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How much do market research firms charge to conduct online surveys and phone surveys?
Hello! Thank you for your question about how much market research firms charge to conduct online surveys and phone surveys. The short answer is costs can vary greatly depending on many factors, including criteria, length, time spent, technology used, and the desired number of responses. Below you will find a deep dive of my findings.
COST OF ONLINE SURVEYS
Several key pieces make up the total cost of online surveys. They are: the cost of managing the project, the overall design and functionality, the cost of sample and completed surveys, and analysis of the results. The cost of each of these components can vary by organization or even by survey, depending on the hours, resources, and manpower put in.
Other factors that affect survey cost are the length (number of questions), criteria used to find optimal participants, and incidence rates, or the percentage of respondents you expect to meet that criteria and qualify. In my research, I found that the incidence rate may be one of the most important factors. If you're looking for a lower incidence rate, you can expect to pay more.
Examples given by SurveyMonkey show a range of $1.00-$3.00 per response. Price would then be calculated by how many responses the organization wanted. SurveyMonkey's price breakdown can only be seen from the dashboard of a paid user, so I'm unable to see what the average cost could be.
Other sources have broken down the cost as a monthly rate, rather than by individual responses. Smaller companies may be able to use survey sites for free. Larger companies with more intricate demands can expect to pay anywhere from $20-$500 a month!
COST OF PHONE SURVEYS
Phone survey cost components are comparable to those of online surveys. Demographics/respondent criteria, time, technology, and reporting factor into the total cost.
Cygnal Pulse, one of the market research firms reviewed, has a cost range of $4,500-$6,800. An unnamed company that conducted a 300-person phone survey in Florrisant, Missouri charged $9,700, or $32 per household. On the opposite end of the spectrum, a 555-person survey conducted through an automated phone survey was only $350. Considering both phone surveys were done in one city, you can tell how wide the cost range can be. You can also see the different cost components in play, including time and technology used.
Lastly, Hosted Survey, another firm reviewed, had a broader price range of $5,000-$15,000 for 200 phone surveys. No information was provided on what would cause such a wide span.
CONCLUSION
To wrap it up, the cost of online and phone surveys can vary greatly depending on the firm used, time and manpower, technology, criteria, incidence rates, and reporting. I hope this research has proved helpful. Thanks for using Wonder! Please let us know if we can help with anything else!