Tag: Bulk Gift Cards

How To Improve Participant Experience in Market Research

Posted on by Geoff Miller

NeoCurrency Market Research Incentives

Enhancing participant experience in market research is crucial for obtaining high-quality data and fostering positive relationships with respondents.

A well-designed participant experience not only ensures ethical compliance but also boosts engagement, satisfaction, and response rates.

This article explores practical strategies to improve participant experience, from simplifying consent processes to providing appropriate incentives, ensuring your research efforts are effective and respectful.

1. Simplify the consent process

Informed consent guarantees everyone understands the research, including risks and benefits, before agreeing to participate. In market research, respondents agree to participate with the assurance that the business will protect their identity, data, personal information, and that any NDAs will be honored. Upholding these principles maintains ethical research practices and instills confidence in research subjects.

To simplify consent, use clear and straightforward language and transparently explain data use, storage, protection, and anonymity. Be sure to design user-friendly, easy-to-read documents. 

Make the process as smooth and informative as possible.

2. Be kind to unqualified candidates

In automated and in-person scenarios, processes must not be impersonal or abrupt—especially when dealing with unqualified candidates.

Personalized communication acknowledges the candidate’s effort and time, demonstrating respect and appreciation. Providing constructive feedback, even in automated rejection emails, offers candidates insight into why they weren’t selected and provides growth opportunities. 

Maintaining professionalism and empathy throughout all interactions, offering resources or guidance for further development, and considering the candidate’s experience are essential practices. Training staff to handle interactions with empathy and professionalism contributes to a compassionate approach, preserving candidates’ dignity and enhancing the company’s reputation.

3. Make the research engaging

Ensuring participants remain interested throughout the research process increases engagement and the quality of responses.

Shortening surveys, simplifying questions, and incorporating interactive elements like sliders and drag-and-drop features enhance participant involvement. Implementing a mix of different types of questions (such as open-ended questions, interactive elements, and multimedia) can effectively capture and maintain attention.

When respondents are engaged, they provide more detailed, thoughtful, and honest feedback, which is crucial for accurate and valuable research outcomes. Using interactive and varied research methods significantly improves the user experience and overall effectiveness of the research.

4. Provide an incentive

Providing incentives is a straightforward yet effective way to boost participation in market research. Incentives reduce the rate of recruitment failure and study termination. Whether monetary rewards, gift cards, or entry into prize drawings, incentives motivate individuals to participate and finish their studies. 

Even small incentives significantly increase response rates and create a diverse pool of respondents. By offering rewards for their time and input, participants feel valued and appreciated, making them more likely to engage in future studies. 

5. Align incentives with the type of research

Choosing the right incentive for market research impacts the participant experience. The type and value of the incentive must align with the commitment and involvement required from participants.

This is why bulk gift cards work well for targeted email campaigns seeking underrepresented demographics. They acknowledge participants’ efforts and increase response rates, making them suitable for activities requiring moderate engagement.

Participants may prefer monetary payments or exclusive access to unreleased products for in-person case studies, especially when the brand is highly prestigious. These incentives add substantial value to their participation, reflecting the required time and effort.

Those completing shorter, less demanding surveys might be content with entry into prize drawings. Companies can incentivize lower-commitment activities with smaller rewards.

6. Simplify the reward collection process

A smooth reward collection process is the last step for a successful market research participant experience. The people who invest time and insights want quick reward distribution. It shows respect for their contributions.

Clear instructions enhance participant convenience and reduce any potential confusion. Digital rewards offer significant benefits for quickly collecting rewards. Instant electronic reward delivery ensures instant access, while customization adds a personal touch. 

7. Offer choice and flexibility in rewards

Offering participants various reward options is key to boosting their motivation and satisfaction in studies. It acknowledges their diverse preferences and lets them choose rewards that suit them best.

Bulk gift cards are ideal because they provide many choices and flexibility. In a recent study, gift cards for food or merchandise were the only tangible gift with cash value to round out the top tier of recognition preferences.

