How much do I charge for a market research project for a company?

Question

A company has approached me to conduct a market research yielding results on target market potential, price ranges for services, competative environment, forecasting of profits & costs, etc...how much does something like this cost? I have only done this type of project as part of my job included in my salary in full time positions at furtune 500 companies...so I would not have any idea...I would appreciate your input...please only serious answers, if you don't know, you don't need to answer. Thanks.

I have not idea how long it will take me, or how many hours it will be, I am doing it alone for the first time. I have only done it with a team w/in the corp world.

Answer 1

First, you need to estimate how much time you will need to complete the project. Then, take the amount of time you estimate and multiply the hours by your hourly consulting fee.
Professional marketing consultants charge anywhere from $125/hour on up. I do not know what comparative fees are in your area, or what the size of the company is, or, most importantly, what the scope of your market research project is.

Has the company given you details of what they are expecting?
Have you created a proposal for them?

In the proposal you need to say
1)that you will do a,b,c,d (depends on their needs)
2) what the deliverables are
3) what your fees are

Good Luck

Answer 2

With your writing abilities, I would not say too much: it is fortune, and competetive ;)

Seriously:
Fixed price or per-hour? How are you delivering the results?

Actual survey questions and answers that you create and summarize, or is it secondary research?

Are you planning on doing cross-tabs? Those are a little more expensive.

I would say somewhere around $100 / hour, put you have to lay out in the proposal exactly what is included and what is excluded (scope). Also include an expected # of hours to complete the work.

I also would highly encourage you to become an LLC corporation (USA), because you don't want to be personally laible for the results. Do this before engaging in any business transaction.

Answer 3

Value your time per hour based in your knowledge of the subject and if there is someone else that can do the job