How to Earn Money as a Market Researcher?

Making money is not a difficult task if you know the right ways of making it. If you love to interact with people, you can make a lot from it. Today I will tell you about another new way of making money. Have you ever heard of market research? If you are good at interacting with people, then this is a kind of work that can bring in a lot of extra cash.

As a Market Researcher, you will have to gather data from consumers and then analyse the information. This kind of information is valuable for businesses as it helps them analyse about the customers want and what change they should bring in to make their business successful. So this job requires you to get involved with people and analyse what they want. This can be a headache at sometimes as everyone is not good at communicating with people.

If you think that you can easily communicate with strangers, then you could take a start but before taking a start, you should know these things.


1. What you will have to do as a Market Researcher?

It depends upon the type of role, you will get as a market researcher. As a market researcher, you will have to interact people on the street or you will have to people’s home for their opinions or you can also interact with them on the phone. If you can get a job, you will have to get trained for a few days and then after that you can start working.

If you are assigned door to door work after you have completed your training, then you will be assigned a certain area or some streets that you will have to visit with a set of questions that you will have to ask. Sometimes, you have to interview some selected people and you are given addresses of them. These type of interviews are paid more than the others because you only have to speak to the person you are assigned too and it can be difficult sometimes.

Before you take a start in the interview or meeting, you should remember that you will have to be very polite and friendly while you are talking. This would make the talking easier. Another thing to keep in mind while you talk to someone is that you should explain each and everything to them about what you are asking and what is the benefit of the research.

After that you have conducted the interview, make sure that you have re-coded all the answers in the given time. It is always better to record the answers as you receive them. One more thing that you need to know before starting the job is that you must know that how will you be paid and what is the paying factors, some companies pay for a complete interview only and some for the visit, some of them pay you the travel expenses and some of them won’t. Some of the companies will pay you the bonus and some will not. So make sure you know everything before you take a start.


2. Can You Become a Market Researcher?

The answer to this question is a bit tricky and you will have to think about a number of factors when you want to be a market researcher. For becoming a good market researcher you need to be a good listener. You will have to interact with strangers and you will have to listen to them because that is what you will be paid for. So for a good market researcher you need to be a good listener. You will have to be good in your communication skills and you will have to keep the next person interested in your conversations otherwise you will have to face rejections from people. This is a kind of skill that you will need the most and you will have to make people interested in what you want to say.

Other than from these two important factors, if you enjoy going out and talking with strangers, then you could become a market researcher. You should be willing to work in any hours because there are no such work time related with the job.


3. What are the Types of Market Research?

The next thing you need to know is the types of market research that you will have to do. There are basically two types of market research. One is the Quantitative research and second is the qualitative research.

As the name suggests in the quantitative research, most of the questions start by how often or how much. In this research you collect numerical data based on several quantities, you can make a survey or you questions to make the research easy.

When it comes to qualitative research, it is not about quantity and you have to ask detailed question about the topic. This type of research contains more detailed questions that can help to determine people’s action and thoughts about certain products. This is a kind of research that is mostly performed for a focus group and here only a single topic is discussed in detail to analyse the customer behaviour. The questions are designed in such a way that they could easily analyse what the other person is thinking.


4. How much you can earn?

One of the important factor in any kind of a job is how much you can earn from it. If a job is not paying you much for the work you are doing then there is no need to do it. The amount of money that you can earn by being a market researcher depends upon the type of research task that you are given. If you working on the phone, or in a call centre then you can earn more. Working on the phone requires more experience as you have to deal the customers in a much different way. As a call centre agent you can earn £10 for an hour. If you are working from home, you would need to be more experienced and qualified.

If you are a field researcher in London then you can earn more from others as in London a field market researcher is paid £14.25 per hour whereas if you are a field market researcher in any other city, you would earn about £10 for an hour or the minimum wage. If you are getting a job of market researcher, always prefer the company which is willing to pay the travelling expenses.


5. How to earn more as a market researcher?

If you want to boost your income as a market researcher then there are certain steps that can take you to the next level. There are certain trainings that you can take to improve your skills in this field. The Market Research Society is one of the place where you can find workshops and events that can help you improve. So it is always recommended to keep a check at their website. This Society also offers courses and certificates like the MRS Certificate in Market and Social Research. You can take these certificates as a start and can also do higher studies like diplomas or even a Master degree in this field.


6. From where you can get a Job?

One of the best place to find a job of market researcher is Market Research Society. This is one of the professional company in this field having a lot of job listing on their website. You can find a one when you will visit their website. This company also have an industry magazine in which there are a number of different market researcher jobs are available. Marketing Week is another magazine which you can check to find a job or you can check a website like Campaign.

If you cannot find a job in the above mentioned resources, you can directly apply to the companies like The Royal Statistical Society, NatCen Social Research, Criteria Qualitative Research, The Association of Qualitative Research, Nielsen, IMS Health, Ipsos MORI and Fieldshare.


7. You can also try Surveys?

If you are in to market research jobs then you can also take free surveys because they are much alike to one another. This can help you to boost your income and you can gradually have some extra money in the end of the month by doing the same thing.



So this was it from the Money Market Researcher, if you are good at communicating, then I always recommend you to take this job. Do comment in the section below and let us know if you have any queries regarding the article because we would love to hear from you.

Posted on: 04/19/2021

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