It’s essential to partner with a digital incentive expert with a wide selection of brands, like Neocurrency, which offers access to over 2,000 brands. The right partnership opens the door for participants to select rewards from their favorite retailers, enhancing the incentive program’s effectiveness and excitement.

8. Highlight prestigious brand partnerships

Partnering with well-known brands for rewards significantly boosts the value of market research participant experience. Participants perceive rewards from renowned brands as more valuable and desirable, motivating them to participate actively and provide thoughtful responses. Respondents who receive rewards from prestigious brands are more excited and satisfied. It also reinforces the legitimacy and credibility of the research project.

9. Address global reach and accessibility

Offering rewards that customers can use globally ensures inclusivity and accessibility in market research. It allows research subjects from different regions and backgrounds to engage in research activities and fully benefit from their contributions.

Partnering with NeoCurrency for bulk gift cards is a wonderful way to offer global reach and accessibility. These gift cards can be used in over 50 countries, providing a convenient and versatile option for respondents worldwide. Participants easily redeem their rewards regardless of location and enjoy the benefits of various brands and retailers. It cultivates a more inclusive and diverse participant pool, leading to richer and more representative research insights.

What does beneficence mean in market research?

Beneficence in market research means conducting studies to maximize benefits and minimize harm to participants.

This principle is crucial for ethical integrity, data quality, legal compliance, and public trust. By adhering to beneficence, researchers can significantly improve the participant experience, which is the focus of this article.

Securing informed consent, protecting confidentiality, respecting participants, and offering feedback are key practices. These measures enhance the participant experience by fostering transparency, security, and respect. When participants feel valued and protected, their engagement and satisfaction increase, leading to higher-quality data and a positive perception of the organization.

Fostering beneficence directly contributes to improving the participant experience in market research.

Partner with NeoCurrency to improve participant experience

Simplifying the consent process, showing kindness to unqualified candidates, and engaging participants through interactive surveys are vital practices. 

One of the most important considerations for engaging participants is providing appropriate incentives aligned with their commitment levels. Another key detail is implementing a smooth reward collection process to offer flexible and diverse rewards from reputable brands. Among others, these practices promote a trustworthy and effective market research environment.

Partnering with the market research rewards experts at NeoCurrency opens the door to accessing thousands of global brands that are accessible to respondents all over the world. 

With access to 2,000 stores across 50 countries, NeoCurrency’s bulk gift cards provide unparalleled flexibility and global reach for your market research incentives. 

Request a demo with NeoCurrency to enhance your participant engagement today!

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How to Use Bulk Gift Cards for Sales Incentive Programs

Posted on by Geoff Miller

How To Use Bulk Gift Cards for Sales Incentives Programs

Motivating sales teams isn’t just about numbers—it’s about fostering a sense of recognition and appreciation. The question isn’t whether a sales incentive program is worth implementing but which method will best drive employees to excel.

Gift cards are tokens of gratitude that recognize employees’ efforts and empower them to choose rewards that resonate with their interests. This article explores why bulk gift cards are the ultimate sales incentive for motivating and acknowledging sales teams and how to pick the best provider for your company.

What makes bulk gift cards ideal for sales incentives?

Motivating sales teams is challenging for businesses of all sizes, yet essential for success and team morale. Since 2010, U.S. gift card sales have doubled, exceeding $200 billion in 2023. This growth reflects their increasing popularity and appeal. No wonder businesses use gift cards as incentives—the benefits are clear.

Serves as symbols of recognition

Regular income is routine and expected, providing financial stability but lacking excitement or special recognition. Gift cards stand out as an acknowledgment of exceptional performance, enhancing the recipient’s sense of accomplishment beyond their regular paycheck.

Flexibility and personalization

Partnering with a company that offers thousands of gift card brands empowers employees with autonomy similar to cash. They can select a gift card that matches their preferences and needs, making the reward more meaningful and enhancing overall satisfaction and engagement.

