Lab42's Surveys Offer Market Research Via Social Networks

Using surveys for market research on Facebook and other social networks has become a popular way to gain consumer insight quickly and efficiently. Chicago-based Lab42 is an online market research startup that uses social networks, such as Facebook and MySpace, to obtain samples for online surveys.

Similar to market research companies like Peanut Labs, Lab42 targets users on games and other applications within Facebook, and allows users to take market research surveys in exchange for earning virtual currency. While there are a number of companies who conduct these surveys, Lab42 is hoping to differentiate itself by offering a cost-effective way for market research firms and ad agencies to survey consumers.

Lab42 surveys start at $300, with results guaranteed in 5 business days. Also, Lab42 doesn’t use any sort of preset survey panel or email list, which the startup claims to help provide fresh responses for every survey. The startup also promises to be able to target specific demographics using social networks. So far, Lab42 has been able to gain a number of clients, including a national electronics retailer (the company declined to name the retailer).

Lab42, which launched in August 2010, faces competition from a number of companies, including Peanut Labs and AskYourTargetMarket. But as Facebook continues to become the go-to social destination for consumers around the world, the more advertisers and marketers are looking to the network for consumer insight, which creates a larger arena for social market research.