{"id":3704,"date":"2023-08-07T09:00:00","date_gmt":"2023-08-07T13:00:00","guid":{"rendered":"http:\/blog\/story\/cost_and_benefits_of_market_research\/"},"modified":"2026-03-10T12:50:33","modified_gmt":"2026-03-10T16:50:33","slug":"cost_and_benefits_of_market_research","status":"publish","type":"post","link":"https:\/\/hingemarketing.com\/blog\/story\/cost_and_benefits_of_market_research","title":{"rendered":"Cost and Benefits of Market Research"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">What are the benefits of market research for professional services firms? Is it worth the cost? And does it really matter?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These are some of the questions we get from our clients when we recommend\u00a0<\/span><a href=\"https:\/\/hingemarketing.com\/programs-services\/visible-firm\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">researching their current clients and target markets<\/span><\/a><span style=\"font-weight: 400;\">. While on some level we all know that market research is a good thing, these are legitimate questions. What exactly are the costs and benefits of market research?<\/span><\/p>\n<h2>Why Market Research?<\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s start with why your professional services firm should consider using market research in the first place. There are a number of occasions\u00a0where market research is appropriate.\u00a0Here are some of the most typical situations where you\u2019d use it:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When your firm is launching a new service<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When you\u2019re looking to select\u00a0verticals to concentrate on and specialize\u00a0in<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When you\u2019re developing your organizational strategy<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When your firm is seeing a diminishing market share<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When your industry environment is changing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/hingemarketing.com\/programs-services\/services\/research\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">When your firm needs to accelerate growth<\/span><\/a><\/li>\n<\/ul>\n<h2>The Benefits of Market Research<\/h2>\n<p><span style=\"font-weight: 400;\">While there are many intangible benefits of market research on your current and prospective clients, such as better targeting and a more accurate understanding of how your firm is viewed, there is a much more tangible and direct measure of benefits. In a\u00a0<\/span><a href=\"https:\/\/hingemarketing.com\/library\/article\/high-growth-study-2021-executive-summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">study of high growth professional services firms<\/span><\/a><span style=\"font-weight: 400;\">, we found that professional services firms that do systematic, structured research on their target client groups are more profitable and grow faster.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This relationship is documented in the figure below.<\/span><\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-42507\" src=\"\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM.png\" alt=\"\" width=\"1550\" height=\"1000\" srcset=\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM.png 1550w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-300x194.png 300w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-1024x661.png 1024w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-768x495.png 768w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-1536x991.png 1536w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-1000x645.png 1000w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-189x122.png 189w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-310x200.png 310w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-230x148.png 230w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-211x136.png 211w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-116x75.png 116w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-500x323.png 500w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-60x39.png 60w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-1500x968.png 1500w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2021-03-01-at-8.58.43-AM-490x316.png 490w\" sizes=\"auto, (max-width: 1550px) 100vw, 1550px\" \/>\n<p><span style=\"font-weight: 400;\">This figure shows that professional services firms that do frequent research (at least quarterly) grow more and are more profitable that firms that do occasional or no research on their target industry or client group.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of the specificity of these findings we are in a position to project the true economic benefits of\u00a0<\/span><a href=\"https:\/\/hingemarketing.com\/programs-services\/services\/research\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">market research for services firms<\/span><\/a><span style=\"font-weight: 400;\">. But first let\u2019s consider the cost side of the equation.