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What is Market Research?

What Is Market Research? Actually, it’s not “too good to be true” – Companies really are willing to pay you for honest feedback!

 

Here’s some information we think you might find helpful…

To start, we’re here to assure you that Market Research is NOT a scam.

You’re not wrong to be skeptical. We live in a day and age where it is all too common to become a victim of scams and fraud. Do your research and you may discover that the offer being made is by a legitimate market research company. If that’s the case we advise that you take advantage of the offer – Don’t pass up the paid research opportunity!

[●] Tips to help you determine if a market research company is reputable:

  • Ask for a company website

    take the time to visit and review the site before committing.

  • Paid research studies never involve sales or solicitations.

    The only transaction that should occur is at the end of the study, when you get paid for your time, participation, and valuable feedback.

  • Make sure you get specifics

    Make sure they provide you specifics such as details about the process, instructions on what needs to be done and what your commitment is.

  • Be careful with what information you share

    legitimate market research companies will NEVER ask for credit card numbers, social security numbers or similar.

If you want to go the extra mile, you can always review the additional tips outlined by the FTC (Federal Trade Commission) and review their information on Privacy, Identity & Online Security. It is their job to protect consumers like you from potential scams.

 

What to take away from this…

It’s okay to be suspicious, but it is also important to know that market research exists and is a safe way to earn extra money from time-to-time.  Your opinion as a “consumer” is very valuable, which is why companies are willing to pay you for your feedback on their products, concepts, or services!

Why is market research important?

Companies use Market Research as a business strategy to identify and analyze

  • specific market needs
  • market size
  • who their competition is.

By studying the consumer, companies and producers in the marketplace can hear directly from the consumers like you and learn

  • What consumers like
  • What consumers dislike
  • What consumers need
  • What consumers desire.

Information like this is very valuable to companies who are attempting to develop or update their services or products to match the demands of their target market.

People who have participated in paid research opportunities like focus groups usually say they had a great experience and enjoyed contributing to the research discussion almost as much as getting paid to do so! Don’t forget to check reviews (online and on social media) made by participants of the company and of their experience!