Marketing research has become a cornerstone of business in recent years. With so many companies willing to pay for valuable data, it’s no surprise that many new opportunities have started to present themselves. Paid market research has reached an all-time high in demand. As entrepreneurs, we are always on the look for ways to grow our business. Growth usually leads to higher profits.
This blog post is going to reveal some amazing ways to use paid market research to make more money.
Market Research is Essential to Business in 2018
Almost every small business already conducts market research on some level. For example, looking at your competitors’ prices is a form of research. Talking to friends and family about their likes/dislikes is also a very basic form of research. We’re just going to take it a step further to collect data from various sources. Some of the benefits include:
- Identifying potential sales
- Identifying risks and finding ways to limit them
- Identifying trends in the market
- Focusing on a plan of action
The motivation behind your decision to perform market research might be something positive (new technological breakthrough) or negative (declining sales), but it always comes back around to making money.
Why Businesses Use Paid Market Research
This might seem like an expense at first, but small businesses can actually generate higher profits through paid surveys. Therefore, they end up making money. In most cases, new business owners will use their friends and family to bounce ideas off of but there comes a point in a company’s growth when you’ll have to take it to the next level. Paid market research will help you discover effective ways to grow your business even further. The more research you can get into your database, the more patterns you’ll be able to recognise.
Small businesses generally feel that marketing research is out of their grasps due to their limited funds. But there are a lot of options available in today’s digital age.
The bottom line for businesses is that businesses make money through paid market research by improving their overall business model. It’s an investment that pays back a return.
How to Make Money with Paid Market Research
So now that we understand the reasoning behind a business using paid market research, let’s look at how you can make money from it. People are always on the look for ways to earn money on the side and one of the most popular ways of doing that is through paid surveys.
The first step is to target the type of market research you want to do. In most cases, your best bet is to start with surveys. They are easy to find and the pay is consistent. Just don’t expect to earn a full-time income. Most surveys will pay between $0.50 to $10 each.
Search your local newspaper for paid market research advertisements. One business strategy is to put together paid focus groups and since they are usually in-person, local newspapers are the best medium to get the message across. These have much higher payouts than surveys, but are more difficult to find.
Diversification is Essential
Diversify all of your options so you’re not stuck with just a single option. That way, you’re not forced to wait until the platform you have chosen opens a new opportunity. The secret to making money with paid market research is to stay persistent. As your portfolio grows, so with the opportunities placed before you.
The bottom line is that businesses depend on market research to thrive, so they are willing to invest a lot of money in it.