Idea: Essentially, Referoll is the place to go if you are looking to earn some quick bucks or get some nice rewards by participating in surveys or group study. It is the place connecting research firms who are looking for survey participants with people who wants to earn some extra bucks. How it works? Scroll for available projects listed on the website, enroll into the projects/surveys that you are interested in, and wait for your payroll.
Revenue Model: I would imagine Referoll would be paid by the Market Research Firms who get their volunteers for their studies through Referoll.
- Referoll is a good way for anyone who wants to earn a quick buck, and I think targeting University students is a good move by Referoll. Who wouldnt want to earn a quick buck by taking part in surveys? The incentives for the surveys on Referoll ranges from $15 to $120 to an iPad2. Neat.
- For marketing firm, they can easily tap into the database of Referoll on top of their own database and therefore would not need to spend that extra money to acquire new participants or database.
- However, for the marketing firms, they should be wary of the validity of the survey results. Because the database of Referoll is motivated by the incentives, is mostly students, and Referoll uses the mechanics of “referring your friends”, this may introduce some form of biasedness to the survey responses. Friends could sign up with their friends, and are all motivated to get the incentives, and this might not give a representative sample. A good marketing research firm would know this, so this wouldnt be a problem for Referoll.
- Personally, I feel that the biggest challenge for Referoll now is to get more projects onboard for the Referoll users. Referoll is not lacking in their database as they can tap on the NUS network and with Facebook Integration, heavily incentivized projects will spread quickly. So marketing Referoll is whats challenging now as existing R&D firms and research marketing firms would have their own database, and they might ask, why would they use Referoll if they have their own marketing/recruitment/database department, as this might translate to additional cost for them to engage Referoll.
- Referoll also took an extra step to help those that registered in their database to keep track of ‘similar’ projects so that they could be updated if there are any projects that could interest the Referoll users.
- It is free to join Referoll and the only one who will be receiving money/incentive is the user themselves from the survey and projects they took part in.
- Maybe what Referoll could do is to create an exclusive section for users who are actively promoting/participating in Referoll. The exclusive section would consist of higher perks and incentives for the members. Just a thought. Users like to feel special, and exclusive.
Referoll was a winner at the Startup Singapore competition as well as the Lee Kuan Yew Business Case Competition, and was awarded the Spring Fund as well. The website needs some touch up in my opinion to make it look more professional. With the fund, we’ll see how far can Referoll go. =)