Data Analytics Services for Small Business: Pricing Review
    3 minutes read

    As a small business owner, you’d better implement data analytics if you don’t want to be left behind in the race. When considering different types of data analytics service, you might want to make a comparison between their pricing plans to decide on the one that fits your budget most. Generally, there are four types of data analytics service for small businesses: 

    • In-house data team 
    • Data consultants 
    • Outsourced data analytics 
    • Data analytics tools 

    In this blog, we’ll give you the most detailed pricing review of these data analytics services, including pros and cons, and minimum price. 

    6 Best Practices for Small Business Analytics

    First, an in-house data team

    Hiring an in-house analyst is the most reliable as they work under your direct supervision, but this is also the most costly option. 

    in-house data team

    Pros: An in-house data analyst would always be reachable and would be more familiar with your business and its working process than an outsider.  

    You have to provide training on your business, including but not limited to products and missions, and industry just once. This helps save time and minimizes the friction of daunting tasks (compared to working with outside consultants). 

    Cons: Searching for a competent analyst can be very laborious and time-intensive. Hiring one is a huge commitment. Also, some business leaders might be unsure whether having full-time analysts in-house would be worthwhile when there’s no project.  

    Minimum Pricing: $60,000 for one year (approximately $1150 per week), not to mention benefits. 

    Other considerations: 

    • The recruitment process 
    • High commitment 
    • A potential under-utilized employee during the off-season. 

    A data consultant

    Pros: It’s the most reliable form of data analytics. Consultants are high in expertise and experience in various industries and are expected to drive good results. 

    A big benefit is that this form is comparatively low-commitment compared to hiring a full-time employee, as the project will be a short term engagement. 

    Cons: The fee is not so reasonable sometimes. 

    Minimum Pricing: Assume that the project lasts a week, equivalent to approximately 40 hours of work. In total, the project will cost around $2,000 – 4,000 per week. 

    Other considerations:  

    • Time and effort needed to research data consultants in the market 
    • Potential uncertainty of quality when seeking the most effective option 
    • Possible uncertainty of ROI and effect of consultants’ work 

    Outsourcing data analytics

    Pros: In fact, it is hard to tell the average price as it is highly dependent on  the scope of a project. However, a smaller project would roughly be in the thousands of dollars with a lower price floor than data consulting.  

    Just like with hiring a data consultant, the project will be in a short period of time so it’s fairly low-commitment. 

    Cons: Outsourced analytics can vary widely in quality so doing research before making the informed decision is vital. Also, many data analytics outsourcing services are typically familiar with specific markets like India or China.  

    In these circumstances, cultural and language barriers should not be underestimated. This could possibly spell trouble during working processes between the company and the data analytics service provider. 

    Minimum Pricing: about >$1000 for one week. 

    Other considerations:  

    • Time and effort needed to find a reliable agency 
    • Uncertainty in quality if outsourcing to international companies 
    • Uncertainty in ROI and value-added to business 

    Lastly, using a data analytics tool

    Another method for data analytics is to equip one of the employees with a data analytics tool. This employee can be a marketer, they’re not a data analyst, but they have experience writing ad copy and designing marketing collateral. 

    Pros: The business owner can do data analysis in-house with that employee, who is already familiar with the business. 

    Cons: There will be some big “buts” here. 

    Adopting a tool is more complicated than it sounds. Though it may seem like a data tool is the most viable solution, jumping to that conclusion is rather complicated due to how data tools are provided and deployed. 

    Besides the variance in price tag and functionality of data analytics tools in the market, they also entails a lot of additional costs, which causes several main issues, such as: 

    • Purchasing a data analytics tool locks you in. Data tool vendors these days typically function with a monthly/annual subscription or SAAS (software as a service) model. 
    • The installation and implementation process are sophisticated. This may require qualified IT consulting for the change management. 
    • Due to high friction in moving data from one data system to another, changing tools is criminally expensive and time-consuming. 
    using a data analytics tool

    If a business owner goes through all of this effort to buy a data tool and, after several months, realizes that it was the wrong tool to meet their business demands, the high switching cost of finding a new tool can be paralyzing. 

    What’s more, most data tools require a degree of expertise to deploy and put into use. 

    Several tools can create sleek dashboards and charts, but the greatest problem for the marketer can be how to interpret the dashboard metrics into business insights and thereby developing an actionable marketing strategy. 

    And even if there is a clear trend, it’s uncertain whether the marketer is confident about the tool enough to come to sound conclusions. As data is unstructured, looking at graphs  and charts does not mean gaining actionable insights. 

    All data tools require technical expertise to some extent, to properly interpret every graph, p-value, and z-score. Thus, the value of the tool for enabling the marketer to perform in-house data analytics completely depends on their data knowledge. 

