We’ve all seen them. You visit a website, and suddenly you’re faced with the ubiquitous “Your Opinion Matters” box, asking you to take a survey online. But how many people actually click ‘yes’?
Unfortunately for market researchers, too many people simply choose ‘no’ or quickly click the ‘X’ to close the box, thinking that taking a survey will just be a waste of time and effort. As a result, offering a reward to thank respondents for their time is recognized as part of the cost of doing business. The question is, what are the best survey incentives?
The value of virtual rewards
Each year, market research companies issue hundreds of millions of dollars to survey participants. As more and more research is conducted online, issuing bulk gift cards or reward checks is cumbersome and unnecessary. Increasingly, researchers are choosing digital incentives to increase response rates and save on administrative fees. Rewards can be embedded within the survey, which makes incentivizing easy. There are other benefits as well:
- Immediate: Distribute rewards to participants as soon as they finish the survey. Instant gratification is a powerful incentive.
- Mobile: Deliver a mobile-optimized reward notification. In addition, most prepaid rewards can be used via a mobile device in stores, which offers recipients a completely digital reward experience.
- Safe: Reduce the risk of check fraud and lost or stolen checks.
- Stress-free: Utilize fast, easy and reliable fulfillment. No need to worry about inventory, shipping costs or storing a lot of bulky plastic cards.
- Green: Enable a completely virtual experience. Because there’s no plastic or paper, it’s the most environmentally friendly incentive there is.
- Flexible: Choose from a variety of incentives, including Visa® virtual accounts and a large selection of eGift cards.
- Customizable: Tailor the incentive to fit your needs and deliver it in a personalized format.
- International: Conduct research worldwide and reward in real time with the Global Visa® virtual account, which is redeemable in over 130 countries.
The value of Virtual Incentives
It’s only natural that virtual rewards and the insights industry connect so well. After all, incentive experts have supported the need for instant gratification and the importance of providing a reward as close to the action as possible. However, the challenge is to marry speed with the delivery of desirable, custom rewards.
Virtual Incentives provides a simple, cost effective and highly efficient method to deliver incentives for participation in research-focused initiatives. Using our best-in-class technology, reward fulfillment is managed efficiently, securely and conveniently. Market researchers trying to increase respondent engagement and satisfaction levels are discovering the power of virtual rewards. It’s a simple solution that fits anyone’s lifestyle.