Prices for focus groups can range from $4-6,000 per session if you outsource to a company that runs focus groups. Since it's recommended that you hold at least two sessions, that price can be a little hefty.

But there are ways to save. You don't have to outsource every aspect of a focus group (facility, moderator, recruiting, and script). If you come up with the script of questions for discussion yourself, don't hire a professional moderator, and use a conference room in your office as opposed to an outside facility, you can cut costs almost in half.

However, recruiting is the one area where you don't want to cut corners. The time spent recruiting eligible participants can be more than you want someone in your office to spend, especially if your guidelines are strict. For example, finding cell phone owners may not take much time, but if you want to find cell phone owners that have dogs, that will take a bit longer.

Participants also need to be compensated for their time, either with cash or a reward of equivalent value (stock options, a gift certificate). For a two-hour session, you can expect to pay $35-50 each for consumers, $50-100 each for professional level individuals, and $100-$150 each for executives.