Market research panelists have often received checks or PayPal cash as their incentive payments over the years. The incentive budget is the first to suffer when a client’s survey project budget is limited. While it could appear like the simplest and most economical approach to maximize money, is it really the case? Panel managers and market research experts are increasingly aware that in order to actively engage panelists, they must use incentive payment technology and marketing strategies that are easy to use. Today, panel managers can use technology and benefit from the idea of “Reverse Preference.” Reverse Preference allows the panelist to choose their own reward while the check remains the primary option. Other options include VISA Prepaid Cards, Gift Cards, Digital Rewards, and Gamification (all of which are at a lower cost). By choosing alternate incentives over checks by even minor percentages, panelist incentive expenses are decreased, and in the case of point-based systems, a liability is removed from the company’s balance sheet. As more and more panels start to provide different incentives, those that do not offer them will lose popularity, which lowers the lifetime value of the panelist and reduces panelist participation. Market research is left questioning […]
Tag: points based program
Benefits and Drawbacks of Points-Based Incentive Programs
Whether for health and wellness, loyalty, channel partners, market research or something else, there are many different ways to set up incentive programs. One of the more useful tools for incentive programs is issuing points as “virtual currency”, which allows participants to keep track of their earned benefits. Typically, users receive points for reaching preset benchmarks that reward them with a selection of different incentives, which can include prepaid Visa cards, gift cards, digital rewards, goods, and services from the issuing organization. This could include bonus products, bonus thresholds, and channel partner opportunities. These loyalty programs are a fantastic tool for market research, automotive, health, and wellness, customer, employee, sales incentives programs and more. Compiled below are a few of the Benefits and Drawbacks to help guide those considering developing their own points-based incentive program: As you work through the benefits and drawbacks of points-based programs, you will discover that finding the right reward management solution provider is an essential component in driving a program’s success. All Digital Rewards (ADR) is a leading technology company specializing in customer loyalty and promotions, program development, design, and implementation. We can help you navigate through the pros and cons as they present themselves. […]
Ask The Experts: Points-Based Loyalty Program Pros and Cons
Loyalty programs are fantastic for increasing engagement, building brand loyalty, and turning your customers into brand advocates. Loyalty programs aid in both acquisition and retention. People want to be engaged and companies that put in the effort a rewarded with loyalty. The question becomes, how do you reward loyalty? One of the most effective ways is through a points-based loyalty program. For over a decade, the loyalty experts at All Digital Rewards have worked with companies in a variety of industries to create the most effective loyalty rewards program, custom-tailored to fit each client’s needs. Our team, with help from our state-of-the-art technology, has been able to review and access loyalty program data to learn what works, what doesn’t, and why. Time and again, we find that points-based loyalty programs increase engagement, acquisition, and retention. Like any good company, you’re being vigilant about researching loyalty solutions, so you can direct your resources towards a program that will maximize your ROI. You want to know what the upsides and downsides are so you can be confident in your decision to implement a points-based loyalty program. You need a pro/con lists so you can weigh the program’s risks against its strengths. […]
How to Reduce Panel Incentive Payouts Without Sacrificing Engagement
Over the years the incentive payout to market research panelists has typically been in the form of checks or PayPal cash. When a client’s survey project budget is tight, which is the case, the incentive budget is the first to get squeezed. While it may seem the easiest and most cost effective solution maximize dollars, but is that the case? More and more it is apparent to panel managers and market research professionals that to actively engage panelists they need to employ incentive payout technology and marketing tactics their panelists are comfortable using. Panel managers are now able to leverage technology and to take advantage of the concept of “Reverse Preference”. Reverse Preference is where the panelist can self-select the reward of their choice, while the panel still makes available the check as a primary option, along with offering VISA Prepaid Cards, Gift Cards, Digital Rewards, and Gamification (all of which are at a lower cost). By panelists now self-selecting other incentives by even small percentages over checks – panel incentive costs are reduced and in the case of points based programs, a reduction of liability off the balance sheet for their company. With more and more panels beginning to […]
