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Why Are Surveys Offered in Exchange for Money?
25 Oct 2018
Before we start addressing this topic, we have to define the term "Market Research". If you're a business owner, the data you get from your market research team will drive your decision-making process, determine which products to launch and when, help you decide which features to advertise most, and - all in all - it will be your number one resource for your future business moves.
This is where paid online surveys come into the picture. Companies are more than happy to invest in people who will give an honest opinion about their products. And then based on this data, businesses can determine the best moves that will bring them more profit.
Let's dive into it, shall we?
Why Do Companies Need Paid Online Surveys?
So, to address the question paid online surveys are offered to the general public because they are invaluable to companies. Just imagine being in a position of a company manager who is supposed to give the green light for a new product launch and this launch will determine whether the company will continue operating or go bankrupt. A lot of pressure, right?
If this business owner relies on his or her own personal knowledge without any outside research to make the decision, he or she will be risking a lot. The most common practice of market research is to create a focus group - a group of people that is already likely to be interested in the particular product or service - and provide them with a sample. Let them use the product, give them time to properly analyze it, and after that, they can answer a series of specifically designed questions. These answers will help the company realize what they are doing right, what they are doing wrong, and if there is something new they are yet to consider.
The entire reason behind these surveys being paid is simple - who would want to dedicate their free time to a company without some form of compensation? No one. Now, when we say “paid”, this does not necessarily imply that they pay people cash. Sometimes companies simply give away free products to all people willing to take the survey.
Now that we have explained this, let's dive into another topic that you may be curious about…
How Can Companies Afford to Pay for Online Surveys?
Well, the answer is rather simple. The data they gather via these surveys is more valuable to them than an entire shipment of products. Think about it - if the product is not good, then it's worth practically nothing. That's why they're willing to invest.
Generally speaking, a single unit of a certain product is not that expensive for the company. In fact, for a great majority of companies, the production costs for a single product unit are very, very low. So, it is easy for them to give them away. This is especially true if they are giving them away to people who will help improve them. This all sounds very logical now - right?
So, let's summarize:
1. Why do businesses offer rewards for surveys?
Because the data they can gather from these surveys is more valuable than any reward they can give out.
2. What do businesses get out of paid online surveys?
This is a tough one to answer, but, in plain words, they get access to the bigger picture. They get to see how their product will perform, what are its best features as well as the worst features. They get a significant amount of data which they can use to navigate future business decisions.
3. What benefits do they get from it?
First, they get a better insight into how their target audience thinks. When they implement the changes, they will get a better product or service, which they can sell at a better price. Plus, if the product is flawless, they will have a larger customer base and, consequently, more profits. Generally, that’s the bottom line. The biggest benefit they will experience in the long run is more profits and more success.