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New Choices for Market Research Incentives

If you’re in market research, you know that, with each new project, there are a lot of decisions that you need to make before you can begin. First, you need to determine what you’re trying to accomplish and establish your budget. Identify your audience, and find out what motivates them. Will there be a need for confidentiality? Each client requires a different approach, industries vary and there are many different survey methods. Will it be an online survey, a telephone interview, a mail survey or will you need a face-to-face interaction? It’s never a one-size-fits-all proposition.

It’s also important to decide whether you want to offer an incentive for participation. Incentives increase response rates, so in most instances it’s a good idea to reward respondents, particularly for online research. In addition, there have been studies that suggest the use of incentives may reduce non-response and bad answers, such as don’t know or no answer.

However, there’s a fine line between offering a survey incentive to thank respondents and offering a bribe. You want to reward their effort; you don’t want to buy them off! Keeping incentives at a token level is a best practice when conducting research with volunteer participants. It’s important to keep the key objective in mind, which is getting quality responses from participants.

So how do you decide what incentive is right for your next survey? You’ll want to choose something that’s easy to deliver and redeem. Keep in mind that tangible items will incur shipping costs, which is especially important if your participants are geographically widespread. Research indicates that prepaid incentives are more effective at increasing response rates than promised incentives.

There are a lot of prepaid incentives out there, so how do you choose a provider? It’s important to do your own research, first. The last thing you need is to be locked into just one type of incentive.

Virtual Incentives offers the largest variety of prepaid incentives for the insights industry. You can choose from Visa® virtual accounts, Physical Visa® cards, eGift cards or the GiftCard Pass. Because it’s a completely virtual experience, the GiftCard Pass is becoming increasingly popular as an incentive for online and mobile surveys.

We offer a simple, cost effective and highly efficient method to deliver incentives for participation in research-focused initiatives. Our reward solutions help to increase respondent engagement and satisfaction levels by delivering a flexible incentive that fits into anyone’s lifestyle.

So, what type of incentive will you choose for your next survey?

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Already know what you need? Enter the following pieces of information about who - and how - you want to reward and we’ll be in touch shortly to build an incentives program tailored to your needs.

Want to talk now? Get in touch or give us a call at 800.854.6390