According to Vernon Research Group, generally speaking, you can expect to spend between £3,000 and £5,000 per focus group, between £10,000 and £25,000 on consumer research, and up to £40,000 for business-to-business research.
Market research typically isn’t inexpensive. It’s a budget section that can be worth hundreds to thousands of pounds. The actual amount can vary greatly depending on your industry, budget and personal preference; if you prioritise market research, you’ll likely spend more resources on it. You can pay a company that specialises in market research to collect and report on this data for you, or you can organise market research initiatives on your own.
When it comes to activities like focus groups and surveys, you can incentivise people to help with your research efforts in a number of ways. Some participants will offer their input without compensation, while others will be happy to contribute information in exchange for gift cards, financial rewards, discounts or a free product or trial of your service. Regardless of what you offer, it’s important to be upfront with what participants will receive. Be specific. Don’t tell participants they’ll get £20 if you’re offering a £20 Amazon gift card, for example.