What should be the right market research incentives for your participants? Let’s understand.
In market research, the major information comes from the participants or panelists. But, recruiting participants is a challenging and costly affair, especially when you throw in incentives.
The question always arises-
Creating a strategy to offer incentives is crucial, but with the right tools and platforms, you can recruit trusted participants without going over the budget.
Our Market Research expert suggests you must integrate a trusted reward and payout platform that supports global participants for better and diverse insights. In this guide, we are talking about when you should offer research incentives, how much you should pay, and other important tips.
These are gifts that are being offered to participants for completing a survey. It can be promotional gifts that encourage participants to complete surveys on time and provide honest feedback.
As you all know how crucial is the role of a participant in shaping the products, services, and significant business decisions. Market research organizations offer incentives as a best practice to ensure consistent reliability, engagement, and genuinity.
Incentives act as a motivation factor that keeps participants going. It improves active participation and reduces the rate of no-shows for better data flow. It is just a gesture to reflect your commitment and value of their time and opinion.
Incentivizing your participants is a win-win situation for both market research organizations and participants.
Our market research experts believe that you should always incentivize your participants. As it is the right thing to do to compensate for their time, efforts, attention, and insights. However, it directly benefits your business by driving the right insights that later help companies build their strategies.
If participants go wrong, it will be your loss anyway.
Beyond ethics, it is also about efficiency, as incentivizing participants improves response rates. A study by Tremendous suggests that incentives can increase engagement rate by 18%.
Honestly, if I get the chance to fill out surveys like below. Why should I not be excited to earn more?
Image Source- xoxoday
Incentivizing is always good. But, how much? Let’s calculate your incentive amount.
While calculating the relevant incentive you must consider various factors that can help you devise the right incentive strategy.
When it comes to deciding the actual incentive amount, no one size fits all participants. It means you cannot offer the same amount to all participants participating in different types of surveys. The amount may vary depending on study type, demographics, research topic, expertise, task complexity, and others.
Let’s understand how these factors can impact your research incentive strategy.
The most important thing is to value your participant’s sentiments and value them for their contribution and honest responses. It is an art that not everyone can master.
So, here are some best practices to offer incentives to your participants.
You must ensure that the incentive is fair enough and aligns with the participant’s efforts and contribution, reflecting fair compensation. As offering unfair incentives can adversely affect your study and reduce engagement rates for further studies.
Even if you offer extremely high incentives for a simple study, it will not only attract fair users but also influence irrelevant participants to enter the survey and affect the results. So keep it fair.
Keep the communication simple and transparent. Detail your incentive structure clearly so every participant will understand when and how much incentive they will get. This ensures trust among participants so they will continue with you for further studies.
It is possible that global participants may complete your survey. So the amount should be as per their demographics. You must adjust incentives accordingly to be economically appropriate for different groups. Consider the international conversion rates in mind while offering the amount. So do your research to ensure the incentive you provide is not a loss affair for your business and the participant is also happy.
Make your participants happy and motivated with instant rewards and payouts as they complete the survey. You can automate the incentive payouts or choose platforms to help you with your incentives.
To build loyalty and trust with your participants, keep your gratitude high. Personally thank your participants for their time and efforts in making their survey successful. You can curate personal “thank-you” messages, emails, or coupons to stay connected with genuine sources of information.
Managing global participants, while profiling and incentivizing them accordingly is a daunting task. It could be a nightmare if not handled well.
To help market research organizations seeking simple yet AI solutions, our experts have built panel management solutions with AI-populated incentives and participant scores for better and faster survey results.
Our AI element will help you target genuine participants while making instant payouts with integrated third-party reward APIs. keep your budget intact while driving trusted panelists, and connect with our market research experts.
The best part is you can start driving participants and incentivizing them in weeks with our white-label panel management solution.
Connect with us.
Well, we have AI integrated feature that helps you populate the incentive price based on different factors. In such a way, you can incentivize your participants with the right amount.
The average time to build a panel management tool from scratch takes time based on different factors, design, testing, features, functionalities, and various integrations. to speed up the process, you can try our white-label panel management tool for quick results.
You can launch your white-label solution in just 4 weeks. However, some changes might take time.
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