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Every year, thousands of companies and brands pay millions of dollars to compile useful information related to their products and services. This data comes directly from the costumers that they depend on, but it is not them who gather it; it is the numerous market research panels that exist on the web who do this, some of which you might have already tried, some of which you might not have even heard of.
Although most of them consist in nothing more than online paid surveys, others offer members different possibilities to make extra money at the end of the month. However, to find out which of them are worth joining and which of them will only make you waste your time, you have to at least know what each panel is all about.
In this article, will be explaining how 20/20 Panel works, and how much money can you really make with it if you join.
What is 20/20 Panel?
20/20 Panel is yet another paid survey website that allows you to fill in answers and share your opinion in exchange for certain prizes which we will later discuss.
To join the panel, you must supply both your email and phone number so that the survey invitations will not only arrive in your mailbox, but also on your phone, allowing you to know immediately when a survey is available for you. This feature is quite useful because all of us are more aware of our smartphones than our emails nowadays.
20/20 Panel states on its website that the products and services that they study include:
- New gadgets that are yet to be available in stores worldwide
- New items and recipes in your favorite fast food chains and restaurants
- New toys before they come out on the market
- New mobile phone plans or opinion about their services
Each member fits a certain category in their panel, and the surveys they send will depend on where you live, how old you are, which of their products you use, the members of your household, etc.
The company was founded in 1986 and adapted to the web once it became available. Furthermore, they also state that they not only study through online surveys but also face-to-face interviews and other methods that might not apply to you, but that are interesting to know because it gives credibility to the website.
In addition to surveys, 20/20 Panel also conducts studies in real time focus groups through an online chatroom environment that can be accessed by any member of the panel through their web portal. If you happen to be eligible for one these studies, you will receive a phone call giving you further instructions. These programs are said to pay better than the rest.
Moreover, they also have telephone surveys. This means that you might get a phone call every once and a while, if there is a study that matches your demographics, and this will also add up points to your total balance (although how many point, no one knows for sure).
Finally, they offer a friend referral program through which you will gain points every time someone that you invited joins the panel and completes a survey, making it a good plan to invite all the people you know who will find the website and its system useful.
All of this information sharing is rewarded in the form of points that every member can later redeem for prizes.
What can I win with 20/20 Panel?
As time passes and you gain points for each completed survey, you will be able to redeem these points for different things. When you reach 500 points worth of $5, the request button will become available and you are ready to receive a prize.
20/20 Panel has different programs and each activity offers diverse quantity of points. The greatest paying program is an in-person focus study where you are asked to go to a certain office and dedicate great part of your day offering data of a product or service. However, this is only available for those who live in Nashville, Charlotte, or close to Miami.
As for focus groups, you should know that they are rare rarely conducted and even rarer to be part of one, but if you happen to fill the criteria and be eligible for it, you can earn anywhere from $50 to $200, depending on how large a group is and how much work is required.
This money will randomly be redeemed; it can come to you in the form of a prepaid Visa card, as a store gift card of even cash via PayPal. The truth is, however, that it will come down to pure luck.
One of the main advantages of becoming a member of 20/20 Panel is that you will never really be bored because paid surveys are not the only program they have. If you happen to live in one of the cities where they do larger studies where your presence is required, and you are okay with it, it can also be very entertaining.
Focus group research and refer-a-friend programs also keep the time you spend in 20/20 Panel interactive so kudos for that.
As for Focus Groups, they are not very common but they do happen. Many users have had great experiences with them and state that they can make a lot of money for being part of one so I suggest that if you join 20/20 Panel, you focus your attention on the group studies instead of the common surveys.
First of all, it is important to note that on their website, the company says that their users can earn up to $200 for being part of the market research and completing surveys. Those of you who know how this site works are aware of the fact that this statement is false and also unnecessary. No one makes that much money with any online paid survey company, so why would you state such a lie on your portal?
Furthermore, the information they provide possible users through their website is little vague. They do not give detailed data about how many points you can make with each type of program, leaving huge gaps where real facts should be.
Another downside is that you will not be able to complete surveys as soon as you join; you will have to wait until a study that matches your demographics is conducted instead. The same goes for focus group studies.
Users have experienced a lack of survey invitations and a lot of phone calls that end up in studies where they do not match the demographics and get paid only a 10% of the total money. In general, many members say that they have only been eligible for a total of 20% of all the surveys and studies they have applied for.
Also, there seems to be some privacy issues, as told by some users. Because phone calls and one-to-one studies are part of the market research panel, you might get called, or even be asked for pictures, which you are always allowed to say no.
Overall, the website lacks seriousness when it comes to informing its users about how the system works, how to redeem points or how to be eligible for certain studies. Our opinion on this is that it happens because they are not very organized and, as stated above, you might get paid in the form of cash or gift cards but it might not be up to you to choose.
20/20 Panel is not a scam, but although it is a legitimate website, it is not the most serious of them so you should watch out if you are planning on joining the panel.
Some people have had great luck and have made real money with them, but almost never not more than once, and it possibly came from a focus group which are not very commonly conducted and where not everyone is invited.
Yes, joining 20/20 Panel may be free, but the time you spend on it may not be worth it. Most likely you will continue waiting for an email invitation that will not arrive or with unfinished surveys that you end up not being eligible for.
In conclusion, we do not recommend 20/20 Panel at all. However, if you insist on giving it a try, all we can say is: focus on the group studies and lower your expectations as much as you can.