How to Earn Money with Market Research
Market research surveys are used by companies large and small all over the world to gauge public opinion on a wide range of subjects. Whether it be for existing products or brand new lines, the information gathered is used to shape the future of the brand or product in question. This information is very valuable to the company and the most cost effective way of doing this is by sending surveys out to people who fit the demographic profile they're looking for. The surveys are normally outsourced to an outside company who forward the survey onto their members and it is usual that the surveys have some form of incentive attached.
While you will never be able to earn a full time living from completing surveys, they are a great way of earning some extra cash or vouchers.
How Can I Make Money from Completing Online Surveys?
Depending on the survey site, the rewards offered vary from Direct Deposit to payment by PayPal or gift voucher.
On some sites, the payout threshold is relatively low, while others have a higher payout threshold to encourage you to stay with the site.
The other thing to be aware of is that some sites pay more per survey than others. If your time is limited, try to complete the surveys that pay more first in order to maximize earnings.
What Survey Site Should I Sign Up With?
There are a number of different survey sites that you could choose. In the current financial climate, it is best to start with the more established companies as opposed to a start up unless you feel the financial rewards outweigh the risk of the company failing before receiving a pay out. There are several companies that have Australian bases which operate all over the world.
One of the leading Market Research companies in the world, GTM are a high profile, well respected company and an excellent place to start. Instead of a cash amount paid per survey, they reward in 'Market Points'. Usually surveys are worth 20-50 points each depending on length etc. The payout threshold is 1000 points, equivalent to 50 US dollars which is converted into the appropriate currency and sent to you in the form of a check.
Another company that operates worldwide, Toluna survey completion is also rewarded with points, usually between 1800 for a short survey up to 20,000 for specialist surveys. Once you reach the payment threshold, you can exchange these points for a prepaid Eftpos card or straight into your PayPal account.
Again with this company, you complete surveys and are rewarded with points. The payment threshold is relatively low compared to other companies and the points rack up quickly. Points can be exchanged for cash into your PayPal account or for gift vouchers for major retailers.
Unlike some of the other companies listed, Valued Opinions only pay out in gift vouchers. The list of available vouchers is very large though and there is something for everyone to choose from. This is perfect if you intend on saving the vouchers you've earned to spend on Christmas gifts or a special occasion. Surveys are usually worth 1-2 dollars and the payment threshold is reasonably low.
Anything Else I Should Know?
As with all online opportunities, you should do your research fully before joining a Market Research Survey Site. With the right site, you can make money online with a little effort, but there are unscrupulous sites out there that are set up with the intention of fooling people into giving over information with no recompense or worse.
Before joining a site, read reviews online and see what other users thoughts were. Never pay for this information or lists of reputable survey sites - everything you need to find is free online.
Also, never pay to join a survey site. These kinds of sites tend to offer high cash rewards with high payment thresholds. By the time you've reached the threshold, they're no longer running and you lose your money. Another common trick is to impose a high payment threshold, then when you're a few dollars short of reaching it, they stop offering any more surveys.
Always try and cash out as soon as you reach the payment threshold. Some people like to save their vouchers till just before Christmas before cashing out, but it's worth noting that if the company goes bust in the meantime, you will lose all rewards earned.