Take the scare out of the RFQ process!
As a partner providing respondents for market research surveys, we know that “translating” the quotes you receive from vendors can be the key to a successful, in budget market research project. Let’s discuss putting together a project proposal to get the most for your money without any unwelcome surprises.
Today, we would like to review key factors that impact the pricing for the sample portion (sample being, the respondents who take the survey). When reaching out for pricing and feasibility, please remember the following.
First, specify the project details. We recommend the layout below:
Geography – Country, Region, State, City or Zip-codes
Target Audience – demographics (e.g. age, gender, ethnicity)
Length of Survey – this can vary based on the mode, for instance a 5 minute online study might take 15 minutes via telephone
Number of completed surveys needed – sometimes more completes drives down the price, and other times it makes the project harder which in turn increases the price.
Incident Rate – the incidence within the population (how many out of 100 will qualify)
In some cases you may not know the incident rate and will only be able to provide the qualifiers for the survey. In this case, make sure you understand what the vendor is targeting among the audience you are looking for and have them specify the incidence being used among their target group. This is important when you are comparing multiple quotes from different vendors. One may seem cheaper with better feasibility, but that may be due to the incidence they are using. You want to make sure you are comparing “apples to apples”.
Next, make sure you review quotes for hidden costs.
Some hidden costs could be project set up, management fees, and project minimums.
Lastly, consider the overall quality of project management and timing.
Make sure to ask how long the vendor will need in field to complete your project from start to finish. Companies that take 48 hours to set up and launch are not a good fit for a study which needs to be fielded within 3 days. Another key to success is the project management team. Will you be tossed around from one project manager to another? Keeping the same project manager for each project that you conduct might also be important when choosing a provider. It can make the process easier and less stressful. What kind of project monitoring coverage do they provide? Will someone be available to help you on an evening or weekend?
These are just a few tips to get you started. Stay tuned for upcoming articles with more useful tips to make your next project a success!