Usefulness of Paid Market Research for Your Business
Market research is essential for businesses to identify potential opportunities and threats in the market. This way not only can businesses gain a competitive edge, but also avoid/minimize losses. But this is highly dependent on the collection of accurate and reliable market data. This is where paid market research comes into the picture. Continue reading as we present the usefulness of paid market research for your business.
What is Paid Market Research?
Paid market research, as the name suggests, rewards survey respondents for participating in the study. They are rewarded for their input and time, either in the form of cash or non-cash benefits on completion of the research. Market research agencies carefully create and manage research panels as per different criteria to utilize them in online market research projects including surveys, focus group interviews, and in-person interviews. Based on the relevance of the research project, these preselected panels are sent online invitations to participate. This way not only do researchers complete work faster but with credible opinions. Reputed market research agencies commonly use the following paid market research panels: B2B panels, B2C, global market, specialty, and qualitative research panels to serve different clients’ needs.
How Do You Conduct Paid Market Research?
Paid market research, like any other market research, starts with the researchers identifying market research goals, estimating budgets, creating sample questions, and selecting sample methods. The aspect where it differs from regular research is that the respondents in paid market research are from pre-selected panels. Reputed market research agencies utilize panels appropriate for your research objectives. The entire process of hiring respondents, obtaining their consent, basic demographic data, and orientation about the research is eliminated.
You can hire primary market research agencies for conducting surveys, polls, focus groups, or any other type of research. The market research agency’s team of seasoned market professionals will gather precise data for you.
Benefits of Paid Market Research
Paid market research offers numerous benefits to companies which include:
- Quality responses about your products and services from preselected panels.
- Quicker responses and insights as the panels are pre-recruited
- Better responses and survey completion rate since the recruited panels are aware of the rewards and know how irrelevant responses are weeded out
- Rich and detailed responses for niche studies since panels are carefully selected based on the needs of the research
Conclusion
Paid market research is a useful way to collect valuable and reliable market data as it involves a panel of industry experts and actual users of products and services. With the use of the right type of market research panel, businesses can access much more credible information about the market than regular research helping them gain a competitive advantage in the market. When it comes to the selection of the right panel and collection of accurate data, businesses can be better positioned to partner with a leading market research company. They recruit, monitor, and manage different types of research panels and assign them keeping in mind the demands of the research exercise. Paid market research companies also leverage state-of-the-art technologies and a proficient team of market researchers to collect and compile useful data. If you are interested in conducting paid market research in India, choose a leading market research company in India with a superior group of market researchers.
