Demystifying Research Costs: How Much Should A Proper Study Really Cost?

Written By Dan Thwaites
Photo by cottonbro from PexelsYour marketing can be 39% more effective when you customise it to specific behavioural traits.We will show you how to build these profiles using (often apparently unrelated) data and apply them at scale.Watch now and we will show you:how to build effective psychological profileshow to develop personalised nudgeshow to deploy them across your business at scale(and why gin drinkers are less likely to agree to a request and dog people more likely to vote conservative)Join Patrick Fagan - behavioural scientist, author and co-founder at Capuchin Behavioural Science as he shares practical, actionable advice for combining psychology and data science for measurably better results.Learn about the personalised nudges you could be missingYou may have heard of “nudges”, but do you know how to personalise them to different customer psychologies?People have limited brainpower for paying attention to anything, let alone marketing. They rely on subconscious shortcuts instead. “Nudges” tap into these shortcuts to change behaviour.But that’s just the start.Nudges can be made even more effective if you can tap into specific behavioural traits.Research has demonstrated how different groups respond to different messages, including tone of voice, aesthetics and ‘nudges’. For example:Open people prefer more verbose messagesConscientious people are ‘nudged’ by free giftsExtraverts prefer diverse, stimulating aestheticsAgreeable people like ethical brand propositionsNeurotic people are more risk-averseFind out how to target, design and apply “personalised nudges” across your businessWe will show you how to use data analytics and technology to target different messages with specific nudges to different audience groups - the same approach that reduced cost per acquisition by 39% for a Financial Services BrandAbout Capuchin Behavioural Science Capuchin is a behavioural science-based research and consulting agency based in London, UK. We help you understand the psychology of audiences, make brand propositions more resonant, and design engaging communications and effective nudges.Learn more about how we work:finding audience opportunitiessharper propositionsbetter interactionsGet in touch and find out how we can help you.

Photo by cottonbro from Pexels

Unveiling the secrets of your target audience is priceless. But what’s the price? With a variety of research options available, and most of them being opaque about their pricing, how do you know what’s reasonable to pay?

Why Apply Behavioural Science?

Traditional market research often relies on demographics and self-reported behaviours. While these offer a starting point, they can be misleading. People don't always act how they say they will, and demographics only go so far. Here's where psychometrics and behavioural science come in.

  • Psychometrics: Goes beyond demographics to understand underlying psychological factors that drive behaviour. This can uncover subconscious needs, motivations, and biases that traditional methods miss.

  • Behavioural Science: Applies psychology principles to predict and influence customer behaviour. By understanding these principles, you can craft interventions that nudge people towards your desired actions.

How Much Does It Cost?

While the cost of your research will depend on the specific approach you take, here's a general outline:

  • Quantitative Market Profiling: This typically involves surveys and gathers data on a broad range of demographics and attitudes. Expect to invest from around £35,000

  • Psychometric Segmentation: This goes deeper, incorporating psychometric testing to uncover personality traits, values, and unconscious biases. This more in-depth analysis usually starts from £55k.

It's an Investment

Investing in a psychometric segmentation has multiple long-term benefits:

  • Sharper Targeting: Psychometrics and behavioural science give you a laser focus on your ideal customer. This translates to more effective marketing campaigns and product development.

  • Greater ROI: By understanding your target audience on a deeper level, you can create interventions that resonate better, leading to higher return on investment.

  • Future-Proofing: Understanding the "why" behind customer behaviour allows you to better adapt your strategies to changing market trends and consumer preferences.

Capuchin Behavioural Science: Your Partner in Unlocking Customer Insights

If you'd like to apply this kind of behavioural science to your work... talk us.



Dan Thwaites
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