Each year, we receive
many enquiries about market research services coming from people who may never
have used market research before. As such, we often get questions like “How
much does market research cost ... on average... typically?” It is certainly
very difficult to provide a meaningful answer to such a question, because cost
ranges from $2,000 to $1.5M.
The best way is of
course to make an appointment with our consultants who will listen to your
research needs and advise you on the approach and methodology, and thereafter to
provide you with a proper cost estimate. Below is a guideline on the information
we would typically need in order for us to provide you with even a ballpark
- What product or service are you trying to market or what opinions or
attitudes are you trying to understand? Are you planning to sell baby diapers,
unit trusts, moulding machines or business broadband? Or are you trying to find
out if the new HR policy will get support or if the new public service campaign
is working out the way it is expected to?
Whose opinions or input do you think would be relevant to your research?
Is it your existing customers, members of the public, people who have heard of a
certain advertisement, etc whose opinions or behaviours hold key to your
- What questions are trying to answer with the research? If you can
structure the research question, it will put your needs into focus very quickly.
Examples of research questions:
there demand for pasteurised fresh milk for children aged 6 to 12 in Malaysia?
- Are my regional customers satisfied with my
private banking services?
- Is my regional advertising campaign on the
launch of a new colour copier effective?
- What is the public’s reaction towards the new
- What is my Brand share vis a vis my
competitors, in precision measuring instruments?
- Do you have a namelist of all the subjects you wish to study? If this is
a study of your customers and employees, you may have a complete list of all
potential respondents. This can lower the cost of your research. If you do not,
please tell us, we have ways to overcome that.
Do you already have a questionnaire or list of questions to be used in
the study? We have an MNC client who already have a questionnaire designed by
HQ, which can be adapted for the study. This helped save them cost and time.
- How urgent is the study? How much time do you have? Bearing in mind that
the less time available, the more costly the research study, assuming
methodology and scope cannot be adapted or scaled down.
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