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How Much Do Mystery Shopping Companies Charge?

Mystery shopping companies need to charge their clients the correct amount to succeed

Too little, you don't make any money. Too much, you discourage prospective clients. So the question becomes how to figure out how much to charge per report. Picking a dollar amount to charge out of thin air, or worse, using a set number you found on a Google search, will not help you have a successful business. In fact, it may be your undoing.

Why you need a specific formula

A formula will pertain to your specific situation. Further, if you had 20 companies bid on the same job, they would probably come up with 20 different numbers. Why can't one general number fit each company's situation? Because expenses and methodologies are different for each company. YOUR exact situation has to be considered. That's why a particular formula will tell you what you need to know in order to properly bid a job.

Be forewarned. The following is an ad. All the information in The Business of Mystery Shopping eBook will lead up to your knowing the dollar amounts to plug into the formula. And, the formula, with examples, is in the book. So, yes, I do recommend the book I wrote! (Hopefully, this will not come as a big surprise.)

Some considerations

Some shops might take a very long time to perform (such as a hotel stay) and require a long narrative, whereas other shops, such as a fast food restaurant, would require much less time and have a quick yes/no type questionnaire. Additional expenses to do time-consuming shops and long narratives would have to be taken into consideration.

You might also consider how many shops you do for one client. The amount charged for only one shop per quarter for a client would be different than say 20 shops per month. Clients with a large quantity of shops will probably want a quantity discount, but be careful! Be sure you still make enough money to warrant all the extra work.

In these varying situations, the formula would still be applicable.

What about charging a bargain rate to entice a new client?

Now you might be tempted to want to charge a bargain rate just to get your foot in the door, thinking you can later raise your rate when the client is happy with you. Resist the temptation to do this. Clients won't like it when you turn around and raise your fees. Right from the start, you have to charge a rate you will be comfortable with long term.

Mystery shopping companies can make very good money if they correctly figure out how much to charge. Though this is important, it is just one piece of the puzzle to create and maintain a highly lucrative company.

If you are interested in looking further at The Business of Mystery Shopping, please see our
Introduction page or you can jump ahead to the Table of Contents