In the world of market research, building and maintaining strong respondent relationships is of the utmost importance. Offering the right incentive is key to accomplishing this goal. Today’s consumer is constantly bombarded with messaging. As a result, attention spans are shorter, and messaging that doesn’t immediately appeal to a consumer’s wants and needs is discarded. For market researchers, this has led to a dramatic drop in survey response rates. In order to combat this, numerous changes are occurring (e.g. shortening surveys, simplifying the survey taking experience, sending advance notification of a survey). However, the most impactful change comes in the form of incentives. I recently had the opportunity to address this topic at IIeX2015 in Atlanta, GA to numerous market research industry leaders. We all know incentives and rewards drive participation. The difference is, now, consumers want options. They want to receive their reward instantly. They want something that’s simple to use, yet aesthetically pleasing. They want their rewards mobile.
Virtual incentives meets the demands of modern consumers and helps build those increasingly important strong respondent relationships. So, the question is how? The answers are numerous but here’s a few: 1. Instant delivery – rewards are delivered in real-time 2. Mass personalization – rewards can be tailored so respondents feel special 3. Mobile ready – rewards can be delivered and used via multiple devices, including mobile 4. Choice – recipients can opt for virtual cards (Amazon, Visa, etc.) or physical cards (33% choose physical) 5. Flexibility – digital allows for any value reward and is ideal for global audiences 6. Insights – virtual rewards offer the ability to track respondent’s reward preferences; allowing for the betterment of future reward experiences 7. Respondent experience – virtual delivery means that respondent engagement can be re-activated not end with incentive payment It’s encouraging to see researchers acknowledging these benefits and implementing the use of virtual rewards. The practice is being proven to increase response rates, which is great for researchers. But the real winners here are the respondents.