I have been asked to do a market research study on certain industry for a medium-sized country. Is it customary to charge a fee upon delivery, or is it common to request a % up front?
It is customary for market research companies to request for payment up front and upon delivery of deliverables. For example:
– a certain % upon signing of the contract prior to the start of the study
– a certain % upon completion of the field work and data gathering process
– a certain % upon delivery of the final report
Market research cost money and you need to be able to operate and work on the study. One sure way is to get money upfront. If you just charge upon completion of the study, think of the worst case scenario — the client will not pay you — so you’ll end up spending for nothing.
Request for an upfront