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Market Research Companies on the Rise with Payment Partnerships

Julia Canalini

April, 16, 2024

7 min. reading

The market research industry is a crucial component of strategic business decision-making processes, providing valuable insights into consumer behavior, market trends, and competitive landscapes. With the advent of digital technologies, the industry has undergone significant transformation, embracing innovative approaches to data gathering, analysis, and interpretation on a global scale.

Leading Market Research Companies, such as Kantar, Nielsen, and Ipsos, have earned recognition for their expertise in delivering comprehensive research services. These industry giants offer invaluable data-driven insights across diverse sectors, informing strategic decisions for organizations worldwide.

Simultaneously, Tech Firms that are involved in the analysis industry like InBrain AI, ayeT-Studios, Cint, and Pollfish have emerged as pioneers in leveraging state-of-the-art technologies to delve deeper into consumer behavior and market trends. Through innovative tools and methodologies, these firms provide actionable insights that drive targeted strategies and decision-making processes.

Furthermore, Platforms for User-Engaged Market Research Tasks, like TimeBucks, have democratized the data collection process by empowering individuals to participate in market research activities. This democratization not only expands the scope of collected data but also fosters greater engagement and inclusivity within the industry.

In this article, we will explore the various types of companies within the market research industry and analyze the case of TimeBucks. We will delve into the principal challenges the company faces as it seeks to expand and grow its user base.

Types of Companies in the Industry

Various entities contribute to generating valuable insights that drive strategic decision-making for businesses worldwide. From traditional market research powerhouses to tech-driven analysis firms and innovative user-engagement platforms, each plays a distinctive role in shaping the industry’s evolution.

Traditional Market Research Companies: Kantar, Nielsen, and Ipsos are esteemed for their comprehensive research services, offering insights into consumer behavior, media measurement, and market intelligence across various industries. With a global presence and a wealth of experience, these companies play pivotal roles in shaping strategic business decisions.

Tech-Driven Analysis Firms or Distributors: InBrain AI, ayeT-Studios, and similar entities utilize innovative tools such as survey/offer walls to connect users with market research opportunities. By integrating technology-driven solutions into their services, these firms offer a diverse range of tasks, including app installations, game testing, and survey completions, thus enhancing user engagement and data collection efficiency.

Platforms for User-Engaged Market Research Tasks or Publishers: Platforms like Surveoo and Timebucks democratize the data collection by enabling individuals to participate in market research activities. Timebucks, for instance, offers a variety of tasks, including surveys and watching videos, for users to earn money. This approach broadens the scope and applicability of gathered data by tapping into a wide and diverse participant base. Such platforms introduce a new dimension to the market research industry by leveraging the crowd’s power for data collection, which can complement or compete with traditional data collection methods.

Challenges Faced by Companies in the Market Research Industry

Despite the industry’s advancements, companies in the market research sector encounter various challenges, particularly concerning payment management. The complexities of managing payments across different countries with varying regulations and exchange rates present significant hurdles. 

A particularly vexing issue is the problem of “trapped” funds, where users accumulate earnings in various digital platforms but are unable to convert these earnings into their preferred or local currencies. 

This issue is prevalent in countries in the Global South, where regulatory restrictions and the lack of support for local currencies in major digital wallets hinder users’ ability to withdraw their funds. The lack of liquidity not only frustrates users but also deters them from using the platform further, as they cannot readily access or utilize their earnings. Addressing these challenges requires innovative financial solutions that provide more flexibility and accessibility, ensuring that users can fully benefit from their participation without undue restrictions.

Additionally, ensuring compliance with financial laws while combating fraud, such as fake accounts and bots, requires ongoing vigilance and robust security measures.

TimeBucks Journey: Overcoming Challenges and Implementing Solutions

With a user-friendly interface and a global presence, Timebucks provides individuals worldwide access to flexible earning opportunities tailored to their preferences and availability. 

At its core, TimeBucks operates on a simple premise: users engage in various tasks to accumulate “Bucks,” the platform’s virtual currency, which can later be converted into tangible cash rewards.  Regarding market research, TimeBucks provides a variety of surveys where users can voice their opinions on a range of topics from different providers. This offers a dependable method to earn Bucks.

In TimeBucks’ journey of growth, the path was fraught with challenges, particularly in managing payments for users withdrawing from the platform. However, behind these remarkable milestones were pivotal decisions that significantly shaped TimeBucks’ trajectory, emphasizing the importance of proactive measures and strategic partnerships.

As TimeBucks aimed to expand its user base, efficiently and effectively managing payments became a critical challenge. The vast volume of transactions and the need for seamless processes presented significant hurdles. Moreover, the looming threat of fraud added complexity to the company’s operations, necessitating robust preventive measures.

Initially dependent on PayPal, TimeBucks recognized the necessity to diversify its payment options to better serve users in regions where PayPal was either unavailable or less accessible, such as in many countries in the Global South. This led to a strategic partnership with Airtm, a move that catalyzed community-led growth and significantly improved payment accessibility.

Here are the results: Within just six months, TimeBucks saw a 3040.56% increase in monthly active users and a 2325.56% growth in the number of transactions. The platform’s transaction volume also increased by 2553.91%. This expansion not only facilitated user access across diverse geographies but also enhanced overall platform performance, attracting a broader audience and increasing user satisfaction.

By strategically collaborating with Airtm and integrating community-led initiatives, TimeBucks effectively streamlined its payment processes and strengthened its defenses against fraudulent activities. This approach not only addressed previous challenges but also positioned TimeBucks for sustained growth and success in new markets.

Beyond Payment Partnerships to Marketing Opportunities

Strategic partnerships are a cornerstone of TimeBucks’ approach to expanding its marketing efforts and enhancing collaborative initiatives. Airtm, serving as a crucial partner, enables TimeBucks to effectively reach and engage the micro-workers market, particularly in the Global South. By integrating TimeBucks’ offerings into Airtm’s platform and utilizing various marketing channels, such as banners, pop-ups, email campaigns, and strategic social media activities, TimeBucks has significantly broadened its reach.

Engaging with Airtm’s vast community of over 700,000 “Airners” (Airtm + Earners) has streamlined the process of reaching and collaborating with digital entrepreneurs.

Currently, 17.1% of Airners are generating revenue through market research initiatives, with TimeBucks leading in terms of the number of clients, accounting for 50.2% of the market, followed by Freecash and Skylom.

Further, by working closely with partners, Airtm has been able to promote earning opportunities through targeted campaigns and promotions across various channels to the active community of digital entrepreneurs. 

This strategic collaboration not only drives user acquisition but also solidifies TimeBucks’ position as a leader in the market research industry. These efforts have empowered individuals to diversify their online income streams, demonstrating the mutual benefits and impactful nature of such partnerships.

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