Everyone’s heard cash is king. Who doesn’t want free money? Market research panel programs tend to choose cash-based rewards for their panelists for this very reason. However, if you want higher recruitment, engagement, and retention, cash-based incentives may not be your best choice. Cash-based rewards programs require the panelist to complete a task, then the user is rewarded with a cash or cash equivalent reward, such as a visa prepaid card, check, or PayPal deposit. Between the costs of inventory, distribution, and fulfillment, cash-based rewards can be pricy. Checks cost admin time and effort, plastic prepaid cards are expensive, and virtual prepaid cards have admin costs and inventory to manage, despite their lower cost. One strategy that consistently proves effective in lowering program costs and increasing engagement and retention is switching to a points-based incentive program with a mix of cash, prepaid debit cards, merchandise, and experiential rewards. A points-based, blended-incentive reward program offers points or reward value to the panelist that they can spend in a marketplace to select a variety of different rewards, specifically chosen to cater to your program’s demographics. Merchandise and other marketplace incentives typically have a lower cost than cash-based rewards. For example, with the […]

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