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What is Market Research?

Market Research is the collection and analysis of data about a certain topic, product, market, or the competitive landscape of any of the above. Market research can also be split into two sub categories, primary and secondary. Primary research is when the data is collected directly by the researcher from the respondent. For example, an individual asking people questions in a mall. Secondary research is syndicated from multiple sources or multiple panels of members . The reason so many companies perform market research is to achieve an increased understanding of the topic in question. In essence, Market Research helps individuals or companies make informed decisions about their actions. As the competitive landscape becomes increasingly intense regardless of the industry, market research is required to get ahead. Whether a company is trying to gain market share or it is a University student trying to understand the effects of a new marketing process, market research is the foundation of making an informed decision. In order to conduct and complete market research projects, organizations may choose to collect the research in-house or they may decide to outsource the project work to a market research agency. These agencies maintain panels of survey takers. We allow you to join these research panels and help complete market research projects. Now, in order to complete these surveys, the agencies know that typically they need to compensate their members for their time, and that is how you can be paid to participate in Market Research. Depending on the type of study the client has requested, the market research firm can collect data in two separate manners.

What is Quantitative Research?

Quantitative research is number based research that normally involves statistical analysis. Things like customer satisfaction surveys, where an organization may wish to rank the friendliness of an employee, would be considered quantitative research. In order for the researcher to gather significant and relevant information, the same series of questions must be asked to every respondent. This allows for the calculation of certain mathematical formulas such as average score and median score.

What is Qualitative Research?

Qualitative research surrounds the "how?" or "why?" things are happening in the way that they are. The type of questions in qualitative research studies can be more open-ended that those asked in quantitative studies. For example, 'why do you like the first commercial better than the second commercial?', with an empty text box for the user to freely express why he or she liked the first commercial out of the two commercials presented. We will talk more about focus groups later, but this is a common method that is applied in qualitative research, as it allows the researcher to interact with the respondent in a face to face manner and ask follow-up questions, if necessary. In qualitative research, the discussion between the researcher and the respondent is largely driven by actual responses from the respondent.

How is the data used?

After all the surveys are finished and the data is finally collected and compiled, the market researchers will use the data to make decisions and recommendations to the organization who has paid for the project. The information gathered will be used for strategic decisions, for example, how to best improve a new product line, or who to sell a new product to. This is where you the panelist comes in, by sharing your opinion about your favorite (or least favorite brands) you are able to shape the future of all sorts of products and services. Your thoughtful and honest opinions are what help the world's largest companies improve their products and you will be paid for you time and opinions. Market Research data allows individuals and corporations to make educated decisions about things like design and price for new products

Market Research Panels

Below we will tell you the difference between custom panels and national gen pop panels. We offer our members the opportunity to join custom panels and national gen pop panels. Below we discuss the difference between custom panels and national gen pop panels, research panel recruitment methods, panel member compensation, and panel maintenance.

What is a customer research panel?

Market research panels are a great source of primary and secondary research as they may be owned and managed by the company conducting research or by a market research firm that provides secondary research services. The panel's objective is to collect pertinent information on the people that join the panel in an effort to send targeted surveys. Think about it, if you are a Mom with two kids, you are a more qualified respondent for a diapers survey than say, a 19 year old college kid. People that join research panels are commonly referred to as panelists. Panelists may be customers or non-customers of a company, may meet specific demographic criteria, or may be a broad cross section of the population. As a panelist, the more information you provide the research panel, the more accurately they will be able to send you surveys that you will qualify for and will likely enjoy taking. Plus, the paid surveys that are sent out pay more when they are targeted to a harder to find portion of the population. While those seemingly random hobbies of yours may not seem important, it may be the reason you receive higher paying surveys! As a member of research panels you will be rewarded for participating in research projects (surveys, focus groups, phone interviews, and even daily polls). Each panel is different, but the most common forms of compensation include cash, gift cards (think Amazon.com), pre-paid debit cards, cash sweepstakes, prize drawings (how about an iPad 2?), and charitable contributions. Research panels require sophisticated technology, responsive customer service, and good security policies.

