There’s a lot of talk online about making money by simply sitting at home, on the sofa, with a cup of tea and the TV on – whilst taking part in online surveys and feedback forums.
What we want to explore in this post is:
- Is this true – can you earn money whilst sitting at home; and;
- How much money can you earn with surveys;
Having a bunch of users participate in trial and feedback of your product or service, or simply answer questions about the purchasing habits, is nothing new. It’s been around as long as businesses have.
Businesses need information and data to continue to provide a better service and better products. Without feedback they would continue down the same manufacturing path, and continue to provide the exact same service, without understanding how to better it to either get more customers, increase revenue – or both, which is usually the reason.
Big businesses are seeing the benefit in market research and number crunching big data sets. They need to see how people interact with adverts, business marketing efforts and also how they spend their money, and what’s important to them.
The internet has made the collection of the data a much easier process.
This is where a survey company comes in. Instead of one business making an incredible effort to find and reward people for completing feedback surveys, they can now outsource the task to a survey company – and pay them for every survey completed.
The survey company recruits members to conduct and participate in many different surveys regularly from many different companies, and they reward those customers usually with points that can be redeemed into gift vouchers, products or cash.
So now you know how it works, the next thing we will look at is….
How much money could I earn completing surveys
The short answer is you won’t earn a full time, or even a part time income, completing surveys. If you’re happy giving up an hour or two a day to filling surveys and feedback forms, you could earn around £20-£30 per month realistically.
The medium length answer and a noticeably good benefit is although you won’t necessarily earn a great income per month, if you put this amount of money in to a separate savings account – or build up a number of gift cards – this could be put towards a Christmas Spending Pot and come December each year you would have a good £240-£360 or potentially more towards Christmas gifts and food.
It can make a massive difference each year towards those festive necessities, and all additional income by doing something you can do whilst sitting watching TV in the evening.
The longer answer is that despite a small monthly earning, and the amount you can put aside annually for Christmas (as explained in the Short Answer and Medium Length Answers above if you skipped these) it’s worth making note of how the surveys work, and how you best work out which surveys are right for you.
Survey companies, such as Swagbucks, will tell you not only how many points you will earn for completing the survey, but how long the survey will take.
It’s important to put a value on your time, and make sure you’re earning as much as you can for your time.
Some surveys can pay as low as 1 point per minute spent. Now considering 700 points are worth £5.00 – it means a 20-minute survey, earning 1 point per minute, will pay you around 35p!
Yes, that’s just 1.5p per minute and at that rate you’ll earn just £1.05 an hour!
On the other hand, some surveys will pay you 100 points for a 10-minute survey. This is equal to £6.30 an hour.
It’s not even minimum wage, but it’s a much better exchange of your time.
Survey companies also can’t keep feeding you surveys 24 hours a day 7 days a week, there just aren’t enough companies paying for this number of surveys.
You’ll usually be shown up to 5-10 surveys a day to complete. You won’t be eligible to complete everyone, because some are on conditions of age, gender, income, location, spending habits etc…
If you’re not eligible, you’ll be returned to the survey website to try another survey.
Completing surveys is a great way of making a small amount of extra money per month. Saving or investing this money is a wise move, and you’ll also feel you are gaining a reward for you time.
Surveys can become a little repetitive and many companies ask the same questions again and again, so you need to persevere a little, but seeing a benefit of the extra money is a good motivator – like an investment pot, or a Christmas saving pot!
If you’re interested in completing surveys, you might find our Ultimate Swagbucks Review for 2020 post of use