Pricing in the Online Paid Surveys Industry
A paid online survey is a form of market research conducted through the internet. The internet has become a massive platform for doing research because there are so many people trying to earn money online. Also, it is a highly efficient and convenient method for all parties involved. Large corporations spend billions of pounds annually on advertising, so why wouldn’t they pay a proportion of that on testing to see if it works. They recruit market research companies to find out information such as the price elasticity of their products, a form of pricing research and customer responsiveness and desires towards new product lines. It is possible for a company to do market research on any aspect of their business. A market research company can create a tailored survey to match any business requirements. The market research companies then distribute these surveys to a panel of prospective customers of the corresponding product/ service. This panel can be the research companies own, outsourced to another company or both. The results of the research are statistically analysed so that they can be interpreted. The raw data from the surveys can be processed into market models which demonstrate the outcomes of various business actions. These models can then be used by companies to make decisions in accordance with the highest profits. Many people enjoy taking surveys because it allows them to express and share their opinions with manufacturers and product providers, thus shaping the future of that type of product. Furthermore, it is an easy way to earn a supplementary income from the comfort of your own home. In order to take part in paid surveys online, you must register with a company. Ensure that you register with a reputable company because there are many scams around, so do your homework first. Never pay to join a survey company because legitimate sites will not do this. Some sites offer you a database of 500 + reputable survey companies for a fee, but all of this information is available for free so there’s no point. Moreover 90% of the companies on these databases will offer you one survey or less per month, which isn’t very valuable. Some websites such as Survey Compare offer you a selection of the best survey companies in your country for free. This is useful when you want to start earning more money because these companies offer more frequent surveys and give larger payouts due to their higher profile clients. Research companies need to collect a relatively detailed profile of yourself so that they can match you with their client’s products and services. You will be eligible to do surveys based on your demographic, so some people will receive more than others. However, market research companies need people of all ages and backgrounds. You will receive an email each time you are eligible to do a survey and often there will be a timeframe to complete it. You can then decide to do it by clicking on the link, or you can ignore it. Most surveys pay between £2 and £10 and take an average of between 10 minutes and half an hour to complete. Also, it is possible to take part in focus groups which can last up to two hours but pay around £30 to £50. Some companies offer other incentives such as sweepstakes competitions or retail vouchers, so make sure you are aware before you sign up. Finally, some companies will let you keep products or services that they ask you to test.