    Minimum Pricing 

    Around $849 annually per user ($70 monthly) 

    Other considerations: 

    • Time and effort to seek for an appropriate tool. 
    • Spending time on asking for quotes and comparing prices 
    • Time and/or money (if hiring IT consultants) to deploy and integrate the tool with the business, and available data infrastructure. 
    • High uncertainty of ROI in that Sam potentially lacks the expertise to correctly interpret the data. 
    • Inflexibility since many tools lock users in for at least one year. 
    • Time (2–3 weeks) if the business leader wants to change tools and deploy the new system 

    Wrapping Things Up

    Above are some considerations about data analytics pricing you need to look into carefully, including but not limited to pros and cons, time and effort spent, technical expertise needed. Examine them carefully before coming to the final decision. If you’re interested in outsourcing data analytics, please have a look at service provided by Synodus.

    author avatar

    Ellie

    Ellie Tran is the Content Manager of Synodus. She loves coming up with new ideas and solutions to incorporating technology into your business operations to increase efficiency.

      Recent Posts

      Partnership-Announcement-Synodus-Anatics

      New Strategic Partnership Announcement: ANATICS x SYNODUS

      Hanoi, Sep 19th 2022 We are thrilled to announce our strategic partnership...
      Read More
      Leveraging Predictive Analytics In Excel For Sales Forecasting

      Leveraging Predictive Analytics In Excel For Sales Forecasting: How To Do It  

      Sales forecasting has a substantial role in every business's success when making...
      Read More
      Top 10 behavioral analytics tools and a guide to choose one

      Top 10 User Behavioral Analytics Tools And A Complete Guide To Choose One

      Behavioral analytics tool is changing how businesses become more profitable and serve...
      Read More
      What is Behavioral Analytics? Defintion, Examples & Tools

      What Is Behavioral Analytics? Definition, Examples and Tools 

      Every mouse click and movement on the screen reveals something about the...
      Read More
      Data Maturity Assessment: Models & Frameworks

      Data Maturity Assessment: How-to Guide (Models and Framework Included)

      Table of Contents[Open][Close]Part 1: What Is Data Maturity And How Important It...
      Read More
      Boody

      Turning 10-Year Data Into A Single Source Of Truth With Boody  

      Table of Contents[Open][Close]Who Is Boody?How They Came To Us Here Are Key...
      Read More
      Data Analytics For Marketing Benefits Tools And Examples of Top Brands

      Data Analytics for Marketing: Benefits, Tools and Top Brand Examples  

      Marketing data is everywhere. Yet, the most valuable insights are usually wrapped...
      Read More
      Data Monetization A Complete Guide

      Data Monetization: A Complete Guide 

      You may hear that data is a treasure that will do you...
      Read More

      Success Story of The ICONIC: Leveraging Customer Analytics To Become A Fashion Giant

      Table of Contents[Open][Close]Part 1: A Brief History Of Multi-millionaire Empire: How It...
      Read More
      Artificial Intelligence 101 and AI in E-Commerce

      Artificial Intelligence 101 and AI in E-Commerce

      A survey by Statista showed that 70% of decision-makers in the e-commerce world assumed...
      Read More
      Top 10 examples of Predictive Analytics in Retail

      Predictive Analytics in Retail: The Best 10 Uses With Examples

      Predictive analytics has undoubtedly around for decades, yet until recently, more and...
      Read More
      Data security Definition, Importance, Types, Methods

      Data security – Definition, Importance, Types, Methods

      This article will give you an overview of data security: definition and...
      Read More
      Top 7 Data Security Best Practices

      Top 7 Data Security Best Practices

      This blog will explain definition, common security threats and best practices for...
      Read More
      Top Ecommerce Consulting Companies & How To Choose One

      Top Ecommerce Consulting Companies & How To Choose One

      While some firms can build an eCommerce business themselves, others turn to...
      Read More
      Data Strategy A definite guide

      Data Strategy: A Definitive Guide

      A data strategy helps companies know how to manage and analyze data...
      Read More
      Retail Analytics Courses, Books & Reports

      Retail Analytics Courses, Books & Reports: Resources for your knowledge

      It is crucial for retailers and those who are enthusiastic about retailing...
      Read More
      The Future of Retail Analytics (10 trends included)

      The Future of Retail Analytics (Top 10 Trends)  

      It's clear to see that analytics has become a critical component of...
      Read More
      Sentiment Analysis - A comprehensive Guide

      Sentiment Analysis: A Comprehensive Guide

      The power of Natural Language Processing (NLP) enables organizations to implement sentiment...
      Read More
      What is Data-driven culture

      What Is A Data-Driven Culture and How to Create One?

      One of the major shifts in today’s business world is the transformation...
      Read More
      What is Data Visualization?

      What Is Data Visualization And Why Is It Important? 

