- Jun 13, 2018
Market research is an extremely lucrative industry. That’s why there’s no shortage of survey sites online. These websites exist to help clients gather info about their market’s behavior, preferences, and backgrounds. Since there’s big money in this field, survey sites can afford to pay their members (us) to take these surveys.
But answering surveys is just one aspect of the market research industry. Other companies also specialize in organizing in-person panels and focus group discussions. One such company is 20/20 Panel, and they will be the subject of my review today.
Is 20/20 Panel legit? Read my 20/20 Panel review to find out!
About 20/20 Panel
The Nashville-based company is a long-standing player in the market research scene. In fact, they’ve been operating since 1986 - way before the internet became a thing. In over thirty years of existence, they’ve paid out over $35 million dollars. Yup, 35 million - that ain’t no typo.
Kind of strange, though, that they have a cheap template-based site. But as much as I appreciate great branding and design, I know that’s not the end-all, be-all of a company.
How Do You Earn on 20/20 Panel
There are two ways - you complete surveys, and you participate in in-person focus groups. I know the Earn That Buck community is more into online methods for earning, but I’ll be talking about the in-person focus groups just the same.
On this site, taking surveys also involves participating in online discussions, chats, and web-based meetings. 20/20 Panel currently focuses on the following topics and products:
- New gadgets that aren’t widely-available yet
- New menu items being served in fast food restaurants
- New toys that have yet to become widely available in retails
- New mobile phone plans
Participating in In-Person Focus Groups
20/20 Panel also looks for people who can participate in market research studies. Currently, this is open to
Canadian and US residents only - specifically, residents of Charlotte, NC; Nashville, TN; and Miami FL. If you’re from those areas, you can participate in tests in-person in their facility.
They’re very specific about the people who can join a particular panel. For example, a cosmetics company will want feedback from women who are, say, over 35 years old, have shopped at least twice in the last two weeks, and are coupon collectors. This is just an example of the target demographic for each study. A study for a sporting goods company will have its own set of requirements.
Although you provide a lot of info about yourself during registration, 20/20 Panel may require some additional info, which you provide through pre-qualifying surveys. This info is used to determine whether you really are qualified to participate in a specific panel.
If you qualify, one of their recruiters will contact you to schedule your participation!
Because of the amount of time and work it takes to participate in focus groups, you can’t pile these on, unlike regular surveys. But that said, these studies do pay well - anywhere from $50 to $250! They’re like the unicorn of the 20/20 Panel experience. You won’t always qualify, but when you do, it’s pretty awesome.
As for regular surveys, they vary between a few cents to a few dollars. Like other survey sites, your earnings will depend on the number of surveys you can complete.
If you participate in an in-person discussion, payment is sent as either a physical or virtual gift card.
As for surveys, you can request a payout as soon as you hit 500 points, which is equivalent to $5. Payments are also sent as gift cards.
I like the low minimum withdrawal, but other than that, their payment options are pretty lackluster, especially for the in-person discussions. If I’m earning $300, you bet I’d like to get that amount in cash. But hey, it is what it is.
20/20 Panel: The Good and The Bad
Here’s a quick breakdown on the things I liked about 20/20 Panel… and the things I didn’t. Let’s get to this.
Big Rewards for In-Person Focus Group Discussions - They know the value of your time, and are willing to pay for it. Just not in cash (but more on that later).
Professional Operations - The company has been around for over thirty years. You don’t get to last that long by screwing over your clients and respondents. Overall, I find them very professional and easy to deal with.
Mediocre Pay - I think I got overly optimistic when I read that they’ve given away over $35 million in payouts. Granted, I never expected to be a millionaire by taking surveys, but the actual money you’ll be earning is no better than that on other sites.
No Cash Payments for Focus Group Participation - This is a biggie for me. It might not be for other people, but I’m still putting this under the Bad list. If I’m going to have to be physically somewhere, I’d like to get paid in real-world money. Because cash is king, baby!
The Verdict: Legit or Scam?
20/20 Panel is legit! They’ve been around for quite some time, and know how to manage a legit business. They’re not the best survey company to work with, but for what it’s worth, they’re all right. I’ve added them to my secondary list of survey sites. When I can’t find any tasks on the other sites I’m a member in, I check 20/20 Panel.
20/20 Panel Screenshots
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This review is based on my own experiences using 20/20 Panel. Now it’s your turn to share! Have you tried this site? And did you get to participate in any focus group discussions?
Let’s hear your stories!