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. In another word, it’s the market research companies that does the survey then provide the result to their 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 a pool 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.