What are paid surveys?
As the name implies, paid surveys are types of surveys wherein the respondents or participants in the surveys are rewarded. These are statistical surveys that have incentive components in the form of reward programs for regular members, which include sweepstakes or cash reward. However, respondents have to prequalify and also they need to complete the survey questions within a reasonable time period.
As a statistical research tool, paid surveys are means to collect quantitative and qualitative data about the personal and economic habits of the respondents within a particular demographic sector. For instance, a cosmetic company may want to learn about the buying habits of single, career women under 30 years old. Majority of professional market research firms consider incentivized surveys as more reliable in terms of accurately capturing the detailed information of a particular demographic as compared to surveys that do not provide incentives.
Why incentives are necessary?
Incentives are necessary to motivate respondents to answer long and voluminous survey questions that could take hours or even several days to complete. Simpler and shorter surveys are sometimes not sufficient to get the right information that a company needs, especially when it comes to the dynamics of the ever-changing market demands. Some details are very subtle and erratic that they cannot be easily captured using simpler surveys.
Objectivity is not possible without accuracy and precision in the parameters of the questions asked. In order to achieve this, the questions should be as specific as possible and typically there are “filter” questions that will narrow down the demographic categories. The personal biases of the researchers are significantly minimized or even eliminated if the questionnaires are properly designed.
Why online surveys are more efficient?
Many start up as well as well-established businesses need comprehensive but detailed data about their target markets, either with regard to the companies themselves or for a specific product. Many market research companies have developed online panels with the purpose of recruiting a pool of respondents and gather data. This system allowed almost instant communication with respondents rather than weeks or months of data gathering through face-to-face or phone interviews.
Online research companies utilize websites and emails to communicate with respondents from various demographical sectors. Many well-known big brand companies allocate budget to market research to gather data on the viability of their products and their respective competitiveness. So, the results of the surveys directly influence the decisions of the companies when it comes to developing and distributing their products. The incentivized or paid surveys allow research companies to set quotas and deadlines on the survey feedbacks from the survey participants.
Who benefits from the information?
Aside from the companies that need market information, the results of the survey also directly and indirectly benefit other stakeholders. The consumers themselves are primarily at the advantage because of survey results. Companies will tend to tailor their products that will suit the needs and general demands of the consumers. The products that these companies will make are likely to be of good quality. The competitors will also indirectly benefit or at least will be influenced by the results of market research surveys. The competitors may also follow the trend and try to make their products more desirable and accessible. In this manner, they could also optimize their profitability and efficiency or even develop superior products.
How survey results are used?
The results of incentivized surveys serve as basis of the decision-making process of companies. The raw data are analyzed using statistical tools and inferences are made from the analyzed data. For example, a company may decide to change the packaging of a particular product if the survey results indicate that the target market generally prefers another type of packaging. A company may also increase the production of a particular brand of product if the surveys indicate a higher demand for that particular product. On the other hand, if the company does not have another brand alternative, it could instead intensify the promotional or marketing campaigns for its products.
What is the underlying mechanism of online surveys?
Online surveys are arguably the most efficient and convenient type of survey. These surveys can cover a wide range of demographic sectors and also produce results at much faster pace. Market research companies employ online surveys by recruiting a pool of respondents or regular members in their websites. The identities of these respondents are verified and they are given unique login accounts. They are given some perks and privileges as members of survey websites such as discounts when shopping online and also chance to win jackpot prizes in sweepstakes. In most cases, the respondents earn points that have cash equivalents but can only be withdrawn if they reach certain levels. The respondents are prescreened based on their profiles and also some filter questions are included. They need to complete the surveys or reach specific quotas to be remunerated. The survey results and analyses (inferences) are then relayed to the client companies that hired the survey firms.
How can you benefit by participating in online paid surveys?
There are several advantages that you can get if you join online paid surveys. Here are some of the common benefits of being a respondent to incentivized surveys:
1.) You can earn money by simply registering
2.) The time that you need to invest in answering surveys is flexible, thereby allowing you to manage your activities more effectively.
3.) Earn cash and enjoy some perks for simply stating your personal opinions. There are no educational or professional requirements to participate in the surveys. Your opinions matter.