<\/span><\/p>\n<div class=\"cta-link\">\n<p><a href=\"https:\/\/hingemarketing.com\/library\/article\/hinges_professional_services_guide_to_research\" target=\"_blank\" rel=\"noopener\">Download the Professional Services Guide to Research<\/a><\/p>\n<\/div>\n<h2>The Cost of Market Research<\/h2>\n<p><span style=\"font-weight: 400;\">The cost of a specific market research program is determined by the\u00a0<\/span><a href=\"https:\/\/hingemarketing.com\/blog\/story\/the_best_types_of_market_research_for_professional_services_firms\"><span style=\"font-weight: 400;\">research method<\/span><\/a><span style=\"font-weight: 400;\">\u00a0used (face-to-face interviews are more expensive than phone interviews, for example) and the sample size needed. Larger firms will typically require a larger sample. Taking these variations into account, we have estimated the typical market research costs for both occasional research (once per year) and a program of frequent research (quarterly).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below are estimated costs for a single round of research for three sizes of firms:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Small ($5M revenue): $20,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Medium ($20M revenue): $40,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Large ($200M revenue): $60,000<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For a program of frequent research (quarterly) you can simply quadruple these estimates. And keep in mind that the average duration of a market research project ranges from about 2 to 8 weeks.<\/span><\/p>\n<div class=\"see-also-link\">\n<p><a href=\"https:\/\/hingemarketing.com\/blog\/story\/top-6-b2b-marketing-benefits-of-doing-a-brand-study-research-roundup\" target=\"_blank\" rel=\"noopener noreferrer\">See also: Top 6 B2B Marketing Benefits of Doing a Brand Study<\/a><\/p>\n<\/div>\n<h2>The Return on Investment of Market Research<\/h2>\n<p><span style=\"font-weight: 400;\">With estimates for the costs and economic benefits, we can now calculate the return on an investment in a program of market research for a professional services firm. For each of the three firm sizes, we\u2019ll subtract the total research cost from the economic gain. This shows the net increase to top line revenue and bottom-line profitability over a one-year period.<\/span><\/p>\n<img decoding=\"async\" style=\"width: 470px; height: 370px;\" src=\"\/wp-content\/uploads\/2016\/03\/fig_ROI_smallfirm.png\" alt=\"Chart - ROI for Small Firm\" \/>\n<img decoding=\"async\" style=\"width: 470px; height: 370px;\" src=\"\/wp-content\/uploads\/2016\/03\/fig_ROI_mediumfirm.png\" alt=\"Chart - ROI for Medium Firm\" \/>\n<img decoding=\"async\" style=\"width: 470px; height: 370px;\" src=\"\/wp-content\/uploads\/2016\/03\/fig_ROI_largefirm.png\" alt=\"Chart - ROI for Large Firm\" \/>\n<p><span style=\"font-weight: 400;\">Two things are immediately apparent from this analysis. First, the net return on invested research dollars is very sizable. If your firm realizes even a small fraction of the documented benefits of market research, you are well advised to make the investment.<\/span><\/p>\n<div class=\"cta-link\">\n<p><a href=\"https:\/\/hingemarketing.com\/library\/article\/hinges_professional_services_guide_to_research\" target=\"_blank\" rel=\"noopener\">Download the Professional Services Guide to Research<\/a><\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">The second observation is that the larger the firm, the greater the return on invested dollars. This is a very straightforward relationship arising from the observation that the expense of market research does not rise in lockstep with firm size. Put another way, market research is a relative bargain for larger firms.<\/span><\/p>\n<h2>Putting Research to Work in Your Firm<\/h2>\n<p><span style=\"font-weight: 400;\">Sadly, market research is not magic. To enjoy the generous benefits\u00a0it can provide, you need to take it seriously and systematically use it to adjust strategy and shape staff behavior. As it turns out, well-conducted and well-presented market research is often a powerful catalyst for change.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Historically, professional services marketing has been driven by hunches and habits. But most professionals are pretty logical, and fact based in their work. Consequently, they are often refreshingly open to new data on their clients\u2019 behavior and perceptions.\u00a0Perhaps that is why it works so well. This is where a research organization such as <\/span><a href=\"https:\/\/hingemarketing.com\/research-institute\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Hinge Research Institute<\/span><\/a><span style=\"font-weight: 400;\"> can help.\u00a0<\/span>The Hinge Research Institute believes that research can not only help you make more informed planning and strategy decisions\u2014as premium content, it can also educate your target audiences, thereby increasing visibility, trust, sales leads, and engagement.