Cost-effective alternative to cash

Issuing bulk gift cards is a cost-effective alternative to cash bonuses. Companies can purchase gift cards in bulk at discounted rates, maximizing their budget and rewarding more employees without increasing total expenditure. This is particularly advantageous for businesses with tight budgets or those wanting to award employees frequently.

How do you decide which gift cards to pick?

For a sales incentive program to succeed, businesses must choose gift cards that resonate with employees. Consider the brands’ geographical reach: some have a global presence, ideal for multi-location enterprises. Others cater to local tastes and needs. 

Discounts on bulk purchases also vary; selecting brands with better deals allows a company to stretch its incentive budget and reward more employees without increasing costs. Offering a variety of choices is vital, as employees highly value the freedom to select gift cards that match their preferences.

How do you pick a bulk gift card provider?

Extensive brand selection

Look for providers that offer a wide variety of brands. An ideal bulk gift card provider has access to thousands of brands, ensuring you cater to diverse employee wants.

Global accessibility

If your company operates internationally, choose a provider that supports global accessibility. This flexibility allows for a consistent incentive program across all locations, simplifying management and ensuring employees feel equally valued.

Simple integration and distribution

The ease of incorporating and distributing gift cards is crucial. Providers offering robust API support make integrating gift card distribution into your existing systems easy, minimizing administrative burdens and ensuring timely delivery of rewards.

Bulk savings

Investigate the discounts available on bulk purchases from different providers. Some may offer significant savings, allowing you to maximize your budget and honor more employees for small achievements.

Avoiding extra fees

Be aware of any potential service or partnership fees. The best providers offer transparent pricing without hidden costs, preserving the value of your incentive program.

How do you distribute and manage bulk gift cards effectively?

Effectively managing bulk gift cards requires meticulous planning. Define clear distribution criteria, segment your audience based on preferences, and schedule regular distributions to maintain motivation and engagement.

Integrate reward, HR, or payroll platforms with gift card providers via API to streamline distribution. This automation, triggered by events like meeting sales targets, saves time, reduces errors, and ensures timely benefit delivery. APIs also offer real-time tracking, facilitating prompt issue resolution.

Clear communication about the program’s mechanisms and expectations is crucial. Leaders should inform employees how and when they will receive their gift cards, establishing transparency.

How do you track and measure the success of gift card incentives?

Key performance indicators (KPIs) to measure success

Start by identifying KPIs that align with your incentive program goals. Measure changes in sales metrics, such as revenue, conversion rates, and average order value, to assess the impact on driving sales. Monitor employee engagement through surveys, feedback, or satisfaction scores to evaluate motivation and retention. Track customer satisfaction metrics, like Net Promoter Score (NPS) and retention rates, to see if incentives improve loyalty. 

Companies should also consider other indicators—employee morale, turnover, and referral rates—for a comprehensive view of success.

Time frame for seeing results

Results from gift card incentives vary based on factors including program nature, industry, and goals. Immediate impacts, like sales improvements, may occur within weeks or months. Increased employee engagement or customer loyalty may need monitoring over quarters or years.

Importance of bulk gift card partner insights

Partner with a bulk gift card provider that offers insights and analytics. These providers deliver robust reporting capabilities and data analytics to track performance, identify trends, and make data-driven decisions to improve your incentive strategy continuously.

Conclusion: Partner with NeoCurrency to use bulk gift cards for sales incentives

In conclusion, this article emphasizes the importance of using bulk gift cards as incentives to motivate and honor sales teams effectively. It highlights how gift cards offer a tangible symbol of appreciation, provide flexibility and personalization, and are a cost-effective incentive solution.

Choosing the right gift cards and the provider is crucial. Consider brand selection, global accessibility, integration ease, and cost efficiency. Through effective distribution and management, constantly improve incentive programs and track success through KPIs.

With a global reach spanning over 120 countries, NeoCurrency provides cash-like payments accepted worldwide. Choose from our extensive selection of 2,000+ brands across more than 60 countries to personalize rewards for your team. 

