View this website in: English  |   ESPAÑOL  |   中文

Conducting Market Research: Fast, Good, or Cheap?

In market research, some clients want the impossible—a project completed quickly, inexpensively, and high-quality. They want it to be fast, good, and cheap. But you can only ever achieve two of those things with one project. There has to be a compromise somewhere.

Fast, Good, and Cheap

What’s considered fast, good, or cheap may differ from one client to another. Each client has their expectations and requirements.

What kinds of expectations are typical for each of these factors?

  • Fast: Everyone wants their projects done sooner rather than later. Meeting a deadline can sometimes mean working longer hours, cutting into personal time. It may also mean turning down other work so the agency can get this one project done sooner.

  • Good: To have a market research study that is high-quality, insightful, and useful for your business takes expertise. Many clients forget that years of experience go into building up knowledge in market research, and the project’s cost reflects those years of learning and hard work.

  • Cheap: Buyers, whether businesses or individual consumers, always want the best price they can get. Clients have to decide their budget and find an agency that will produce the work they want within that price range.

How to Choose

There’s usually a tradeoff between fast, good, and cheap: You pay more for a “rush” project because you need it done faster; you compromise on quality because you don’t have the budget for a higher-priced project; or you’re willing to wait longer to have a project done because you know the quality will be higher.

Whether you choose fast, good, or cheap depends on your business or specific project priorities. No formula applies to everyone. The one certain thing, though, is that you won’t get all three.

If you’re looking for multicultural market research completed by experts, contact Ebony Marketing Systems. We design and conduct research that helps you communicate with people in a new way. For more information, call us at (718)742-0006 or send us a message today.

Leave a Reply

Your email address will not be published. Required fields are marked *