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Sunday, May 29, 2011

Speak Asia : taking online surveys make you money. Should you join?

From last couple of weeks, there is a buzz around in India about the online consumer platform SPEAK ASIA. Speak Asia is basically a firm, where consumer can subscribe by paying fees, take surveys for different products available in Indian consumer markets and make money out of it. That means Consumer can directly earn money of their opinions. As per the information on the company website, they are claiming that big companies are funding them to take surveys to know consumer sentiments and taste. Company provide a platform where consumer and companies are directly connected. Companies don't need to provide extra time and work force of executives to take those surveys. ( Above information is found at company website )

If we see the structure of the company, it is taking one time 11000 Rs fees for subscription from consumers and rewarding them $20 per successful survey fill up. Every week there are two surveys to be opened so monthly it will be 8 surveys, which will be converted into 160 $ per month. Also, if you pass the channel and make more members under you, you will get $ 30 per member once. Lot of well educated people, from doctors, engineers , teachers and other professional have joined the network through their internal channels.

If we see headlines in news papers, they are saying that there was a temporary stoppage of payments to the consumers due to some reasons in the company SPEAK ASIA. Company has also sent an email to their consumers regarding the situation and declared that payments will be released after 6-8 weeks. 

Due to the above situation, our team members were discussing the topic in detail. Below are some key arguments left unanswered.

First glance, if we see the concept looks nice, but our team were discussing few loopholes in the concepts, like although people are getting money, how long the business is viable. As per the people who joined SPEAK ASIA, they were told to earn money online that is almost $160 means 7200 Rs ( 1 USD = 45 INR ). So one can get his investment back in maximum two months if he fills all correct surveys. 

Our team members were arguing that if out of 100 people, 5 people want to make their money more than tripled in year, it might be possible that company can afford to pay them that much amount. If more than 90 people  want to make their money like this, how can a company afford it. In a year overall SPEAK ASIA has to find 96 surveys from different or same companies ( 2 surveys per week ). Certain big companies can afford such a consumer surveys but only in small group of people to pay such a big amount to the consumers. When it comes to  money making, everybody want to join such a concept. Will company afford to pay such a high amount of money to thousands and thousands of people? We don't know anything , we will see.

Companies those are interested in consumer surveys, for such a big payout in such huge number of consumers might be few. At least in India, where consumers products run through volumes of products not a huge profit margins like US, Europe and other western countries. Will these companies afford such a high survey costs for long period of time and continue giving money to SPEAK ASIA for providing such surveys? 

Finally, Our members have concluded that it might be possible that company continue working but not forever. Also, company might have different plans to provide good returns to their customers. From a customer point of view, he has a little impatient because there are lot of frauds and fake schemes of money making are being exposed everyday. What will happen this time, we will see. 

Copyright Stockinvestips


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