIGENCE REPORTS (MIR)

Jenny shares that Market Intelligence Reports (MIR) are incredibly useful for businesses looking to expand their product or service offerings or looking to tap into new markets and require insight into how competitors are navigating the industry hurdles.

This budget market research solution is based on Desk Research or Secondary Research, involves a 4-week research duration, is priced anywhere between $6,000 and $8,000, and includes a comprehensive report on your desired research area.

Poor decision-making can be costly. Companies should gather as much data as they can about their target market before investing in a product launch or service expansion. Business executives can use marketing intelligence data to assist them in making informed decisions on where and how best to allocate available resources to derive the greatest possible outcome.

  • Summary:
    • Budget market research solution: Market Intelligence Report (MIR)
    • Investment: $6,000 – $8,000
    • Deliverables: Intelligence report based on desk research or secondary research

 

THE ENTREPRENEUR PACKAGE

Our Entrepreneur Package which costs $ 5,500 is specifically for up-and-coming entrepreneurs or small business owners looking to invest in affordable market research solutions. It includes ten 30-minute research interviews conducted via webcam.

Jenny shares that the research sample will be limited to 10 participants who are part of a general population recruit. For example, college students or social media users. Jenny also reveals that clients will be able to observe the live interview and will receive a comprehensive report which will include insights and recommendations based on the interviews.

  • Summary:
    • Budget market research solution: Entrepreneur Package
    • Investment: $5,500
    • Deliverables: Comprehensive report with key insights and recommendations

 

IN CONCLUSION

The risk of investing in market research far outweighs the risk of investing in a bad business decision. By investing a few thousand dollars in a market research solution, your company could avoid losing out on hundreds of thousands of dollars on an assumption-led business decision.

When considering whether to invest in market research, consider investing in our budget market research solutions to optimize your market research spend. Get in touch to talk customized, affordable, and effective market research strategies for your business.

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