Ready to revamp your sales incentive program? Request a demo today and discover how NeoCurrency revolutionizes your approach with bulk gift cards!

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7 Steps to Create a Successful Employee Recognition Program

Posted on by Geoff Miller

7 Steps to Create a Successful Employee Recognition Program

Employee recognition programs are the backbone of a positive company culture where workers feel valued and appreciated. Launching one has no downsides, but it does take some effort and creativity on the employer’s part. 

The most important thing to remember is employees are a company’s most valuable asset. Their satisfaction and motivation directly affect business outcomes. Formalizing a recognition and rewards system boosts performance, employee retention, and employer brand. 

Jump in to learn how to build, launch, and refine a recognition initiative that delivers powerful results.

1. Assess current practices

The first step to revamping an employee recognition program is to audit current practices. Even without a formal system in place, it’s essential to see how recognition culture currently operates. 

Speak to a group of employees with varying levels of tenure and hierarchy. Diversify across departments and locations to understand how consistent accolades and rewards are delivered. 

2. Define program goals

After establishing what is and isn’t working, it’s time to formalize the program objectives. A strong recognition program uses the organization’s values as a base. Company culture, employer brand strategies, and overarching business drivers heavily influence these goals. 

Consider what this initiative needs to accomplish and deploy the SMART criteria to ensure goals are specific, measurable, achievable, relevant, and time-oriented. A few examples could include: 

  • Increase employee retention by 10 percent within six months
  • Reach 80 percent uptake within one year of program launch
  • Boost employee referrals by 20 percent within three months

To make goals measurable, you’ll need a baseline for employee satisfaction, turnover, retention, and engagement metrics. Work with HR, internal communications, and IT teams to understand the current data points. 

3. Identify employee preferences

Understanding what motivates employees is critical to keeping them feeling appreciated and content.

Use surveys to glean employee feedback on preferences for praise, the types of rewards they’re interested in, and how they feel about the current company culture. Some companies resort to culture meetings or focus groups to better understand the sentiment surrounding rewards programs.

Refer to reputable studies like Deloitte’s Total Rewards and Workforce Experience report. It highlights how public praise from senior leadership, direct supervisors, and colleagues is a form of recognition employees prefer the most. 

4. Draft a recognition program

Annual, performance-based recognitions and rewards are routine and occur behind closed doors or in private meetings. Since employees thrive on public and frequent praise, public recognition is crucial to success.

Reaching major milestones and overcoming obstacles are excellent activities to recognize. Workers also appreciate all kinds of positive feedback, including celebrating life events, small wins, and daily notes of gratitude.

Peer-to-peer recognition is an important way to encourage public acknowledgment of a job well done and contributes to a supportive team mentality. The ideal program makes praise and rewards easy to share, ties efforts to company values, and connects different teams.

5. Identify the rewards or incentives for the program

Employees feel more satisfied when they believe their employer cares about their interests and well-being. Yet, generic rewards or one-size-fits-all approaches for unpopular prizes fail to convey this concern.

Personalizing rewards makes the experience more valuable to workers. For instance, offering workers a choice of gift cards for over 2000 stores or choosing from a selection of brands that speak to the interests of team members.

Offering choice demonstrates the company’s commitment to worker satisfaction. As workplace diversity increases, rewards must be more personalizable to appeal to most employees.

6. Choose the right tools and platforms

Employee recognition platforms foster participation through gamification and social recognition, all while ensuring accessibility across organizations.

Ensure the platform supports scalability, user-friendliness, and customization. Prioritize options that integrate with HR and communication software and allow API connections with bulk gift card providers. This approach reduces the cost of rewards and makes distribution more efficient.

Investing in recognition platforms lets employees know the program is a priority. 

7. Announce and launch the program

Effective communication and employee buy-in lead to strong program adoption. 

Create a communication strategy explaining the system’s details, benefits, and participation methods. Utilize multiple channels to reach employees where they are most receptive. 

