Common Market Research Reward Program Failings
Market research rewards are a common way of motivating, recruiting, and retaining panelists. However, there are some common pitfalls that can result in program failures. Here are some to watch out for.
Not Knowing Your Demographics
Your demographics make a difference in what kind of rewards you will want to offer your panelists. If you’re looking for a niche or a difficult-to-reach audience, you need to consider what rewards will be most effective in motivating those groups. If you have a broader audience, you will have to find rewards that are more of a one-size-fits-most variety, such as cash equivalents.
Not Having or Maintaining a Good Redemption System
Your participants’ ability to redeem their rewards is directly related to their satisfaction with your rewards program. You need to make sure that you have good technology that supports reward redemption effectively. If it is too difficult to redeem rewards, your participants will lose interest in your program.
Not Providing Instantaneous Rewards
You can better engage and retain respondents by providing instant survey rewards. Instant survey rewards in online surveys are invaluable for making panelists feel they’ve been well-compensated for their efforts. Knowing that they can redeem a reward instantly increases the likelihood of panelists completing surveys and returning for more. Market researchers can greatly benefit from incorporating instant rewards into their surveys.
Instant rewards can include things like sweepstake entries, digital gift cards & prepaid cards, or points that can be redeemed in a reward marketplace.
Participants do not want to wait to be rewarded. Don’t leave them wondering when their cheque or gift card will arrive. With the technology available these days, you can reward completed surveys on any device at any time. You can also reduce your reward program costs by removing the production costs of physical rewards by using instantaneous digital rewards.
Not Meeting Your Panelists Expectations
If you cancel rewards because of budget constraints and send out your next survey, respondents who are used to receiving some kind of reward will be reluctant to fill out your newest survey. Another factor is keeping up with panelists’ communication expectations. You want to ensure that you are keeping them up to date on their reward’s status, new surveys, and ways to get in touch with you if they run into issues. Communicating clearly and consistently helps keep respondents happy and engaged.
Not Working With All Digital Rewards
All Digital Rewards reward management modules, SaaS with STACK, support panel recruitment, retention, referral, and loyalty engagement marketing initiatives, create an easy and convenient way for your organization to reward participants for participating in your surveys. You can choose RewardSTACK™, our turnkey reward management solution that includes a full-scaled points-based loyalty program where all the STACK modules are rolled up into one dynamic platform, or you can deploy the GameSTACK™ or RewardSTACK™ EZE Redemptions applications independent of the platform for the perfect solution to support smaller-scale game promotions and incentive reward payment deployment. Whatever your panel reward program needs, we have a solution for you!
For more information on how All Digital Rewards can support your market research panel reward program call us now at 866-415-7703, or click on the button below to schedule a demo.