Earn from Online Market Research

What is online market research? As the name suggests it is a research conducted online about a specific market. The research may be for example to understand the buying behaviour of a certain market or a group of people for the company to know how to better sell their product to them.

You can earn from online market research in many ways. One of the most obvious ways is to work for a market research company in any position. Online market research companies are after all just like any business that produces a product. The product however that they produce come from people from which they extract their thoughts about a product.

Be a Professional Survey Participant

If one wants to make a business out of online market research the second thing they can do to earn money from it is to sell their own information about a certain product and get paid by the researcher for doing so. But can you really earn good money comparable to salary with this?

I found an article online titled Can You REALLY Make Money with Paid Online Surveys? by Rosalind Gardner on her website also titled Rosalind Gardner where she documented her interview with a person whose name is Deborah Casey. She earns a good income from participating in online surveys even exceeding a good full-time job in a company.

This article is recommended reading for those who are serious in making good money from online paid surveys. Deborah Casey explained in this interview how she managed to gain a database of survey companies so she would get as much work as possible and also her tips on how to manage your relationship with survey companies.

I also tried applying to a few online market research companies and eventually I found out that most of these companies prefer Americans to conduct their research on. I ascertained that most of the clients of these market research companies are based in America. There are very few jobs advertised to non-Americans and competition is also fierce.

I also learned from online forums that some research questions can be very personal which one may not like so be aware of this. Surveys also take time as well as the task of looking for survey jobs. One should consider this especially if they have regular jobs.

Open Your Own Market Research Company

The third way of earning from online market research is to set up your own online market research company. You can setup a website where people enter their answers to your market research and survey questions. You can also develop an e-mail list where you send out your research and survey questions and then process the results.

The market research industry is growing according to statista.com in their online preview of their report titled Market research industry - Statistics & Facts. They stated that the global market research industry is worth $47.3 billion as of the end of 2018 and rising.

This means that there is a big earning opportunity in this industry. Though there are already big players in the industry everyone including the small companies still needs to get information from specific people. This means that you have to create and maintain an ever growing database of people and their information. This should be your first priority.

You can ask people to participate in your surveys voluntarily but most people need motivation to participate in your survey. If you have the financial resources you can pay people to participate in your surveys. If you lack the financial resources then you can start small for example by offering people the chance to win at a lottery game when they participate.

One can be creative as well and conduct survey campaigns that appeal to a person’s need to express themselves on a specific subject. One example would be a survey if people would buy a product if it is made in a certain country. The one conducting the survey can appeal to people’s desire to visit and know a country.

One can start getting business by asking companies for specific research services. If one cannot find companies that want to commission research services then one can use whatever research data they have and extract as much information as they can on producing as many research subjects they can create and then sell it to companies who may find a use for it.

There are many ways one can earn from online market research and even make it a business. If one wants to be a high earning participant of surveys one should maximise their relationship with as many survey companies as they can.

Conclusion

If one wants to have a successful online market research company one needs to be able to extract as much information from people as possible for the lowest possible cost. They should also be able to extract as many information as they can with the data they have.