      We live in a world of Big Data, in which data visualization...
      Read More
      Video Analytics For Retail - Definition & Use Cases

      Video Analytics For Retail: Definition & Use Cases 

      Retail video analytics is becoming more than simply a loss prevention tool;...
      Read More
      Top 10 Data Visualization Tools

      Top 10 Best Data Visualization Tools (Free & Paid)

      As the value of data visualization has become widely recognized across companies...
      Read More
      Databases vs DataWarehouse: Similaries & Differences

      Database vs Data Warehouse: Similarities & Differences

      What is a database? What is a data warehouse? What are the...
      Read More
      What is A Database Schema? Types, Benefits, Terms Explained

      What Is Database Schema? Types, Benefits, Terms Explained

      In this blog, we’ll go further into database schema including database schema...
      Read More
      Data Warehouse Costs

      Data Warehouse Costs: 3 Important Elements to Consider 

      It’s essential to select the right data warehouse, business intelligence, and analytics...
      Read More
      What Is a Data Warehouse? Definition, Benefits, Architecture Explained

      What is a Data Warehouse? Definition, Benefits, Architecture Explained

      A data warehouse is essential for businesses that wish to drive engagement...
      Read More
      what is a data warehouse top 10 solutions compared

      What is Cloud Data Warehouse? Benefits, Features & Solutions Compared

      The growing demand for data warehouses as a service is propelling the...
      Read More
      data warehouse tutorial for dummies

      Data Warehouse Tutorial: Learn from Experts with 6 Steps

      Data is gathered at regular intervals from source systems such as ERP...
      Read More
      benefits of data visualization

      What Are The Benefits of Data Visualization?

      Data visualization lets us present sets of data through the use of...
      Read More
      Data Analytics Services for Small Business: Pricing Review

      Data Analytics Services for Small Business: Pricing Review

      As a small business owner, you’d better implement data analytics if you...
      Read More
      6 Best Practices for Small Business Analytics

      6 Best Practices for Small Business Analytics

      Today's successful businesses are propelled by the covert power of small business...
      Read More
      Data Analytics for SMEs: What You Should Know

      Data Analytics for SMEs: What You Should Know

      Operating in an ever-changing market, many SMEs are facing challenges and struggling...
      Read More
      How Your Business Can Benefit From Data Analytics Outsourcing

      How Your Business Can Benefit From Data Analytics Outsourcing 

      In recent decades, a lot of enterprises - large and SMEs, want...
      Read More
      Small Business Analytics: 4 Ugly Facts

      Small Business Analytics: 4 Ugly Facts

      Analytics is an important part of any business, but it's not something...
      Read More
      5 Data Visualization Trends in 2022

      Top 5 Data Visualization Trends in 2022 and More Years to Come!

      Due to the fact that technological advances are ever-changing, the future of...
      Read More
      7 Things to Consider When You Hire a Data Analytics Consultant

      7 Things to Consider When You Hire a Data Analytics Consultant

      The data analytics consulting industry is a rapidly growing market. The U.S....
      Read More
      Merge Data from Multiple Sources Effortlessly

      6 Detailed Steps to Merge Data from Multiple Sources Effortlessly 

      The advancement of technology has created many opportunities for the big data...
      Read More
      How to Identify Bad Data and 3 Excellent Ways to Improve Data Quality

      How to Identify Bad Data and 3 Excellent Ways to Improve Data Quality 

      Do you know that 2.5 quintillion bytes of data are generated every...
      Read More
      Top 6 common payment gateways for eCommerce stores

      Top 6 Common Payment Gateways for eCommerce Stores

      The world of online business is a fast-paced one. The ability to...
      Read More
      7 Huge Gaps in Google Analytics And Tools to Fix Them

      7 Huge Gaps in Google Analytics And Tools to Fix Them

      Google Analytics is a must-have tool in the toolbox of any e-commerce...
      Read More
      eCommerce advice: How to work with customers as privacy regulations are changing

      Ecommerce Advice: How to Work with Customers as Privacy Regulations Are Changing

      As the eCommerce industry grows and matures, consumers are becoming more aware...
      Read More
      Data Warehouse Trends 2022

      The Latest Trends in Data Warehouse 2022 

      The world has changed since the introduction of data warehouse. Data warehouse...
      Read More
      Searching for data to make critical decisions? Try these 8 sources

      Searching for data to make critical decisions? Try these 8 sources 

      Leveraging the gigantic database of your customers can help you seek insights...
      Read More
      5 Ways Data Science Can Boost Your E-commerce Revenue

      5 Ways Data Science Can Boost Your E-commerce Revenue

      The 21st century has digitized the world and provided a gigantic database...
      Read More
      6 Significant Impacts of Geography on E-commerce Conversions

      6 Significant Impacts of Geography on E-commerce Conversions 

      In online retail, e-commerce conversions happen when customers purchase products or services...
      Read More
      4 Insightful Books To Master Your Data Visualization

