Take part in market research projects, sharing your views and expertise, in return for a cash reward...
Taking part in market research projects can be a really good way to earn some extra cash. There are so many projects on the go, at any given time, and an ever-increasing number of companies looking for people's expertise, and so the chances are that you will be able to find a project pretty quickly, especially if you are new to taking part in projects, (the market research project companies do like getting new applicants, as they like people who aren't used to the interview format #virgins)
So what is a market research project?
A market research project is an 'interview' between you and at least one other person, where you will be asked a selection of questions, usually geared towards a specific subject, which you may, or may not, have some experience in. The person you are talking to may be a representative of the market research company, who has been given a list of specific questions to ask you, or they could be a part of the company/organisation that wants to find out about your views.
The length of the project will vary; it could just be a few minutes, an hour, or perhaps a whole weekend; they differ massively, and so does the pay, depending on how much time you will need to spend taking part in it.
The research project will typically take place in one of the following ways:
Telephone Interview
You will have a one-on-one conversation with a researcher there listening in perhaps with o. This is a less obtrusive type of interview than other interview methods, as it's just a chat on the phone, although be aware these, and most interviews will be recorded somehow.
One On One Meeting, In Person
Since Covid became a thing, the one on one meetings, where you go to a specific location or the researcher comes to you, was a popular way to conduct an interview. These days these are much rarer but are do still take place. These are often video or audio recorded, or a note-taker may be present. These can often be conducted at a organisations offices, but I have taken in part at several of these in coffee shops!
Group Meeting/Focus Groups
Due to Covid, the meeting up of several 'respondents' (people being interviewed), all in one physical location, have reduced massively but are very often still conducted online. This type of project would have several respondents, all in one place, taking part in a group discussion, where a researcher will talk to you as a group and try and obtain information from you collectively. This used to be very popular for product sampling, such as new foods or drink products, as you all get to try it out and then give instant feedback.
Online Meeting
This type of interview method is now the most popular by far. Much in the same way as a telephone interview, you will have a one-on-one chat with the researcher in a chat room, set up via an app like Microsoft Teams or Zoom. You would need to access a computer/device with a webcam facility and microphone. You may be required to connect via a PC or laptop, as you may be asked to test drive some prototype, which may not work on a phone or tablet. You will usually be advised of this during the application process for the project.
You will typically be speaking to one person but may find several people on the chat, all of whom may ask you a question, and they may or may not be visible! By this, I mean that you may see one person on the screen but will notice several other names on the chat who are watching but not participating directly with you.
Online chats are almost always recorded, so you need to accept that your image and voice will be recorded and may be viewed by many people at some point!
Sampling At Home
Some projects are sampling projects, where a product will be sent to your home, and you get to try it out and see what you think of it, and then once complete, you will be asked questions about your thoughts on the product, either in a one to one, chat format, or by filling out a form online.
What Can I Earn?
The honest answer to the payments, or rewards, you will receive is that the amount will vary per project, usually depending on:
How specialist are you? - Is it a highly specialised subject that not many people will be suitable for? If so, your reward may be far higher than other projects.
How long is the project going to take? Most take an hour or so, but longer or shorter projects will be rewarded differently - the longer it takes, generally, the more you earn.
The type of project - If you need to travel to a location to part, this will be rewarded higher than a project conducted over the phone.
So in regards to pay, you are generally paid per project, so a set amount to take part, not by the hour.
As a rough guide to a project, when split down into the number of minutes the project takes to complete, I would say between 50p and 75p per minute is about accurate. However, this can vary massively (this is just from my personal experience).
For example, an hour-long project paying you £40 would work out at about 66p per minute as your reward for a standard interview conducted online. An interview where you need to travel re very specialised can increase dramatically; I've seen VERY specialised projects paying around £300-£400 for a 90-minute interview with an expert in their field. If you are taking a project about if you like the taste of a new soup flavour, you are very unlikely to be offered big money!
How do I get paid?
The payment method will vary from project to project. A bank or PayPal transfer is a very popular payment choice by the market research projects, as is payment by a gift voucher, where you will be sent a link to choose what sort of voucher you would like to to be paid with, from a selection, and usually is vouchers from the big brand companies such as Amazon, Argos, Tesco etc.
You may find some projects are advertised as paid in US Dollars, as many of the market research companies are based in the States. You can still take part in these studies, these are typically paid via PayPal, and you can use PayPal to change the currency to £GBP. The amount you will receive will vary from day to day, depending on the currency exchange rate at the time. When choosing which project to apply for, you need to remember that a $40 project is around £29, so not necessarily as high of a reward.
That said, most US projects pay around $1 per minute, so it's a pretty similar payout to the UK projects.
You won't likely be paid immediately; although I have had payments in minutes after the project finished, a couple of weeks is usually the average incentive payment lead time.
So How Do I Take Part In A Market Research Project?
As I said earlier, there are many different companies looking for people to take part in their projects. It's a bit of a minefield to know the better company to work with, so I have listed below the companies I have used and recommend.
1. Respondent
Respondent is a market research company that offers a wide range of projects, mainly conducted via video chat. They are one of the best companies I have personally dealt with. They do a lot of specialised tasks, with some of the highest paying incentives, but also you will find a decent selection of the more mainstream subject projects as well.
2. Take Part In Research
Take Part In Research is one of the leading UK research companies. You will find a wide range of products being offered at any given time, most based around UK subjects, such as products, current news, current affairs or more specialised research projects. Very decent, with frequent new projects being offered.
3. Angelfish Opinions
Angelfish Opinions are a very similar type of company to Take Part In Research, offering topics from a wide range of different genres, with frequent new projects being offered, plus if you refer a friend to a project, and they take part, you can earn a £10 referral bonus. If you want to use our details - Name: The Penny Pincher - Email: Howdy@thepennypincher.co.uk when you apply to take your first project, we would be grateful, as it helps pay our website bills!
4. Trend Market Research
Trend Market Research is another UK based company offering a range of different projects. They are slightly less technologically impressive than their competitors, as their website is basic. Still, it does provide a decent number of projects, and expect an almost daily email with a new project on the go!
5. Podengo Market Research
Podengo Market Research are a UK based company offering a decent number of research projects, but not necessarily as many as some of its competitors, but are still very much worth registering with.