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Paid market research – too good to be true?

Paid market research projects offer a great chance for you to be rewarded for sharing your opinions on everyday goods, services and companies. From focus groups to online surveys there are many different ways that your opinions are being sought. However, sometimes they just sound too good to be true. Below we reveal five key questions that will help you work whether or not the paid market research project you are interested in is genuine.

1. How do I know if paid market research is genuine?

Most market research projects you come across will be genuine but as with any market there is the risk of fraudsters – in this case people trying to get hold of your personal details for sales purposes. By checking out the four following points you should know for sure.

  • Are they members of the market research governing bodies?
    The market research industry is governed by a number of different bodies who recommend best practise and help monitor the industry. Checking whether the company running the project is associated with bodies such as the Market Research Society, AQR and ESOMAR should be your first port of call.
  •  Sign-up forms – These are designed to collate the data that describes more about you as a consumer and individual so will include things such as your job and interests. This is what is used to profile you correctly to ensure you are matched to the best project for you. A form that does little more ask your name and email should ring alarm bells.
  • Lack of company informationIt may seem a little crazy having to research a market research company but a couple of minutes sleuthing on the web is all it takes to find out if a company really exists or not. Check out the about us and contact details sections of websites to ensure they are valid and if they have a review section and testimonials check those too.
  • Beware of big incentivesPart of the appeal of paid market research projects is just that – they offer some sort of incentive for taking part. These are simply an appropriate reward for taking the time out to share your opinions and help shape the products and services of the future. Such projects aren’t set up to be money-making schemes for the consumer so if the reward seems too good to be true then it probably is.  

2. What will they do with my personal details?

If you have gone through the above assessments, then you will be pretty confident by now that the paid market research project you are interested in is genuine. However, you will also have shared quite a bit of personal information and may be worried about what will happen to it.

A genuine market research company will have this top of mind and will respect the need for privacy by adhering to the standards and best practice guidelines of bodies such as the Market Research Society, AQR and ESOMAR. These include compliance with the Data Protection Act 1998 which requires by law that certain standards and practices are met.

Paid Market Research

3. Isn’t it just going to be a giant sales pitch?

It’s easy to worry that despite all the checks above that you are simply setting yourself up for a huge sales pitch. Fear no more. A genuine market research company is bound by industry regulations not to sell you anything. This even goes so far as not offering you incentives that include the products or services you are testing or sharing opinions on since this could be seen to sway the research findings. This means a sales pitch is a definite no-no.

4. Will I have to buy anything?

By the same account you won’t have to buy anything either. If you need specific equipment or products as part of the market research that will be provided to the market research company with which you are dealing by their client.

5. How do I find out more?

Hopefully we have helped put your mind at rest that paid market research projects do exist and are an interesting thing to be involved with, and for which you will be rewarded appropriately. We’ve also hopefully taught you how to identify the genuine (us) from the fake.

Here at Angelfish we are always looking for people who are interested in giving their thoughts and opinions on products and services. If you want to let the big brands know what you really think and get paid for it then:

Sign Up Here.