Earning money online by taking online surveys has been all of the rage for years. It has become so popular in fact, there are literally hundreds of sites you can earn a little extra cash now and then. The main issue comes from knowing which sites are the best to use, how to maximize already low profit margins and how to plan for long-term success.
That is the ultimate goal of this blog post: to help you understand how to make money with online surveys. I want to show you how to leverage the small online survey sites to maximize your profits and how to scale your earnings to be profitable in the long run.
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How to Make Money with Online Surveys: The Process
In the Beginning…
In the business world, most products aren’t brought to fruition without thought and consideration. All business owners know that if you try to launch a program or service without testing it first, it could potentially end in failure. In addition, they may lose out on a lot of money. That is why, most companies will spend money on market research prior to spending thousands if not millions on designing and marketing a product.
The Importance of Market Research
So, what is market research?
To put it simply, market research is the act of gathering information pertaining to your target customer’s needs and preferences in regards to a product or service.
Businesses will spend millions on research just to make sure they are targeting the right people. They want to make sure they are including the solutions their potential customers are looking for in their product. This is important feedback they can use before finalizing their product or service. It is literally used as a means to make sure people want to buy their product or service in the first place.
Market research in itself is a huge industry. Industry experts understand the need for their service, and companies are willing to pay big money to get that insight to make the most out of their product design and marketing investment. That is why every year millions are spent on focus groups, essential product testing and you guessed it, surveys. This money is spent to help them determine which logo pops, which product customers prefer and what features they wish they could see.
The Value of Online Surveys
Due to time constraints and budget reasons, many companies are turning to online surveys to gather this important consumer information.
Let me put it into perspective for you.
On average, basic consumer research can cost a company anywhere between $15,00 to as much as $50,000. This includes important research details such as responses from focus groups, in-person interviews, in-person surveys and even product or service reviews for honest feedback.
However, a company may only need to pay between $2,500 to $4,000 for a 200 person online-survey. These companies can get all of the information they need to move forward with a product with just one online survey.
Now do you see why companies would prefer an online survey rather than hiring an outside company for market research?
These companies now make it a part of their market research efforts to find market research companies that offer online surveys to a wide consumer base. Furthermore, they want to find companies that are willing to offer compensation to their audience for their opinion. This is especially true for companies that have access to as many people as possible. The more people these companies have, the more surveys that can be taken and the more valuable feedback they receive.
Where Do You Fit In?
Well, you are just the type of consumer these big companies are looking for. There are hundreds of these companies, many survey sites, that are looking for people just like you and me to complete these surveys. These survey companies act as the middleman in a sense, connecting your opinions with the customers market research needs.
The best part? These companies are more than willing to pay you in the process.
Pros vs. Cons.
- Most survey websites are free to sign up
- There are thousands of survey websites to choose from
- A majority of survey sites have a solid history of paying their members
- Many sites offer multiple ways to earn aside from online surveys
- Not a lucrative opportunity. Will not make much money in the longterm
- Due to pre-qualification questions, you may not qualify for many surveys
- Many sites have payout minimums, meaning you can’t get paid often
How to Get Paid Doing Online Surveys
The best way for you to ensure you are earning a slice of this online survey pie is to find the middleman companies that offer compensation for online surveys and work with them. Like I said, there are literally thousands of these sites out there. You just have to find the best ones.
What Should You Look For In An Online Survey Site?
In order to ensure you are signing up for the best of the best survey sites, there are a few things you will want to look for.
Free to Sign Up
By no means should you ever sign up for a company’s site where you are charged to take an online survey. Any survey site that you sign up for should offer a free membership in exchange for matching you with the best surveys based on your demographics and pre-qualifications.
Offer More Than Just Surveys
While taking online surveys by themselves can be rewarding, the best survey companies to sign up with are those that offer more ways to earn. It is important to keep in mind that taking online surveys alone will not make you a lot of money. However, surveys on top of let’s say, microjobs, payable searches and playable online games, can help you make a little more than you would make from online surveys alone.
Solid Payment History
Look, I’d be lying if I said every survey website paid its members. It is always important to look for sites that not only have a history of paying its members on time and without issues, but it is also important to find sites that have more positive reviews than negative from current and past members. You want to make sure a website fulfills its promises in terms of pay and website benefits.
My Final Thoughts
I personally love the idea of online surveys. However, it quickly becomes apparent as soon as you learn how to make money with online surveys, this is not a method that you can make thousands per month off of. It is a great way to earn a little extra cash every few months and to have access to new products that haven’t hit the market yet. It is also a great way to work for yourself to supplement your income.
But if you are looking for something that will supplement your income completely and allow you to work from home full-time, taking online surveys isn’t the best option.
If you are interested in working online full-time, I highly recommend looking into other online money making methods that are more lucrative.