There is a wide range of different ways to make money these days working from home. One of the most enduringly appealing ways is undoubtedly taking online surveys with the promise of earning some money, or rewards that can be exchanged for money. Have you ever taken part in any online surveys? Perhaps you have been able to afford some treats here and there for you and your loved ones just from giving your own personal opinion. Whatever you experience, have you ever given much thought as to how they actually make their money.
Before we discuss that side of things. Just in case you have not yet tried an online survey for money service before, we will explain the basics of what is involved.
How do Surveys for Money Online Work?
Surveys for money online are more or less what they sound like. You basically sign up to an online site and then based on your profile and the information you give the company initially; you are invited to take part in surveys.
In exchange for your opinions on various subjects, you are given rewards. Depending on the company you choose to do surveys for, the rewards you get will be different. Some offer straight-forward direct money rewards for each survey you fully complete. Whereas others will give you points that you can collect and then either exchange for a cash sum or vouchers, coupons, or even products and gifts.
The survey site will give information about what type of rewards they offer in exchange for your participation in their surveys somewhere on their site. Normally these details are listed on the homepage, the FAQ, or payment details pages. If you are interested in a survey site like Ipsos, read their review.
How Do Surveys Make Their Money?
Now that you are clued up on the basics, you are probably wondering the same question we posed in the title of this post. How do surveys make their money? If they have the money to give away to members who take part in their surveys, how can they fund that service?
Market research is what drives all online survey sites, whether they provide their members with cash rewards or some kind of points system. Companies regularly use market research to find out what customers and the general public think about their services and products, whether old, new, existing, or future.
Surveys account for a small part of what is an incredibly big industry that is directly responsible in most cases for what we all see on billboards, on the TV, and internet and can see and buy in stores or online.
Although it is hard to know exactly what each individual survey company out there charges their clients for their services, HowStuffWorks found that on average market research firms can charge around $2,500 to $5,000 for just one 200-participants survey.
How Much Do Participants Get?
As we noted above, the survey company pays out a reward, often in cash, for their members’ participation in surveys. Obviously, based on the amount they charge their clients and the number of people they run surveys with, the money actual participants get for their answers to the questions in the survey is much smaller than the original fee the survey company got.
Does that mean you shouldn’t bother doing online surveys for money? Not really, it is more a reminder that these kinds of systems are not “get rich quick” schemes. You will get money, but not quickly and you certainly won’t get the thousands you may be imagining in your head. However, you will get money for just doing answering questions in surveys. It’s a more interesting way to spend your time compared to playing games on Facebook and messing about with Instagram.