Next time you have some free time in hand, make sure you are turning it into cash!
Your favorite brands are out there looking for feedback. So stop watching that YouTube video and start voicing your opinion.
It’s a competitive world out there and companies are caught in the tight race to stay on top. For them, bringing the right product at the right time to the right audience is as important as knowing the customers’ satisfaction level to retain their loyalty.
Online surveys help brands understand consumer sentiments by reaching their target audiences. Businesses can also strategize well from data-driven insights that are quick and quantifiable.
Consumers, on the other hand, can make a quick buck or earn rewards like vouchers, gift cards and discounts for participating in these surveys. All that is required is some free time and a click of a button.
One can make up to 15-20K a month taking multiple online surveys, according to one Indian market research firm that has around a lakh people on its panel
The simplicity of online surveys is making it an attractive option for people who seek instant gratification. Besides, it also gives them the power to influence future products and services
The Indian online survey market is growing and how
According to one leading market research firm in the country, the number of respondents joining its panel has doubled in the past one year alone.
Youngsters are the market drivers
Women today have strong purchasing power and are fast becoming an important demographic for brands. The fact that they make up almost half of the panel indicates their growing online presence and power.
All the top cities with maximum respondents are those where students and working youth are in a majority.
Youngsters today have both the desire and ability to consume and are increasingly becoming the target audiences for most companies today
This is the segment that is influencing buying trends, not just amongst their peers but also in their homes. Tapping into them can help companies stay relevant and in step with time.
Internet powering online growth
Another interesting aspect has been Jio’s entry into the telecom space. An overwhelming number of respondents in both 2017 and 2018 have been Jio users, including those in the top five states.
This clearly shows that with the internet becoming cheaper and more accessible, more and more people are taking to online surveys
With the internet and smartphone penetration in the country expected to double in the next few years, the online survey industry is looking forward to a major boost.
Consumer is the King
Globally, online survey is a multi-million dollar industry, accounting for almost 50% of all survey research (2016 ESOMAR). While this concept is not new to India, intense competition has now driven it into the mainstream with companies using it as their primary research.
All this goes to show the tremendous power of consumer feedback on businesses.
So when you are being paid to voice your opinion, why stay quiet?
It’s time to speak your mind