Money-Saving Tips for Focus Groups
One way to accomplish short-term research is through a Focus Group, a meeting of unbiased individuals who can provide feedback, personal feelings, expectations and other factors related to a potential product or service. While the average cost for just one Focus Group, outsourced to a third-party provider, could cost between $4,000 and $6,000, there are several ways to cut corners.
Consider writing the questions yourself and you may save as much as $1,000. In addition, finding an in-house moderator might save another grand. Companies also could hold the session at their offices rather than buying space at another location, and even could consider compiling the findings internally. That, alone, could save $2,000.
Many research firms specialize in Focus Groups for a living, so be careful not to cut too many corners that might sacrifice the integrity of your firm or company. Consider meeting with a consultant who can provide quality advice for a modest fee.