There’s plenty of talk online about platforms to earn money from answering online surveys. Hundreds of videos, blog posts, and forum threads cover this topic, yet finding profitable survey sites seems to be almost impossible. How do they do it?
Some influencers are paid to promote survey sites, and others just get lucky. The real question is how to turn the inconsistent results of answering surveys into a steady stream of side income. There is no simple answer to this question, which certainly differs for everyone. Let me explain everything in detail.
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How Paid Survey Platforms Work?
Data is everything for modern businesses. Every marketing campaign, product, and decision in general is based on consumer research. A lot of data these days can be collected over the internet, but it’s often inaccurate. Pooling your target audience directly is a much more efficient way to get precise data.
Companies and government branches rely on various consumer opinion agencies to prepare questionnaires and find the needed audiences. They pay serious money for this task, and part of it is allocated as a reward to participants. That’s why earning money from paid online surveys is a real possibility.
Most platforms will take moments to set up. You just need to visit a website or install an app and can start answering surveys to make money. The first survey you’ll have to answer is a demographic one.
Demographic Qualification
It’s crucial for those who order surveys that the right demographic would be questioned. For example, a company that sells products for men in the USA will need opinions from men in the USA. Others might not be relevant at all for their products.
That’s why it’s crucial to answer demographic questionnaires honestly and not lie in them. Based on the answers to your gender, nationality, location, and other questions, you will qualify for surveys.
Unfortunately, some demographics are more in demand than others, as more brands are targeting such groups. Some people struggle to find paid online surveys and then claim that it’s all just a scam. In most cases, their demographic information is just not that much in demand for answers. The best way to outweigh it is to look into multiple platforms.
Choose Trusted Platforms
Relying only on one platform for all your surveys is unlikely to guarantee enough surveys to make it worthwhile. All legitimate survey platforms pay around $1 for a thirty-minute survey, with the exception of the first few ones. Usually, these are for qualifying you for further surveys and may be priced lower or not priced at all.
Trusted platforms have decent reviews on Trustpilot and some active users. You will find some participants complaining about all platforms, but keep in mind that this is probably due to their demographics. For example, Pinecone Research is available only in the USA, UK, and Canada.
Pawns.app, YouGov, and Branded Surveys are more global platforms region-wise, but they still have their preferences on participant demographics. It’s difficult to generalize on the availability of surveys there as the situation is always changing. The best strategy is to register on as many survey platforms as you can and see how many surveys you get.
To give you an idea, getting two or three surveys per day is an excellent achievement. It will give you an almost passive income of around $10 per week. However, you should also be aware of how difficult it is to receive your rewards.
Payout Threshold limits
A $5 payout threshold is a decent one in the current paid survey market. You should be able to receive it in a week or two, depending on your activity. Higher thresholds, especially ones above $10, should be avoided.
Most platforms use a points system to convert the time you spend answering questionnaires into payments. I prefer platforms that count in dollars, as it’s less confusing when calculating your rewards. Still, point systems are viable, but you must understand how much work it takes to earn the payout threshold.
Of course, the thresholds differ based on your chosen payout method because some payment options are not viable for small payments. Luckily, there is one payout method that’s objectively the best.
Selecting a Payout Option
Traditional bank transfers seem to be the most obvious choice. You answer surveys and then get the money straight to your account, but it only sounds so simple on paper. Most paid survey platforms are owned by companies overseas, so it’s likely that the bank transfer will need to be international.
You might need to cover the costs of the transfer at your bank, and if the amounts accumulate over time, you may even pay taxes from your earnings. It’s a bit better with PayPal as the fees are lower, and you can spend the money on online purchases without depositing it into your bank account.
Still, you will lose some money with PayPal as well because of account fees and possible currency exchanges. These are the reasons why many survey participants prefer cryptocurrencies. If you know what you are doing, they can keep the value well and even be an investment.
Unfortunately, managing cryptocurrency wallets and cashing out the currencies, especially less popular ones, is a hassle. An option that doesn’t have any of these drawbacks is online gift cards. They do not involve any transfer fees, are delivered instantaneously, and can be spent almost anywhere.
Most paid survey providers have a large selection of them, and they have the lowest payout thresholds. You can choose gift cards from Amazon, Spotify, Walmart, Best Buy, Airbnb, Netflix, Microsoft, and many others.
Wrapping Up
Every factor that determines whether a paid survey platform will be profitable differs depending on your background. How many surveys will you get, how much will they pay you, and what payout options will save you the most? Don’t surrender to quick solutions, and be prepared to find an option that works specifically for you.