<\/p>\n<p style=\"font-weight: 400;\">There are two viable ways to use research as premium content: <a href=\"https:\/\/hingemarketing.com\/research-institute\/custom-research-studies\" target=\"_blank\" rel=\"noopener\">customized research<\/a> and <a href=\"https:\/\/hingemarketing.com\/research-institute\/licensed-research-sponsored-studies\" target=\"_blank\" rel=\"noopener\">licensed research<\/a>. The advantage of customized research is that it allows you to get specific responses to specific questions from specific audiences. The downside to some is that customized research takes months to produce and can be perceived as expensive. This is where licensed research may be more appealing. Some research organizations offer licensed research on reports they publish. This type of research is typically available immediately, for 12 months, to be used in part or entirety. The advantages of licensed research are that it costs less than customized research and it is available almost immediately. The downside to some is that you are limited to existing or available topics so you give up some control. However, whether you use customized or licensed research, you should get a level of visibility, trust, and sales leads that you have never experienced before.<\/p>\n<a id=\"69d57e4c9e77b\" rel=\"wp-video-lightbox\" href=\"https:\/\/www.youtube.com\/watch?v=qhSMIgHNK8E&#038;width=1280&#038;height=720\" title=\"\"><img decoding=\"async\" src=\"https:\/\/i3.ytimg.com\/vi\/qhSMIgHNK8E\/hqdefault.jpg\" class=\"video_lightbox_anchor_image\" alt=\"Click to play video\" \/><\/a>    <script>\r\n    \/* <![CDATA[ *\/\r\n    jQuery(document).ready(function($){\r\n        $(function(){\r\n            var width = $(window).innerWidth();\r\n            var setwidth = parseFloat(1280);\r\n            var ratio = parseFloat(0.5625);\r\n            var height = parseFloat(720);\r\n            var link = 'https:\/\/www.youtube.com\/watch?v=qhSMIgHNK8E&amp;width=1280&amp;height=720';\r\n            if(width < setwidth)\r\n            {\r\n                height = Math.floor(width * 0.5625);\r\n                \/\/console.log(\"device width \"+width+\", set width \"+1280+\", ratio \"+0.5625+\", new height \"+ height);\r\n                var new_url = wpvl_paramReplace('width', link, width);\r\n                var new_url = wpvl_paramReplace('height', new_url, height);\r\n                $(\"a#69d57e4c9e77b\").attr('href', new_url);\r\n                \/\/console.log(new_url);\r\n            }\r\n        });\r\n    });\r\n    \/* ]]> *\/\r\n    <\/script>\n<a id=\"69d57e4c9e7c9\" rel=\"wp-video-lightbox\" href=\"https:\/\/www.youtube.com\/watch?v=DD1C0-af9ds&#038;width=1280&#038;height=720\" title=\"\"><img decoding=\"async\" src=\"https:\/\/i3.ytimg.com\/vi\/DD1C0-af9ds\/hqdefault.jpg\" class=\"video_lightbox_anchor_image\" alt=\"Click to play video\" \/><\/a>    <script>\r\n    \/* <![CDATA[ *\/\r\n    jQuery(document).ready(function($){\r\n        $(function(){\r\n            var width = $(window).innerWidth();\r\n            var setwidth = parseFloat(1280);\r\n            var ratio = parseFloat(0.5625);\r\n            var height = parseFloat(720);\r\n            var link = 'https:\/\/www.youtube.com\/watch?v=DD1C0-af9ds&amp;width=1280&amp;height=720';\r\n            if(width < setwidth)\r\n            {\r\n                height = Math.floor(width * 0.5625);\r\n                \/\/console.log(\"device width \"+width+\", set width \"+1280+\", ratio \"+0.5625+\", new height \"+ height);\r\n                var new_url = wpvl_paramReplace('width', link, width);\r\n                var new_url = wpvl_paramReplace('height', new_url, height);\r\n                $(\"a#69d57e4c9e7c9\").attr('href', new_url);\r\n                \/\/console.log(new_url);\r\n            }\r\n        });\r\n    });\r\n    \/* ]]> *\/\r\n    <\/script>\n<p><span style=\"font-weight: 400;\">Another tip when looking for a research organization. Choose one that can help you launch your published research so that you can use it as premium content to generate more visibility, leads, and revenue for your firm. A research firm that can support your rollout with webinars, blogs, articles, videos, and more will ensure you get a higher level of prospect engagement through trust and credibility.\u00a0<\/span><\/p>\n<div class=\"inlineWidget yes_borders\"><a href=\"https:\/\/hingemarketing.com\/library\/article\/hinges_professional_services_guide_to_research\" class=\"widgetLink\" ><img decoding=\"async\" src=\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2012\/08\/research-guide-2nd-200x200.png\" alt=\"\" \/><\/a><div class=\"inlineWidgetText\"><h6>Free Resource<\/h6><p>The Professional Services Guide to Research<\/p>\n<a href=\"https:\/\/hingemarketing.com\/library\/article\/hinges_professional_services_guide_to_research\" >Learn More<\/a><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn about market research costs and benefits, and how it can help your professional services firm become more profitable and grow faster.<\/p>\n","protected":false},"author":83,"featured_media":3705,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[1],"tags":[397,399],"class_list":["post-3704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-research","tag-strategy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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