If you’ve ever researched quick ways to make money, you probably already know a little bit about taking paid surveys online. Paid surveys are an easy way to rack up some extra cash each month, without interfering with your already busy life. Surveys typically take very little time to complete, and the only requirement is having a device that’s connected to the internet.
But paid surveys exist for many other reasons than to put money in your pocket. In fact, businesses use surveys as a way to collect important information that assists in making the right changes to improve their product, marketing campaigns, or customer service in general.
Here’s why businesses pay for your opinion and how you can cash in on it.
How Online Surveys Benefit Businesses
Market research is a huge deal. In fact, companies spend billions of dollars each year by investing in interviews, surveys, product testing, and focus groups. The purpose is to gather data about new and existing products.
Online surveys fit perfectly into the market research realm. Using surveys, businesses are able to learn all sorts of information, including:
- What products consumers like
- How consumers decide what to by
- What factors are most important to consumers when buying products
- Likes and dislikes about certain products
With a simple survey, it’s easy to gather all of this information at once. Online surveys are also extremely cost effective, especially for the high return on investment that they offer. Traditional surveys are labor intensive, expensive, and require a lot of time, sometimes months, to compete.
With online market research companies are able to save time, which in the end saves them money. If a business is looking to learn about what consumers think about a certain product or brand, an online survey is the most efficient way to gather that data.
Using data from online surveys, businesses are able to make more informed and consumer-driven decisions. This helps to improve a company’s standing in their industry, which hopefully improves profits and their bottom line.
How Paid Surveys Benefit Consumers
Taking paid online surveys won’t make you rich, but the compensation is well worth a few minutes of your time to answer simple questions. As a survey taker, you also have the chance to receive free products in exchange for testing them out and providing feedback. Other companies use a points system where users earn points for each survey completed. Points can be used to redeem gift cards, product discounts, and even airline miles.
While getting paid is definitely the top perk of taking online surveys, another benefit is that you, as a consumer, get to have a say in a business’ product, service, or marketing. Surveys show just how influential and powerful the consumer voice really is. By sharing your feedback, you can help to make products better and to give businesses the boost they need to be even more successful.
Maximizing Your Survey Earnings
Taking paid surveys won’t turn you into a millionaire overnight, but there are ways to you can maximize your earning so that you make as much money as possible.
The first step is to have realistic goals and to create a schedule you can dedicate to. How much money you make each month greatly depends on the number of surveys you complete and how much they pay. Most surveys only pay $0.25-$5.00, but you will find certain paid survey sites offer much higher payouts.
It’s also important to create a schedule and stick to it. In order to meet your earning goal each month, you have to set aside a certain amount of time each day to completing surveys. Make sure that the schedule you design fits within your lifestyle. You can complete surveys during your lunch break, during your commute home on public transportation, and during the time you already spend online.
The next step in maximizing the money you make from online paid surveys is to join several paid survey sites. These days there are dozens to choose from, but some of the top options to consider include:
- Swagbucks
- Survey Junkie
- Vindale Research
- MyPoints
By joining several sites, you increase your chances of being selected for surveys on a routine basis. This helps to ensure that you always have a steady queue of surveys to complete. The good news is that if you run out of surveys to take, many survey sites offer other ways to earn, such as watching promotional videos, searching the internet, or playing games.
Conclusion
Paid surveys are used by businesses for market research as a way to refine and improve their products, services, and overall brand. On the flip side, consumers who participate in paid surveys benefit from putting extra money in their pockets.