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What Is Market Research?

September 20, 2021 /

What Is Market Research?

Market research is a systematic effort to gather information about target markets and customers, beginning with who they are. It is an essential component of business strategy and a critical factor in maintaining competitiveness.

The four most common types of market research techniques are as follows:

  1. Interviews
  2. Focus Groups
  3. Product/ Service Use Research
  4. Observation-Based Research
  5. Buyer Persona Research
  6. Market Segmentation Research
  7. Pricing Research
  8. Competitive Analysis Research
  9. Customer Satisfaction and Loyalty Research
  10. Brand Awareness Research
  11. Campaign Research

Companies and organisations across the UK will pay you for your feedback and opinions on digital and consumer products and services. Anything from £10 to £120 per hour. A lot of businesses provide mystery shopping, product trials, focus groups, phone interviews, and online interviews.

I have been taking part in all of these for a few years now. I started because of the famous Martin Lewis website, and he suggested surveys as a way to earn some side income. Moreover, I started and became a little obsessed (as I do with most things!).

With a little more research and discovered companies that let you test products for money in exchange for feedback, as well as mystery shopping, which I enjoy doing!

What is market Research?

Technology has dramatically changed over the past few years, and now a lot of survey sites and mystery shopping sites are Apps … GAME CHANGER! So now I can access them easily every day and complete as many as I can fit into my day. Have a look at my other posts on recommendations on what apps I use daily to get a decent amount of income.

What is market Research

I have also recently (during lockdown) been doing focus groups over amazing Zoom! My favourite earner by far… here is the low down…

What is a focus group?

A focus group is composed of individuals who are selected to represent a larger population. The purpose of this group is to gather their opinions and insights regarding new products or advertising campaigns. Companies use focus groups as a tool to measure potential reception before launching new products and services.

Why take part?

There are various advantages to taking part in focus groups. Firstly, it can be a pleasurable experience, giving you the chance to engage with individuals you may not have met otherwise. Additionally, it offers you the opportunity to provide valuable feedback regarding new products and services, which can help shape the future of the industry. Lastly, you are also compensated for the time you invest in the focus groups, making it a worthwhile endeavour.

Will it cost me?

Rest assured, there are no hidden costs or charges whatsoever for you. If there is, be aware it’s probably a scam.

Why aren’t I picked?

The initial email you get has hidden criteria, they can’t stipulate exactly what they are looking for. For example, if they are doing a focus group for a brand of phone, they need to disguise who it is for. It must remain 100% anonymous until you get accepted, so if you don’t hear from them, it may be that the group is full or you don’t meet the full criteria. Don’t let this dishearten you though! Keep applying, it’s worth it!

What can I earn?

The pay for each project varies, but typically, the hourly rate is quite generous I have found.

How do I get started?

Head over to this page to see all the focus group websites I recommend you sign up to 🙂
There is also a helpful guide explaining for to get started.
Participating in focus groups can be a good way to earn some extra money. And, since many market research studies are carried out online these days, it means that you can make money from home with this! What do you think is the best-paid focus group in the UK? Let us know in the comments section below.

What side hustle ideas are you most excited to explore? Let me know in the comments below.

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