How to Use Bulk Gift Cards to Improve Market Research Results
Gift cards are unquestionably powerful motivators in market research participation. They make excellent tokens of appreciation for feedback and are highly appealing to participants.
When incentivizing participants with gift cards, you’ll wonder what types to use, what amount to offer, and how to buy them wholesale to maximize your research budget.
Explore the best practices for offering, purchasing, and disbursing bulk gift cards in market research.
What are the benefits of using bulk gift cards for market research incentives?
Bulk gift cards offer several benefits to researchers and participants. Compensation improves data quality and reduces bias, and subjects have a reason to share valuable feedback.
Gift cards have universal appeal and are comparable to cash, which makes them a compelling offer for market research subjects. This compensation method caters to diverse audiences because it’s available in multiple countries and doesn’t require bank transactions to participate.
Bulk gift cards are more cost-effective. Bulk purchases let researchers save anywhere from 2% to over 10% for gift cards to top brands and retailers. Researchers also don’t have to manage purchasing, tracking, or complicated claims processes. They’re much easier to distribute than cash or checks.
What are the best practices for using bulk gift cards for market research?
The details of the gift card, such as the amount and type, influence the research goals and the established budget. Consider who the intended participants are and how much of their time the survey requires.
Offer flexible gift card options
Flexibility is critical for the gift card type. Participants will be more motivated if they feel they have some level of control over the incentive. A bulk gift card provider offers many options based on the subject’s location and preferred currency. You’ll also get the maximum discount, ensuring most of your budget goes toward securing more participants.
Communicate survey details and incentives
Clarity is vital to securing high participation rates when conveying details about market research activities and their associated rewards.
SurveyMonkey says the top three things respondents want to know are the time required for participation, the number of questions, and the specifics of the incentive, including timing and amount.
Adjust rewards based on participant availability
Researchers benefit from adjusting the reward based on demographic quotas and sample sizes.
When you have trouble finding respondents, offer higher rewards. Harder-to-reach audiences are more likely to participate in exchange for larger gift card amounts.
Conversely, for overrepresented groups, offer smaller rewards or discontinue incentives once you meet key demographic quotas.
This strategy makes data more accurate and valuable for underrepresented groups.
Align compensation with industry standards
Reviewing the incentive types and amounts for similar studies with ideal participation rates and similar demographics is a thoughtful place to begin. However, difficulty reaching low-population groups requires a different approach.
Estimating the average hourly rate for your target demographic and comparing it to the time commitment for participating in the study is a practical way to set gift card amounts.
This method determines a suitable incentive reflecting the value of the participant’s specialized knowledge and the time they’re spending instead of earning more doing other things. It’s particularly beneficial for those from prestigious and high-demand fields.
What is an example of using bulk gift cards in market research?
Bulk gift cards effectively enhance participant engagement in market research. Amazon provides a prime example of this strategy in action.
Amazon frequently conducts customer satisfaction and product surveys, offering gift cards as an incentive for participation.
These surveys are concise and clearly incentivize participation, which has been instrumental in maintaining customer satisfaction.
By consistently using gift cards as an incentive, the company simplifies participation for customers and gains valuable feedback to inform service improvements. According to Statista, Amazon has maintained or improved customer satisfaction over the past 20 years.
This method effectively sustains high participation rates, helps to enhance the customer experience, and underscores the value of bulk gift cards in market research.
Where do you buy bulk gift cards for customer surveys?
Most market researchers buy bulk gift cards from retail stores or their websites, corporate brand offices, third-party agencies, and bulk gift card providers.
When it comes to large-volume customer surveys, buying bulk from a retailer or corporate office is time-consuming and impractical. You’re left to handle communications, dispersal, and troubleshooting issues, which significantly drain your limited resources.
Partnering with bulk gift card providers simplifies logistics because they handle distribution, offer wholesale discounts, and offer you access to a wide variety of rewards.
What are the steps for using bulk gift cards in market research?
Effective market research reward distribution requires a systematic approach to ensure participants receive their incentives promptly and securely.
Here’s how to manage this process.
1. Select a reliable bulk gift card provider
Choose a provider with gift card choices applicable in the countries and currencies relevant to participants. The most reliable providers simplify tracking and ordering with robust online rewards platforms.
2. Integrate with your survey platform
Link your survey platform with the gift card provider’s system. Bulk gift card API integration automates gift card distribution upon survey completion, streamlining the process for participants and researchers. This strategy reduces the administrative burden on your team.
3. Set clear distribution rules
Define when and how participants receive gift cards. For example, do they receive the gift card immediately after completing the survey or after a review period? Clear rules prevent confusion and ensure participants know when to expect their incentives.
4. Secure participant information
Maintain the confidentiality and security of participant information. Ensure gift card providers comply with data protection regulations to prevent data breaches.
5. Monitor and adjust the distribution process
Track the distribution process and gather feedback from participants regarding the receipt and use of the gift cards. Use this feedback to adjust and improve the distribution strategy.
6. Provide support for redemption issues
Offer a support system for participants who encounter issues redeeming their gift cards. Quick resolution of these issues maintains trust and satisfaction among participants.
Conclusion: Bulk gift cards improve market research
Bulk gift cards are crucial tools in market research. By offering an appealing reward, they drive participant engagement and enhance data quality.
Among the other best practices covered above, ensuring the clarity of survey expectations and adjusting incentives based on demographic needs are essential for maintaining high participation rates and achieving meaningful insights.
Researchers efficiently manage incentives and have more time to focus on unpacking the lessons from participant feedback when they choose the right bulk gift card provider and integrate gift card distribution with survey platforms.
Discover how easy adding bulk gift cards to market research can be—request your NeoCurrency demo.