      4 Insightful Books To Master Your Data Visualization 

      Data analytics is like solving a puzzle. Raw data is a clue...
      Read More
      How Retail Analytics Can Help You Win Fraudsters

      How Retail Analytics Can Help You Win Fraudsters 

      Fraud has remained a big concern in the retail industry. The National...
      Read More
      How You Can Use Data Analytics for Better Inventory Management

      How You Can Use Data Analytics for Better Inventory Management  

      Inventory is the most important section of a company, ranging from different...
      Read More
      4 Significant Use Cases of Location Analytics in Retail

      Retail Location Analytics | Definition & Use Cases 

      Retail Location Analytics supports businesses with robust conditions to directly approach customers,...
      Read More
      10 Most Reliable KPI Tracking Software Worth Your Consideration 

      10 Most Reliable KPI Tracking Software Worth Your Consideration 

      With proper KPIs, you can keep track of your campaign’s performance and...
      Read More
      3 Tips on Selecting the Best E-commerce KPIs for Online Businesses 

      3 Tips on Selecting the Best E-commerce KPIs for Online Businesses 

      KPIs are always an essential part of any business strategy on the...
      Read More
      2 Ways Internal Data Can Benefit Your E-commerce Business

      2 Ways Internal Data Can Benefit Your E-commerce Business

      Simply defined, data is helpful information that you accumulate to support organizational...
      Read More
      8 Best Free Google Analytics Tutorials for Beginners and Experts

      8 Best Free Google Analytics Tutorials for Beginners and Experts

      Google Analytics is considered an indispensable tool to every website owner. It...
      Read More
      3 Clever Tips to Scale Your E-commerce Businesses With Data

      3 Clever Tips to Scale Your E-commerce Businesses With Data

      In the cut-throat world of business, entrepreneurs must compete fiercely with each...
      Read More
      10 Best Free WooCommerce Analytics Plugins for Your E-commerce Website  

      10 Best Free WooCommerce Analytics Plugins for Your E-commerce Website  

      WooCommerce is among the popular platforms that has been revolutionizing the digital...
      Read More
      Sentiment Analysis and 2 Important Factors to Analyze Customer Feedback

      Sentiment Analysis and 2 Important Factors to Analyze Customer Feedback

      Satisfied customers are a constant source of happiness to businesses. Usually, every...
      Read More
      Customer behavior analytics are transforming how retailer sell online

      Behavior Analytics Are Transforming How Retailers Sell Online Introduction

      Behavior analytics refers to the method of collecting and analyzing qualitative and...
      Read More
      How Emotion Analytics is Applied in the E-Commerce Analytics to Increase Customer Engagement 

      How Emotion Analytics is Applied in the E-Commerce Analytics to Increase Customer Engagement

      Emotions are verbal and non-verbal communication cues that play an integral role...
      Read More
      Retail Analytics Can Boost Your Merchandising Effectiveness

      2 Ways Retail Analytics Can Boost Your Merchandising Effectiveness

      Physical stores have been through a great transformation due to digitalization. The...
      Read More
      ar in Retail Analytics

      How Can Augmented Reality Be So Helpful in Retail Analytics

      In the age of innovative technology, retail e-commerce presents a number of...
      Read More
      retail analytics use cases

      Retail Analytics Use Cases: Comprehensive Guide

      Table of Contents[Open][Close]What is Retail Analytics?Effective Use Cases For Retail AnalyticsRetail Analytics...
      Read More
      retail analytics

      How to Boost Conversion Rates With The Use of Retail Analytics

      The rapid growth of the retail industry comes with big data and...
      Read More

      4 Effective Ways to Collect Customer Feedback for Analytics

      Understanding the importance of customer feedback helps businesses have a full view...
      Read More

      4 Ways to Use Speech Analytics for Better Customer Engagement

      A significant challenge for any business is getting deep insights about customers...
      Read More
      data science in retail

      Data Science in Retail | Use Cases & Famous Projects

      Data science employs specific methods, processes, algorithms, and systems to draw insights...
      Read More
      secrets of online shopping behaviors

      3 Big Secrets of Online Shopping Behaviors You Must Know

      Customers have certain online shopping behaviors that businesses in the e-commerce industry...
      Read More
      Customer Feedback Analysis

      Detailed Customer Feedback Analysis Guide 2022

      Customers have been leaving feedback more than ever before, and businesses amass...
      Read More

      Comment 2

      1. Awesome! Information. Great work thanks for sharing such useful information. keep it up all the best.

      2. Thanks for your blog, nice to read. Do not stop.

      Leave a Reply

      Your email address will not be published.

      Search here...

      Get a fully-stacked data team within 47 hours without making a hire. Our team of data experts help build your data infrastructure, create your metrics and much more. Available from day 1, so you can get a world-class data setup in record time.

      Contact Us