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5 min

6 ways to decrease the expert network cost

How to decrease the expert network cost in 6 different ways

Oct 11, 2022
B2B market research
B2C market research

What is an expert network and how do they work?

An expert network is a platform that connects experts to businesses that are in need of knowledgeable experts. An expert network functions like a matching platform, connecting companies with industry leaders. Businesses are in need of experts to make data-driven decisions for various reasons such as making decisions about product-market fit, market-entry, and expansion strategies. Expert networks are also a great way to build relationships with experts in your field, but they can also be very expensive. If you're looking for ways to decrease the cost of using an expert network, here are six tips for saving money!

6 ways in which you can decrease the costs of expert networks 

Since expert network calls usually last about an hour and involve significant efforts, they can be very costly. Naturally, the more the company is in need of experts, the higher this cost will go. Expert network cost considerations take into account the number of people needed, the length of the call, and so on. Generally, the matter of expert network cost can be difficult to navigate. That's why we have six tips in store for you if you're looking to decrease the expert network cost.

1. Obtain a good understanding of the topic

A good understanding of the topic helps you to find an expert in your field. You can do this either by doing research or by asking for advice from someone who already has experience within your industry. There are many ways to find experts, but it's important that you choose wisely since not all experts will be able to provide high-quality information. To increase the chances of finding a highly competent expert, try using tools like LinkedIn and Upwork—they all have huge databases with thousands of potential experts!

2. Do your homework: get to know the expert network

The first step to decreasing the cost of an expert network is to do your homework. This means looking at the experts' websites, their social media accounts, and their past work. It's a good idea to know what kind of questions you would like them to answer before you start contacting them so that you can make sure they're qualified for your project. Once you've found an expert that suits your needs, you can then go ahead and negotiate with them on the price.

3. Draft a detailed outline of your interview questions

You can reduce the cost of your expert network by drafting a detailed outline of your interview questions. This will help you make sure that you ask the right questions. Additionally, it gives you something to reference when it comes time for data collection.

Here are some tips for creating an effective outline to decrease your expert network cost:

  • Use a template. A simple, easy-to-read format will make it easier for respondents to answer your questions in one sitting, which means less editing time and less cost to pay experts per interview.
  • Keep it simple and consistent across interviews. If you use the same outline template each time, experts will be able to quickly understand how they should answer each question without making any mistakes or having any confusion about what's being asked of them at any given point in time during their participation with your survey project (or even after they've finished).
  • Make sure every question is necessary before including it in your list - this will also save money on labor costs down the line if someone else has already asked something similar during another survey project using this same method so long as both projects' interviewers aren't asking different things about identical subjects; otherwise, there wouldn't be much need for having two separate surveys being conducted simultaneously since everything would already have been covered once before!

4. Find the right person for the expert call

  • While searching for experts to call, you need to:
  • Ask for recommendations. The expert network market is quite saturated and therefore it makes sense to ask for recommendations. 
  • Use your network. Sometimes, businesses have in-house experts in different domains. If this is the case, then you may already have the right person for your data needs. 

Use search engines. This is especially effective when you are looking for an expert in a specific field or industry. For example, if you want to find someone who can teach your marketing team how to better use social media advertising, using a keyword search such as Semrush will ensure that only people with the most experience and training are included on the list of candidates.

5. Prepare your questions carefully in order to decrease expert network cost

Preparing your questions carefully is the first step in lowering expert network costs. It will help you understand the topic more thoroughly. It also ensures that you receive only the information that is relevant to your project.

It's important to begin by asking open-ended questions, so make sure they're not yes or no answers. For example: "Do you think this report is accurate?" A better way would be something like "What are some of the most important points in this report?" This helps you avoid unnecessary expenses since experts will have more than one opinion on any given topic and their answers can vary widely depending on their own experiences with it—and even if there aren't any issues with an expert's advice, it's still best practice for hiring managers to gather multiple opinions before making decisions based on them (which means using multiple experts).

Once you've prepared these questions in advance, here are some others worth remembering when seeking out expertise through our company:

6. Review and finalise your report in advance

  • Review and finalise your report in advance. If you're using a report for the purpose of your expert network interview, you can prepare it in advance. 
  • Prepare your questions in advance. This will save you time so you can reduce expert network cost. Once you have all questions in hand, all you need to do is jump on the call. 
  • Do a trial run of the interview to determine if you need more information or if it will be useful to ask follow-up questions should additional information arise during the conversation with the client.
  • Review your report before you start writing, so that you know what else needs to be added or taken out as well as how long it will take to complete this step, which will help plan out how much time is needed for each task on your project's timeline, including writing and sending off emails/texts/etc., making phone calls (if applicable), etc. because you don't want any surprises when it comes time for payment day!

If you are in need of a guide to preparing business reports, check out this one by CIPD.

By being prepared, you can decrease your expert network costs

In order to decrease the cost of your expert network, you have to be prepared. To be prepared, you need to ask some tough questions and make sure that you're getting what you need out of it:

  • What is my goal? Ask yourself what information you're looking to achieve from the expert network. 
  • What do I expect the outcome of this project to be? It's a good idea to think about the outcome of the research project that you are looking to achieve, before jumping on the expert call. 
  • Who do I want on my team? Be prepared with a team of professionals who can help you navigate the call and take notes if needed.

Where to find resources on expert networks?

In conclusion, the cost of an expert network is directly proportional to its effectiveness. At GrapeData, we conduct professional follow-up calls instead of expert network calls. These calls work in a similar way to expert network calls, except they produce even better quality data. Professional follow-up calls are conducted with survey respondents instead of industry leaders. Compared to having a call with only one expert, follow-up calls produce a lot of data points. This is because follow-up calls involve a lot more respondents than expert calls. Interested to learn more? We've got loads of articles on our blog about expert networks. Check out this one on the best expert network and the 3 ways to spot it. We specialise in recruiting niche B2B and B2C audiences for global due diligence surveys. If you'd like to learn more, drop us a line at sales@grape-data.com!

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