Optimizing costs for operations, especially for market research, is always one of the top concerns in businesses. Finding a way to balance between efficient spending and receiving quality work is not a simple task. Businesses need to have insights into the types and phases of market research, factors affecting cost, and choose reliable travel market research firms.
Understanding the major types of market research
Understanding and identifying the proper type of research helps businesses avoid wasting resources. Usually, market research companies provide services based on two forms: Syndicated research and custom research.
Syndicated research is conducted independently and has a broad research subject, such as an industry. The research results can serve the whole market, so it is often more cost-effective.
In contrast, Custom research provides insight into a brand and serves a specific client, who sponsors the study and owns the research results.
Understanding the steps of doing market research
Market research is a complex process with many phrases and tools. It often consists of the following steps:
- Define research topic and objectives
- Build research methodology, questionnaire and sample
- Collect data
- Analyze data
- Results (reports, etc.)
Businesses need to understand the goals and requirements at each step as the complexity and criteria of the steps will also affect the overall research cost.
Identifying cost drivers to adjust
After understanding the steps in market research, we need to identify the factors that affect costs. Each research phase has its costs. After the researchers consider whether the adjustment affects the accuracy of the study results, they can address the costs based on the target phase and study design.
Specifically, the researcher can modify the existing questionnaire instead of creating a new one. Moreover, for small trials, businesses should limit the use of overly advanced technology and define the proper scope of implementation.
During the survey phase, we can optimize costs by conducting online surveys instead of face-to-face or phone interviews, reducing time for focus groups, the number of open-ended questions and analyses needed to maintain costs.
In the reporting phase, businesses can choose top-lint reports instead of in-depth reports. At the same time, they can reduce travel costs by online seminars/workshops.
Choose a specialized travel market research company
The cost of conducting a study can vary widely, depending on the method, technology, approach, level of analysis, and reporting. Choosing a research company with experienced research teams, quality analytical processes, and data processing will reduce risk and increase the accuracy of market research results.
Market research is an important activity that helps travel businesses make important decisions. Therefore, the optimization of implementation costs should go hand in hand with ensuring the accuracy of the results when doing market research. Reducing costs but in exchange for poor quality research will also be a waste for travel businesses.
