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:
- Focus Groups
- Product/ Service Use Research
- Observation-Based Research
- Buyer Persona Research
- Market Segmentation Research
- Pricing Research
- Competitive Analysis Research
- Customer Satisfaction and Loyalty Research
- Brand Awareness Research
- 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.
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?
Why take part?
Will it cost me?
Why aren’t I picked?
What can I earn?
How do I get started?
What side hustle ideas are you most excited to explore? Let me know in the comments below.
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Before you go, make sure to check out these related blog posts that offer valuable insights on additional cashback sites you can explore.