Panel loyalty programs are an essential part of market research. These programs increase research firms’ panelist retention, panelist acquisition programs, and survey frequency, making them foundational in increasing the revenue and profitability of research firms. When implemented effectively, market research panel incentive programs can build brand advocacy and increase the lifetime value of the panelists.
The four essentials when creating a successful panel loyalty program strategy, include objectives, support for the program, participant rewards, and measuring program success.
There are several steps you will need to take while creating your company’s panel loyalty program.
- Evaluate what currently is and isn’t working with your promotions.
- Decide on the goals for your program.
- Consider your audience.
Your program’s main focus should be to make your panelists happy and keep them “your” panelists. Your loyalty program platform, structure, and technology should support the experience of your panelists.
Support for the Program
When planning out your panel incentive initiative, you need to show upper management that you have a good business case for your plan, which should include accurate metrics. You must ensure your loyalty program’s value is clear to your key stakeholders.
With a solid plan in place with clear financial objectives, your company’s decision-makers are more likely to see the benefits of your program and give it their support.
There are so many different types of incentives to choose from, including:
- Cash payments
- Physical gift card rewards & visa prepaid card rewards
- Electronic gift cards and Visa virtual rewards
- Instant Win Games
- Experiential rewards
With the help of a professional incentive provider, you will be able to choose the rewards that will motivate your panelists and fit your budget. A good, cost-effective model that has a strong appeal to panelists is the points-based reward program model, which uses the concept of reverse preference.
Measuring The Program
To measure your program’s success, you must take your ROI measurement goals into consideration. From the very beginning, it is crucial to structure the build-out of your loyalty reward technology to keep measurable goals in mind and be ROI-positive. A quality loyalty management software program is essential for providing the data for significant performance metrics. If you plan out your metrics early in the design process, it will allow you to avoid many of the common issues that face incentive programs. To do this:
- Articulate the program’s key point indicators.
- Explain your expectations
- Answer all questions
You need to have the right loyalty program software solution to help you gather and use the information you need all in one place. When you work with a loyalty technology provider and implement a SaaS reward management technology (which includes agile APIs) it will allow all your existing system assets to connect effectively. The system you select should have each of your program’s incentive schemes tailored to your needs and connect your panelists to an extensive offering of reward products for easy instant engagement.
Use Your Program To Drive More Participation
Do you have happy panelists? If your loyal panelists are happy, your program will drive more survey completions, and boost your brand. Additionally, your current panelists will bring new loyal members into your panel community. With the help of a market research program management company, such as All Digital Rewards, you will be setting your program up for success.
All Digital Rewards has the market research technology to support your program. Along with our loyalty program management platform, we offer sweepstakes technology, instant win game technology, a massive rewards catalog, and so much more! To learn more about how we can support your market research incentive programs, contact All Digital Rewards program experts at 866-415-7703 or click the “Schedule a Demo” button at the bottom of the page!