Wherever you are online today, you’ll see an ad where you can pay in cash for your review. Whether it’s a paid survey or a focus group, the idea is the same – market research companies want your opinion and are willing to give you cash and free goods to spend time completing their surveys.
In this article we will discuss the most frequently asked questions about paid surveys.
What is a paid survey?
A paid survey, or “market research”, is a series of questions that are presented to either an individual or a group of people to see how they perceive and respond to specific products or services. Each person fits a specific type of population (human population segments by age, gender, income, etc.). For example, sports equipment can be marketed for younger, physically active people, while luxury cars can be sold for higher demographic incomes. Online surveys are offered for free as a way to better understand some markets.
What is a focus group?
A focus group is another type of survey in which a group of people is invited to discuss a specific topic with the company that sponsors the focus group. You may or may not know the discussion point and they are often led by a moderator who will lead the discussion. Focus groups can take place in a physical location or online and usually last from 30 minutes to 2 hours. Remuneration can range from 30 minutes to 2 hours, depending on the topic and duration of the discussion.
Why is my opinion so important?
Companies spend hundreds of thousands, if not millions of dollars, on advertising new and/or existing products and services. These “advertising campaigns” can sometimes be a total waste of time and money if the company is not investigating the market that is trying to capture. So it makes sense for a company to see how these products or services are received by society before it invests money and time in advertising. This is where market research comes in market research, and that’s why your opinion is so important.
I understand all this, but why should they pay me money?
The answer to this question is very simple and comes down to one thing; your time is worth their money! Think about it that way ….. if you’re going to launch a new type of tennis racquet, but you’re not sure if it’s needed or desirable, would you prefer to spend thousands of dollars on advertising, or just pay 50 tennis players and find out their opinions about tennis racquets?
Well, how much can I really do by taking paid surveys?
Compensation from survey companies can range from $1 to $75 per survey, and most surveys take about 6-12 minutes to complete. There are companies that offer points for completing the survey, and these points can then be converted into gift vouchers, goods, cash and rewards. After completing some questionnaires you can even take part in lotteries after prizes.
Regardless of the amount of compensation, all eligible survey companies like Survey Cool will inform you in advance, before starting the survey, of the amount of compensation. The more you take, the more you do.