What is market research?

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Market research remains a mystery to a ton of individuals; it seems almost too good to be true. When people hear they can earn money for their opinions, many don’t realize it actually is real and honest.

Market research entails gathering information about a specific market or target of people. This often involves consumer goods, products, services and so much more. Companies want to understand their competitors, and why consumers purchase and use what they do. Market research, through different strategies, allows businesses to better their services and products.

The actual participation and conducting of market research can occur in various ways.

  • A focus group is the most common strategy. Much like a roundtable, a focus group is a discussion between individuals. Participants are asked about their opinions, beliefs and perceptions on a specific topic. The topic can literally be about anything; it just depends on what the researchers are wanting to research! Participants in focus groups are compensated for their time and opinons, usually by a check, cash or gift card. If you attend a focus group at Think Group’s facilities, you’re usually given cash immediately after your participation.

  • In-home interviews and one-on-one interviews are another common form of market research. In-home interviews consist of a researcher(s) coming to your home and conducting a laid back interview. You’re usually sent a check after you participate in an interview. One-on-one interviews sometimes take place at a market research firm (like Think Group) or you often meet the researchers at an off-site place, like a coffee shop.

  • An online bulletin board and phone interviews are very convenient and easy ways of market research. A phone interview is when a researcher calls you during an allotted amount of time. Participants are usually sent a check or gift card afterwards. Online bulletin boards are exactly what they sound like- a discussion in an online forum!

By participating in market research, you’re not only going to earn easy cash, but you’re also contributing to how products and services are improved. Companies and businesses want to hear what you have to say, and who doesn’t usually like giving their opinion anyways? More power to the people!

As always, be heard, get paid and become a thinker.