The term ‘market research’ might be a familiar one, but what does it actually mean? Put simply, market research means gathering information to find out what people think and feel about a product or service. Market research is used to find out people’s opinions on things that are brand new, as well as to make changes and improvements to those that already exist.
Taking part in paid market research can provide many benefits:
• Your thoughts and opinions can have a real influence. One of the most exciting benefits is that your feedback can make a huge impact on big brands and the products and services they provide, even more rewarding if this is a product or service you really care about.
• You will meet people with similar interests to you. If you take part in a study involving others, you might get some useful hints and topics on the products and services you love. You might also make some new friends!
• The financial incentives: companies really do value your time and opinions and are prepared to make it worth your while to get involved.
What is the value of paid market research to a brand?
Market research provides a company with a very clear picture of how their product or service is received by their customers. It also helps companies make better-informed business decisions. It is valuable because:
• By exploring how customers respond through paid market research, companies can tailor their offerings to the customers and have a much better idea of how it will perform
• First-hand feedback from real people can genuinely help to create a competitive advantage within the marketplace
• Better understanding of customer behaviour, such as why the customer made their purchase
What are the different types of paid market research?
There are two main types of market research that provide different insights into customer behaviour: qualitative and quantitative. Qualitative research allows companies to understand why customers may behave a certain way by gathering in-depth feedback. Types of qualitative paid market research are:
• Focus groups. A small group of people, generally between 6 and 10, are gathered together to discuss a product or service. These groups allow for spontaneous and honest reactions from the participants.
• One-to-one interviews. Meeting someone face-to-face allows the interviewer to gather rich, first-hand data about someone’s thoughts and feelings related to a product or service.
• Online communities. This method of research is similar to a focus group, apart from that it takes place remotely, using a social networking platform or private website.
Quantitative research uses measurable data (such as statistics) to uncover patterns and formulate facts about customers.
Examples of this are:
• Online surveys. Many surveys are now conducted online and are usually self-administered, which means you don’t have to interact with a researcher.
• Polls. Polls are usually less involved than surveys and questionnaires and will usually involve one or more multiple choice question.
Find out more in our latest blog: What types of paid market research can I take part in?
Whatever method you choose, paid market research is a fun, stimulating and interesting way to share your opinions about your favourite brands, and earn a bit of extra cash.
Would you like to take part in paid market research? Sign up to our panel now: