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5 ways to test prepaid rewards for results that overachieve

product-dev-stepswxtras3-resized-600-300x188An attractive reward makes the difference between a consumer acting on your offer or not. A prepaid reward is the easiest and most effective way to motivate action because the reward is instantaneous. If you’re an employer who rewards valuable employees, it means the difference between showing care that motivates job performance. If you’re a market research company, it means the difference between participants who respond to your survey or not. Although, urgency and expense are always considerations, more and more, we see clients that test first to maximize their investment and overachieve on results. A well-orchestrated pilot makes final execution much more effective. However, the risk is that your test will be unscientific and not reveal meaningful results. Or worse – mislead you. Here are 5 ways to test prepaid reward options for results that overachieve.

  1. SPEED OF DELIVERY: What affect does delivery of a prepaid reward have? How much more motivated is someone going to be to act if promised immediacy? A test quantifies it because it shows conversion
  2. VALUE: How do different values perform? Does offering a $50 reward value versus $25 increase response? What are competitive offers? A test illustrates the trade off and demonstrates if the increased value pays off
  3. REWARD CHOICE: How many options are optimal? Is it better to offer the consumer to choose between 2, 3 or 5 options? Or is more effective to select one strong reward? The axiom, measure twice (or even three or four times) but cut once, applies to testing
  4. MARKETING AND MEDIA: What support works most effectively and efficiently to communicate, advertise and promote the reward – email, direct mail, in-store, social media. A test serves as your guide
  5. RESPONSE TIME: How much time does it take consumers to act? Does instantly gratification works positively? How much faster to the take action when they know rewards are available to use, immediately.

Virtual Incentives provides solutions that help businesses, employers, agencies and market research companies recruit respondents in ways never before possible. Our prepaid platform is powered by a simple, customizable virtual solution that closes the gap to action. But, most of all, we are committed to your success with prepaid solutions. We want you to overachieve on results that are sustainable and scalable. Did this help teach you the value of testing prepaid reward solution? Would you like to know more about the lessons we’ve learned?

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