The most successful market research incentive plans are flexible, simple, have low overhead costs, are easy to administer, easy to monitor and improve, and bring about measurable results. Most companies use their market research incentive plans as a way to reward their panelists for their survey completions. The market research incentive plan should help promote loyalty to the company and increase participant performance. If your market research incentive program does not meet these criteria, it is a sign that you need to review your panelist incentive plan and consider making changes.
In order to help motivate and inspire your market research incentive program participants and encourage them to succeed, the incentives offered should have high perceived value and be tailored to your participants’ demographics. Some of the most popular choices include gift cards and incorporating sweepstakes and instant win games.
Sweepstakes & Instant Win Games
Instant win games and sweepstakes are powerful tools in your incentive program toolbox and can have a huge impact on your panelist incentive plan’s success. With the right instant win game technology to manage the games and gather data, it’s all too easy to engage market research incentive program participants. With high-quality instant win game and sweepstake technology, you’ll be able to monitor your incentive program’s participants and make adjustments as needed based on real-time access to data information.
The benefits of gift card rewards are well-known to most companies. Gift cards are great for budget-conscious participants, allowing them to use their gift card rewards for things they might not normally spend their cash on. The gift cards earned from these types of rewards programs can be redeemed at thousands of online and in-store retailers. Additionally, the perceived value of those gift card rewards is often even higher than the perceived value of cash rewards.
A consumer’s use of gift cards may encourage them to buy things to spoil themselves — items they would never have purchased had they not used their gift card to buy those goods.
Our researchSTACK™ SaaS Program Management Software offers you an easy, automated panelist reward fulfillment solution, which includes our game program management software, GameSTACK™, our reward program management software, RewardSTACK™, reward delivery application, Reward REACH™, and our Reward WIZARD ™ API integration. ChannelSTACK™, our partner management platform, can manage every situation you will face with your market research incentive initiatives. Additionally, we have an extensive selection of rewards, including both physical and virtual visas, gift cards, merchandise, and experiential rewards.
Applying our SaaS Partner Relationship Management Platform will simplify even the smallest program. We can connect to your existing system or provide an external solution to meet your needs. To learn more about our channelSTACK™ SaaS Program Management Software, call us today at 866-415-7703, or click here to schedule a demo.