Say you’re a bank. You could decide you have two segments within your customer base: individuals and businesses. So you’d want 16-24 interview subjects.
But you might then decide that businesses split up into more segments. Large versus small or what specific industry they trade in. Individuals might be segmented based on net worth or life stage.
The more segments you define, the richer your research will be and the greater your ability to draw conclusions about different flavors of customer.
At the same time, the more individual research sessions you need to conduct, the more time and expense is added to the project. So you need to prioritize based on those tradeoffs of scope versus budget.
STEP 2: RECRUIT CUSTOMERS
Once you know what types of customers you are seeking for the research, you need to get some of them signed up to participate.
There are many market research companies who are in the business of recruiting people to participate in studies.
If you aren’t experienced doing research, you may want to use one of them.
Subjects are typically recruited from email or phone lists.
If you are looking to speak to current customers, you probably already have or can generate a contact list.
If you also want to speak to prospective customers, you will need to acquire a list that matches your customer profile.
Typically, you will then reach out to potential research subjects with an offer of a small honorarium if they are willing to participate.
Common incentives range from $50-$100. However, we have, on occasion, had to do research with the affluent or business leaders where the honorarium had to be much more.