This is part of a 30 day series -30 Days to Change. I am giving you practical tips over the course of 30 days to have more change/cash by Christmas. If you missed a post, you can catch up here. If you have any tips or ideas for this series, or would like to submit a guest post for this series, please contact me.
I’ve written on how you can earn cash doing surveys, reading emails, testing products, and using mobile apps on your phone. I know you can also make money by participating in Market Research & Focus Groups. It costs nothing to join, and you can get paid a reasonable wage for giving your honest opinion.
In case you were not aware, there are a lot of companies out there like Luth Research for example that can help businesses to find insights into the spending habits of their customers.
Essentially, a focus group is a useful method that can be used to measure the reaction of customers to any new products or company strategies. Focus groups usually provide immediate ideas for the improvement of particular products or concepts. They can also be used to help identify the product requirements of the end-user as well as other needs that might not currently be addressed by the company and its competitors.
In addition, focus groups can provide insights on the current position of any competitors in the mind of a group of customers, and measure the reaction of these customers to product designs, packaging, prices, and messages. If you’ve already written a market research brief, the number of people in the focus groups should be included in it. You’ll also need to include methodology and objectives, to ensure that the research achieves what it’s supposed to! The tools you use to process your data could influence findings as well so if you decide to use the Conjoint analysis tool in Excel, make sure you add that to your methodology so you can produce useful results. Focus groups are a great way to conduct market research. That being said, there are other ways to gather data from customers too. You can learn more about some of these additional market research techniques by getting in touch with one of the most popular companies that specializes in Market Research Minneapolis has to offer, like Magid.
That being said, if focus groups are of interest to you, one thing to remember is to always give your honest opinion. Just because a company is paying you doesn’t mean that you have to write a “raving review” if it is not a good product. Make sure you write the “pros” and “cons” of the product. They want to know customers’ opinions and what they like and do not like. Be honest, but tactful.
I don’t know the “ins” and “outs” of how to get started doing this. I recently read this post and it outlines which companies you can use, how to get started, and everything you need to know to get started.
