Market research is a game-changer for businesses aiming to understand their audience, refine their offerings, and outsmart the competition.
If you're a business that wants to launch a new product, we insist you do market research to understand your consumers. What do they want? What are they paying attention to these days? What are their pain, fears, hopes, and dreams?
But whether you are a marketer or a vice president of sales – a question will always come up: How much does market research cost in Malaysia?
The truth is, the cost can vary widely depending on the methods you use, how detailed you want your research to be, and what you aim to achieve.
Let’s break down the factors that impact market research costs, so you can get the most value and maximize your ROI.
Breaking Down Market Research Costs
1/ Consumer Research Cost
When doing market research, you would usually start with consumer research. There are usually two types of research:
Here’s a look at the costs involved:
Qualitative Research
Think of focus groups and in-depth interviews. Qualitative research is a method that focuses on understanding people's experiences, behaviors, and perspectives.
For example, a cosmetic company conducts focus groups to explore how customers feel about a new skincare product. Participants share their opinions in words, such as their thoughts on texture and scent, which can't be easily measured by numbers.
Qualitative research can provide deep insights but tends to be pricey. Typical consumer research focusing on qualitative responses ranges from RM25,000 to RM100,000 per project, depending on how detailed and lengthy the research is.
Quantitative Research
On the other hand, quantitative research focuses on collecting and analyzing numerical data. This data helps identify trends and supports decision-making based on numbers.
For example, the company might run a survey asking questions like, “How likely are you to purchase this product?” with responses given on numerical scales (e.g., 1 to 10).
Quantitative research includes methods like surveys and polls. Costs typically range from RM5,000 to RM100,000 for a standard research campaign.
Why the big price difference?
Because the cost of consumer research usually depends on sample size, complexity, methodology (online, in-person, or phone), interview length, and cost per response. Niche or hard-to-reach demographics will cost more, but using panel surveys can help cut costs by streamlining recruitment.
2/ How Much Does Market Research Cost?
Consumer research and market research are related but they both have different focuses. Where consumer research focuses on the behaviors and attitudes of individual customers or groups, market research focuses on understanding the broader market environment – including industry trends, competition and market potential.
Here are the factors that contribute to the cost of market research:
Primary Research
This involves direct data collection, from "primary" sources like consumer surveys, focus groups, and observations. This makes it more expensive to conduct, especially with larger sample sizes or complex methods.
Secondary Research
This involves analyzing existing data – reports, white papers, and case studies. It’s usually more budget-friendly, with costs for syndicated and trend reports ranging from RM4,000 to RM20,000, depending on the depth and relevance of the data.
I won't get too deep about the benefits and disadvantages of both methods. But generally, while secondary research is more cost-effective, the disadvantage is that the data can be outdated (not real-time). Plus the researcher has no control over how the data was collected.
How to Do Market Research on a Budget
So you want to do market research but are held back by a budget?
You're in good hands because that's what we set up Vase.ai for. A consumer research campaign on Vase.ai starts as low as RM5,000. You can do it yourself on our consumer research platform. Or, get our researchers' help to run a campaign for you.
Let's compare some options available to you:
Alternatives to running a market research campaign include:
Use Free or Low-Cost Tools
Tools like Google Forms and SurveyMonkey are great for cheap data collection. The downside is that you'd have to do everything yourself. You'd need to create the survey, find respondents, perform the survey, and clean the data manually.
While upfront costs are low, the time you spend may end up costing more. Remember, collecting enough data can take weeks, which may delay your results.
Work with Agencies
Most market research agencies, including ours, offer flexible pricing models. This is mainly because we work with multiple brands simultaneously and have access to a large pool of respondents.
We're able to the cost of market research according by:
- Scaling sample sizes as needed.
- Utilizing technology like AI to deliver fast insights while cutting down manual labor.
Key Takeaway: Factors That Influence Market Research Costs in Malaysia
Several things can impact how much you’ll need to budget for market research:
-
Project Scope: Larger, more complex projects generally cost more.
-
Target Audience: Reaching executives or high-net-worth individuals, who are often hard to get, can increase costs.
-
Data Analysis: More detailed analysis means higher costs. If you want thorough insights, be prepared to invest more. However, with the advent of AI technologies, data analysis is quickly becoming more affordable.
Understanding these factors will help you plan your marketing budget and ensure you get the best return on your investment.
Whether you’re going for a comprehensive study or performing simple surveys, know your options. More importantly, have a clear goal before you start doing any research.
Ready to Get Started on Market Research?
At Vase.ai, we live and breathe market research.
Sign up for a free Vase.ai account, and launch a market research campaign that provides you with insights in days, not weeks. Or book a strategy call with one of our expert researchers to help you with your market research needs.
