It can cost a lot of money to identify qualified research participants. How much does it cost to recruit a respondent? Here’s the cost per response for market research by channel according to the DMA (Direct Marketing Association).
- $309.25: Outbound Telemarketing
- $75.32: Postcards
- $53.85: Email
- $47.69: Inserts
- $47.61: Catalogues
- $3.79 Cost-Per-Click (CPC) with a 3.81% Conversion Rate: Paid Search
A key reason effecting cost is response rates that vary widely. In fact, they range from 1.38% to 10.41% says the DMA. If you’re in the market research business, is this how much you’re spending? Then you know even a small incentive can make a big difference in response rates and results, especially if it’s a Virtual Prepaid Solution from Virtual Incentives (link). Virtual Incentives provides solutions that help 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. Thanks to our industry-leading, customizable Virtual Visa® Reward card, market research companies can meet increasing demand for fast, virtual incentives that offer built-in control. Here are 6 ways our Virtual Visa® Reward card can boost response rates for market research companies.
- EASY TO EXECUTE: All that is required is an email or physical address, which is what you are already using to conduct research. Orders may submitted via an easy online ordering site.
- INSTANT GRATIFICATION: Respondents can use their Virtual Visa® Reward card the instant they’re done with their survey or any other research you are doing with them. This is something you can let them know upfront to further boost response.
- GO-GREEN: Our Virtual Prepaid Solutions use no plastic or paper. They are the most environmentally-friendly incentive there is.
- GLOBAL: If you are doing global research, no problem. Reach for our virtual incentives are global.
- TRUSTED: The Visa brand is recognized and accepted in more places than any other credit card. So respondents know they are being rewarded by a name that is familiar, trusted and accessible to them anywhere.
- CUSTOMIZABLE: We offer a range of prepaid solutions and our personally involved in their creation around your specific objectives and goals. Size doesn’t matter to us. Success does.
Could a customizable, prepaid solution be just the incentive respondents to your next market research program are looking for? Do these seem like solutions to boost your response rates?