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