How Much is Your Brain Worth?

Months back, we discussed ideas on how to generate some extra cash on the side, and followed up on those ideas with a how-to guide in pitching yourself as a freelancer or consultant to potential clients.  While doing some part-time work can be some great additional income, there are still other ways to make a quick buck with little work and relative ease.  While it’s not steady money, focus groups can provide some quick and painless cash if you qualify for a study.  Keep on reading for a look at what a focus group consists of, how to find them in New York, and what to expect in time and compensation.

What is a Focus Group?

According to the business dictionary, a focus group is a small number of people brought together with a moderator to focus on a specific product or topic.  They focus on discussion as opposed to individual responses to formal questions to produce qualitative data.

Companies hire market research firms to hold focus groups in order to get first hand knowledge of what consumers think about upcoming products and marketing ideas.  They look for a group of people showing diversity in ethnicity, age, and income.

How do I find out and sign up for them?

I’ve been participating in focus groups since I arrived in New York five years ago.  They’re the quickest and easiest way to make a few bucks on the fly — and especially helpful during weeks when you just have enough to make rent.

I’ve been most successful in finding upcoming focus groups through Craigslist.  I go to the “Jobs” and “Gigs” sections and type “focus group” or “market research” into the search query and see if I qualify for any of the groups.  “Gigs” tends to have more listings for them. The next step usually requires submitting some basic background information for their first round of selections.  This information commonly consists of your name, age, ethnicity, work status, occupation, and industry, followed by topic specific questions such as the brand of shampoo you use or what types of sports drinks you regularly consume.

What’s Legit and What’s Not?

Many of the spam emails and websites that ask you to sign up to receive focus group listings tend to be fraudulent.  This is a way for them to collect your personal info and get you to submit answers and opinions for a measly $2 per survey.  I avoid these because they’re not worth the time to fill them out.  Some of the more reputable companies (at least in NYC) are:  Focus Pointe Global, KGA Research, New York Focus, and Focus Suites of New York.

What’s the Typical Compensation?

Typical compensation can range anywhere between $25 and $300.  Most focus groups last between one and two hours, and the average compensation is $100 – $150.  Not bad for a few hours of round table discussion.  There is, however, a downside to focus groups, and that is that once you participate in one, you’re usually not eligible for another group for at least three months.

As mentioned earlier, focus groups are an excellent way to make the occasional quick buck, but not something you could try to turn into regular cash.  Unfortunately there aren’t nearly enough opportunities to turn this gig into a part-time job.  But hey, a benjamin in the palm in return for a few hours of time is well worth looking into.

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