National (Gen Pop) versus Custom Research Panels

There are two main types of research panels that you will be introduced to as a member, National (Gen-Pop) and Custom Panels. Both have similarities, but it is important to highlight the differences because it will help you understand how to get the most out of your membership. National, or general population (Gen-Pop) as they are often referred to, are market research panels that accept any and all members within a specific country. These panels do not put restrictions on who can join them because they have so many surveys that they need more and more people to give their opinions. These panels attempt to keep their panel as representative of the population in that country. This is referred to as 'census-representative'. All that means is that the market research company does their best to keep the demographic breakdown of their panel as close to what the census reports. For example if in the United States males make up 48% of the population while females make up 52% the market research company does their best to make sure their male to female ratio matches. Most national panels require you to register, confirm your email address, and provide at least basic demographic information before they send you surveys. Each survey invitation will tell you how long the survey is and how much you will be rewarded if you complete the survey. Make sure that you continue taking surveys otherwise market research companies have been known to stop sending surveys after a period of member inactivity. As a good rule of thumb, the more active and more information you provide, the more paid (and higher paid) surveys you will receive. Custom panels, on the other hand, are a unique opportunity for you. These panels are specific to a brand, company, or group of people and provide you the opportunity to interact on a more personal level with that company. With custom panels, not everyone that applies to join the panel will be accepted as they are looking for specific members and only allow a certain number of people to join. As a member you have the opportunity to join custom panels for companies like The Discovery Channel, Sprint, Comedy Central, and Crayola. These custom panels are referred to as either blind or branded. A blind custom panel will be based around a topic but not reveal exactly what company is doing the research. For example, you may be invited to join a custom panel that is all about jeans, but doesn't reveal which clothing company is conducting the research. This is done to ensure that the way you answer questions is not biased because you know who is reading your answers. Branded custom panels, though, do reveal what company is conducting the research and ask specific questions about their products, how you use them, and what you like and dislike. Once you are a member of the custom panel you will be invited to participate in surveys, forums, daily polls, and other community activities. One great part is that the surveys you receive are surveys for which you will always qualify. Most of the custom panels you are invited to will reward you for joining and participating in each activity with gift cards or sweepstakes entries and because these panels are more exclusive communities, your chances of winning are very high!

Market Research Panel Recruitment Methods

Market Research companies get their panelists from a number of different sources. They may advertise on Google, Yahoo, or Bing, but most often they come to recruiting companies like free-paid-surveys.info to find people that want to give their opinion. These invitations come through email or are placed inside your member's area.
As a general rule, the longer the surveys you are invited to take, the greater the cash incentive. Reward and compensation will change from panel to panel, but all of them reward you for participating. The only way to earn any money, win prizes, or be entered into sweepstakes is if you actually take the surveys you are sent. The rewards that are offered include cash, gift cards, pre-paid debit cards, cash sweepstakes, prize drawings, and charitable contributions. The survey invitations that you receive via email from market research companies will tell you how long the survey will take to complete and what you will receive in return. >Customer Research Panel Maintenance

It is important for you to know that market research companies monitor the activity of their panelists to ensure surveys are being completed and members are happy. These research companies want you to stay engaged and participate. When panelists become non-responsive to survey invitations, market research companies will stop sending survey invitations and deactivate that account. That is why it is important to stays active. If you are ever dissatisfied, or have questions, we highly recommend contacting that particular market research company with your questions and concerns.

What Are Focus Groups?

Above we discussed the difference between quantitative research and qualitative research. Focus groups are a form of qualitative research in which a group of people are asked about their perceptions, opinions, beliefs and attitudes towards a product, service, concept, advertisement, idea, or packaging. Questions are asked in a group setting where participants are free to talk with other group members. Focus group participants usually earn between $50 and $200 per hour.

How do focus groups help the marketing of new products?

Focus groups are an important part of evaluating new products before they go to market. Focus groups allow companies to test things like different types packaging and different product names before the new product is made available to the public. After each focus group discusses, views, and tests the product, they will fill out a short survey to summarize their thoughts for the researcher.

Types of focus groups

The focus group with Leprino cheese mentioned above is an example of a "Mini Focus Group". Below is a list of the different types of focus groups you may be asked to participate in if you become a member.

• Two-way focus group - one focus group watches another focus group and discusses the observed interactions and conclusion
• Dual moderator focus group - one moderator ensures the session progresses smoothly, while another ensures that all the topics are covered
• Dueling moderator focus group - two moderators deliberately take opposite sides on the issue under discussion
• Respondent moderator focus group - one and only one of the respondents are asked to act as the moderator temporarily
• Client participant focus groups - one or more client representatives participate in the discussion, either covertly or overtly
• Mini focus groups - groups are composed of four or five members rather than 6 to 12
• Teleconference focus groups - telephone network is used
• Online focus groups - computers connected via the internet are used

Focus groups are a good way to conduct research because often times they are less expensive than other forms of market research and they tend to provide accurate information regarding the product or service that is being evaluated. In some cases, focus groups can become expensive if the product or service needs to be marketed nationwide. When this is the case, it is important to conduct focus groups in different areas around the country because attitudes towards a new product can differ depending on local. By doing this, we can ensure that the research collected gives an accurate representation of people's opinions from different geographical areas. National focus groups are a lot of fun for members because members from all over the country participate in the same study. When the study is complete, members have an opportunity to share their experience with members who participated in the same study in a different city. You will be able to share what you liked and didn't like.

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