Panel loyalty programs increase research firm’s panelist retention, survey frequency, and panelist acquisition programs, making them foundational in increasing your research firm’s profitability and revenue. An effective panel incentive program can build brand advocacy and increase the lifetime value of the panelists. The four basic building blocks when creating an effective panel loyalty program strategy include objectives, gaining program support, rewarding participants and measuring the program. There are a few steps you must take when creating your panel loyalty program. When preparing for a panel incentive initiative, panel managers often face roadblocks in the approval phase of their proposal. Be prepared to show upper management that you have a sound business case, including measurable and accurate metrics. Loyalty incentive programs have proven vital in cultivating and rewarding repeat panelists. You must ensure your loyalty program will be valuable to your key stakeholders. With a strong plan in place with clear financial objectives, management is more likely to understand the benefits of your program and see that it warrants their support. When in the program design phase, take the following steps: There are several types of incentives to select from, including: Pick incentives that fit your budget and will motivate your […]

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