Choose an executive or team of leaders to support the program publicly and encourage participation. Once launched, these higher-ups must be visibly active and motivational on the platform.  

Follow up with additional reminders after the initial launch. Encourage participation by sharing success stories, holding training sessions, and incentivizing early adopters. 

Tips for successful recognition programs

Employee recognition programs are ongoing initiatives. They need refinement as time goes on. Use these additional tips to keep things impactful: 

Solicit feedback after the first few weeks. Identify areas that need more clarification, training, or customization. 

Use gamification to keep employees involved. Point systems, engagement badges, and leaderboards encourage healthy competition. 

Train managers on how to effectively acknowledge employees. Consistent recognition impacts worker satisfaction and motivates others to heap praise on the praise.

Track participation and recognition frequency rates. Check-in on the progress of the original objectives and adjust accordingly. 

Include the program in the employee recruitment and onboarding processes. If it’s a priority, it should be one of the first things new employees learn about the company. 

Conclusion: Personalize employee achievement with a brand they love

A well-designed recognition program includes public and frequent praise tied to the company’s core principles. Clear and measurable objectives aligned with company values influence engagement and impact. The opportunity for peers to recognize each other is a key component.

Effective communication and leadership support ensure strong program adoption. Choosing the right platform and prizes is fundamental to success. Corresponding tools must be scalable, user-friendly, and efficient. 

It’s wise to connect with workers frequently to understand their reward preferences. This approach keeps employees motivated and demonstrates the importance of workers’ interests and well-being to the company.

Explore how bulk gift cards offer the personal touch to reward-based recognition programs employees appreciate the most.

Request a demo to learn how much you’ll save by integrating bulk gift cards from NeoCurrency into your employee recognition program.

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Employee Recognition: How Employees Want To Be Rewarded

Posted on by Geoff Miller

How employees want to be rewarded

Turnover and quiet quitting create serious consequences for businesses. Reviewing your company’s recognition culture and reward system has never been more important. 

Employee recognition has the potential to improve retention and productivity. However, traditional programs often fail to meet employee expectations.

Acknowledging project milestones, personal achievements, and contributions of all sizes is vital for supporting and improving company morale. 

This article explores the benefits of positive feedback, the recognition workers prefer, and the latest trends shaping successful recognition programs.

How do employee rewards and recognition motivate an employee? 

Employee rewards and recognition motivate employees to do excellent work and help them feel more appreciation from employers. 

Gallup reports employees are 73 percent less likely to experience burnout when positive feedback is a core component of company culture. 

Employees who regularly receive recognition are also 56 percent less likely to look elsewhere for other job opportunities.

In a competitive job market—and especially in fields where talent shortages are common—keeping workers content through acts of appreciation is a low-effort, high-reward practice.

Successful recognition programs improve employee retention, engagement, and performance. 

What are the different ways of recognizing employees? 

Recognizing employees in the workplace happens in a variety of ways, including shoutouts in meetings, team lunches, gift cards, company awards, and private compliments. Other popular methods include memorable experiences like wine tasting, company swag, or donations to a charity in the employee’s name.

Differentiating between compensation and recognition is crucial. BambooHR says one-third of employees would rather be recognized for their work accomplishments in a company-wide email from an executive than receive a private $500 cash bonus. Cash bonuses feel transactional, and employees learn to expect them as part of their normal compensation.

On the other hand, gift cards serve as a symbol of recognition, not compensation. This form of recognition speaks more closely to a person’s interests, and the act creates a memorable experience attached to a prestigious brand name.

What are the current trends in employee recognition? 

The main trends affecting employee recognition programs are peer-to-peer recognition, personalized rewards, reviewing frequency, and gamification.

1. Technology and gamification

Employee recognition platforms help formalize company programs and ensure they are accessible to all workers. These tools offer an element of gamification that keeps employees engaged and empowered to recognize their peers consistently. 

Point systems, leaderboards, digital badges, and real-time prize claims are standard features that create a playful environment while reinforcing the trends above.

