Extra Income Through Market Research

by TTMK on November 16, 2014 · 3 comments

Making some extra money is always a good thing. Sometimes, it can come from unexpected sources!

I listed quite a few possible sources in a prior post that shared 100 ways to make extra side income. One of those was market research – as in, participating in market research studies to earn extra money or other consideration. This could entail answering some questions, participating in an individual interview, or even being a part of a focus group.

The latter – a focus group – is what I had the opportunity to be a part of recently.

Interestingly, I was contacted by a 3rd party firm to participate in some research on behalf of a client company. They said that based on my past industry and work experience, I would be a good candidate to participate. Though I never asked, I believe they might have found me on LinkedIn.

The time commitment was to be 1.5 hours, and I would be compensated with a $100 “voucher” for my time. Seemed like it might be worth my time, so, I went ahead and did it.

There were 8 of us, divided up into groups of 4 sitting at tables. The employer name was revealed, which was interesting to me as it truly was related to some past experience I had. Anyway, the idea was to go through some creative word association to describe what we wanted in an employer, and how we viewed the client company doing the research. It was interesting how the findings turned out! I wonder what the employer would have thought about our feedback.

Anyway, what’s important is that for a short time commitment, I was able to get a $100 voucher. As it turns out, this was for Amazon – which works just fine with me! Nice way to pay for some Christmas expenses that I was already planning to incur.

A big lesson I learned from this experience is that we have to put ourselves in position to make some extra money. If I didn’t have a complete LinkedIn profile that clearly outlined my experience, I wonder if the opportunity would have come up. Plus, I responded quickly to the email, which helped too.

So, $100 isn’t exactly a life-changing opportunity. However, it’s nice to pick up a little bit of extra money, and it serves as a reminder that we can make side income in a variety of ways!

My Questions for You

Have you made any side income lately?

Have you ever participated in Market Research in any way, where you received some form of compensation? If so, what was it?

{ 3 comments… read them below or add one }

Little House November 17, 2014 at 8:56 am

A hundred bucks in under two hours is pretty darn good for side income! Mr. LH has participated in surveys and test groups, but not recently. My extra side income right now is selling lesson plans and activities through Teachers Pay Teachers. The lessons and activities take some time to create, but I use them in my own classes, then post them to sell. The popular ones sell; I’m averaging two sales a day which is a start!

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Jon @ Money Smart Guides November 20, 2014 at 7:06 am

I am part of a survey company that pays me to review new potential products. In some cases, they send me the product for a more thorough review. It’s easy and the pay is OK. I’ve tried to be part of a real focus group, but always get turned down.

When it comes to a medical focus group, I pass. Mainly because I am healthy and wouldn’t quality, but also because I am just too paranoid about being a “test” subject!

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Dee @ Color Me Frugal November 24, 2014 at 4:53 pm

Sounds like nice compensation for something pretty easy! I’ve been upping my eBay game lately and listing more household items for sale. Even though it’s all “pre-owned,” I still figure that most people are going to be in more of a shopping mood in the coming weeks than any other time in the year!

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