An ‘incentivized’ or paid survey can be broadly defined as a type of statistical survey wherein the participant receives financial compensation or other rewards through an incentive program. The proposed rewards or incentives typically increase in value as additional surveys are completed.
The anatomy of the Paid Survey
Also referred to as a market research survey, a paid survey is questionnaire presented to a particular demographic or ‘focus’ group in order to gain insight into how each individual would react to various products and / or services.
Focus Group: NOUN: A representative group of people questioned together about their options on political issues, consumer products, etc.
Every individual on the planet can be categorized into a specific demographic based on factors such as race, gender, age, income, educational background and so on. From a statistical viewpoint, paid surveys based on demographic assist corporations in developing a greater understanding of what specific demographics their products or services should be marketed to. For example, an online survey using specific images and texts may indicate that a new luxury Sedan with power accessories and a cutting edge sound system is better received by the male thirty five to fifty demographic and therefore give advertising personnel the data they need to tailor an advertising campaign geared towards this target group.
Understanding the importance of a paid survey
Fortune 500 companies expense tens of thousands of dollars on advertising for new and / or existing products and services each year. If the organization has failed to do it’s due diligence in researching the market that they are trying to capture, these funds can quickly be wasted. To avoid this, it is paramount for the success of any advertising initiative that the organization first researches the market to develop a greater understanding of how their products or services are being received by their target audience. This is what makes the opinion of the consumer so valuable and why market surveys are such an integral part of any well conceived marketing strategy.
Successful businesses understand the risks of expensing more money than they can recoup as a profit. Nothing is more displeasing to business executives than a multi-million dollar marketing campaign that fails to generate at least that much in sales. From a business stand point, it makes fiscal sense to compensate a select group of individuals in order to gain a better understanding of how they perceive a specific product or service (and how likely they are to buy a specific product or service) prior to launching an expensive advertising initiative only to learn later that it is being marketed to the wrong demographic.
Despite the hype and claims that it is possible for the average person to quit their day job and earn thousands of dollars each month completely paid surveys online very few people have actually gotten rich by completing online questionnaires. In fact, most legitimate surveys are unpaid or are incentivized with consumer perks like gift cards, reward points, air-miles, and other forms of product discounts.
A seemingly infinite number of paid surveys can be found online the vast majority of the legitimate ones are available at no cost. In fact, any survey with the promise of a reward or incentive that requests payment or credit card information should raise immediate red flags. Businesses that utilize market survey data to increase their profitability would never expect their prospective consumer base to pay funds to participate in a survey.
The Paid Survey in America
Recent years have seen an increasing number of US research and advisory firms develop online forums and surveys designed to gather information and recruit various individuals willing to provide their insight into certain products or services. Each survey is designed using specific formulas and questions in order to gain usable information, how each participant responds plays a significant role in product development and marketing initiatives. Many companies consider this valuable information and are willing to offer incentives or rewards to entice members of certain demographics to participate.