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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Build a Winning Loyalty Program Strategy For Your Panel
Creating a loyalty program for your panel is the foundation for increasing profitability and revenue by increasing panelist retention, survey frequency, and supporting panelist acquisition programs. Panel incentive programs, when done correctly, build brand advocacy and increases the lifetime value of the panelists. But to get to this point, you will need to have panelists to enroll and be engaged. Your program needs to capture all the necessary data because getting the critical insight into your panelist for your clients sets the stage for the goldmine of information needed for future panel projects. Let’s take a quick look at four basic building blocks of creating a great panel loyalty program strategy: objectives, gaining program support of key stakeholders, rewarding the participants, and measuring the program. Organizing the logistics of the panel is one of the most crucial steps in order to conduct a successful loyalty program. Below are a few examples of what can jump start the planning phase: Great, you planned your loyalty platform, so just find someone and prepare for launch! Unfortunately, it isn’t that easy. There are so many loyalty platform designers, ensuring you choose the right one is essential. A designer who takes shortcuts, doesn’t focus on […]
