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3 Factors Impacting Cost & Project Success in Market Research

3 Factors Impacting Cost & Project Success in Market Research

Posted on February 2, 2025 By rehan.rafique No Comments on 3 Factors Impacting Cost & Project Success in Market Research

3 Key Factors Impacting Cost and Project Success in Market Research

Having been in the market research industry for two decades as of 2025, I’ve witnessed every success and challenge along the way. Supporting clients through various project setups has taught me that the number one issue is always data quality. When data quality is high, we can confidently make strategic decisions.

I fondly remember a presentation I gave where I had moderated focus groups across four different locations in the UK with tradespeople. The information they shared was so personal and specific to how our client could improve that I could passionately answer every question to help drive their tactical and strategic direction. I felt empowered by the confidence that we had asked the right questions to the right people.

Taking this information with me, I’ll discuss three key factors that impact cost and project success: client objectives, targeting the right participants, and participant incentives.

 

1. Client Objectives

Understanding client objectives is crucial. This involves determining the total target audience size, the number of quotas, and the countries for interviews.

  • Total Target Audience: The size of the target audience significantly impacts the project’s scope and cost. For example, targeting a broad B2C audience is straightforward, but reaching niche demographics, like the 12 people who have walked on the moon, is challenging and costly. Imagine trying to find those 12 moonwalkers for a survey—the last one did it in 1972, so sending a DM on Instagram may not be the best way to approach them.

  • Quotas and Complexity: Clients often want to engage specific segments of their audience. This can be difficult if we need to find people based on specific criteria, such as company size or recent activities. The more complex the quotas, the higher the cost and effort required. Think of it like organizing a dinner party where each guest has a unique dietary requirement—it’s doable, but it takes a lot of planning!

  • Geographical Challenges: Research in major markets like the EU5 and the USA is easier compared to emerging markets like the UAE or Brazil. Some regions, like Japan, pose cultural challenges, while others, like Montenegro, have small populations, making research difficult.

 

B2B Insights Podcast

#62: How to Achieve World-Class Quality in B2B Market Research

 

2. Targeting the Right Participants

Identifying and accessing the right participants is another critical factor. This includes considering their availability, job roles, and seniority within their organizations.

  • Accessibility: Reaching participants who are busy or have hands-on jobs can be tough. For example, a technician might find it hard to participate in a phone survey during work hours. This is why we invited tradespeople to a focus group in the evening rather than during the day when they are expected to work.

  • Seniority: Targeting high-level executives (C-Suite) is challenging due to their busy schedules and the high demand for their time. Incentives play a significant role in securing their participation. You should read the blog that Tracey Croft and I wrote on how best to reach senior professionals in B2B market research.

 

Further reading

How to Reach Senior Professionals in B2B Market Research

 

3. Participant Incentives

Incentives are key to encouraging participation. They don’t always have to be monetary; sometimes, knowing the sponsor of the research can be a strong motivator.

  • Incentive Types: While cash or vouchers are common, other forms of incentives can also be effective. The key is to offer something valuable to the participants.

  • Interview Length: Shorter interviews generally attract more participants. However, for in-depth insights, longer interviews might be necessary, which requires careful planning and scheduling.

  • Field Times: The duration of the fieldwork also impacts project success. Longer field times allow for better planning and execution, while tight deadlines may require additional resources and flexibility in quotas.

 

Further reading

Unlocking Deeper Insights with AI Probing in Online Surveys

 

In the dynamic world of market research, success is a blend of strategic planning, precise execution, and adaptive thinking. By deeply understanding client objectives, effectively targeting the right participants, and thoughtfully incentivizing their participation, we can navigate the complexities of any project.

Each factor, from audience size to interview length, plays a pivotal role in shaping the outcome. With a robust budget and a clear strategy, we can transform challenges into opportunities, ensuring that every project not only meets but exceeds expectations. In essence, the key to thriving in market research lies in our ability to adapt, innovate, and deliver exceptional value to our clients.

 

 

 

 

 

To discuss how our tailored insights programs can help solve your specific business challenges, get in touch and one of the team will be happy to help.

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