2. Increasing recognition frequency

Regular rewards have a more positive impact on work performance than annual rewards. The Incentive Research Foundation (IRF) reports that offering more frequent rewards is more beneficial to work performance than a sizable annual reward. Ongoing recognition supports high motivation and productivity levels among employees throughout the year, keeping engagement levels high and preventing burnout.

The shift towards frequent rewards creates an opportunity for coworkers to recognize and participate in the reward system for their peers.

3. Peer-to-peer accolades

Peer recognition programs are more prevalent than ever and help employees feel more valued and engaged. Micro-recognitions build a culture of appreciation among team members and keep workers consistently productive year-round. Regular peer acknowledgment builds a culture of appreciation among team members and keeps workers productive year-round.

4. Personalization

Catering to a more diverse workforce means offering rewards and recognition that speak to individual employee preferences.

Deloitte ties personalization to business success by underscoring how high-performing companies are six times more likely to understand employee preferences than their low-performing counterparts. 

Gift card rewards are a wise choice for recognition programs because they offer personalization cash bonuses don’t provide.

Understanding different employee preferences for recognition

Employees have varying preferences for recognition that vary based on generation and job environment.

Millennials and Gen Z thrive on frequent feedback. The Society for Human Resource Management (SHRM) reports that 79 percent of Gen Z and Millennials said increasing recognition rewards would make them more loyal to their employer. 

Since younger generations grew up in a digital world, online-based platforms with peer-to-peer-driven rewards are second nature. They’re also commonplace applications in remote work environments.

On the other hand, older generations don’t expect immediate or ongoing feedback and hold more appreciation for antiquated forms of recognition like handwritten notes, employee spotlights in newsletters, and formal awards like Employee of the Month.

Employers bridge these generational preferences by embracing versatile rewards (like bulk gift cards) that appeal to younger and older employees in various workplace settings.

Conclusion: Bulk gift cards for employee recognition

Employee recognition and rewards programs drive employee retention and foster a strong company culture. 

Recognition takes many forms, including public praise, peer-to-peer recognition, and rewards programs with gift cards. Current trends in employee rewards include digital peer-to-peer systems, gamification, increasing reward frequency, and personalized prizes.

Gift cards are one of the most popular and universally appreciated rewards for personalizing rewards in recognition programs. NeoCurrency offers 2000 choices in 50 countries for bulk gift cards that fit seamlessly into your company’s employee recognition program.

Request your demo to learn how much you can save on bulk gift cards from NeoCurrency for your employee reward program.

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How to Use Bulk Gift Cards to Improve Market Research Results

Posted on by Geoff Miller

How to Use Bulk Incentives for Market Research

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.

 

Example Market Research Email

 

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.

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What Are Subject Incentive Programs in Market Research?

Posted on by Geoff Miller

What are Subject Incentive Programs for Market Research

Recruiting high-quality subjects for your research studies is time-consuming work. 

Offering and distributing the right incentives to drive participation is half the battle. Saving time and effort on this process allows you to focus on the data and insights you collect. 

Simple high-value offers are the key to research incentive programs. This article discusses incentive options, why you should use them, and the most effective options.

What’s the difference between market research and marketing research?

While they sound similar, market research and marketing research have distinct differences. 

Market research is the broader concept focusing on the market landscape as a whole. It includes user demographics, customer behaviors, market trends, competitors, and similar. Specialized third-party companies, institutions, or individual researchers traditionally conduct market research.

Conversely, marketing research includes activities specific to a company’s marketing efforts. It’s usually conducted or overseen by an internal marketing department. It involves insights into product usage, pricing, and promotional strategies. 

What are research subject incentive programs? 

Research subject incentive programs compensate subjects in exchange for their time in the research activity. Rewards can be monetary or non-monetary. These initiatives encourage participation and high-quality responses during the research process. 

What are the different types of subject incentive programs? 

Marketers use a variety of different types of incentives for research subject incentive programs. Researchers may offer cash, gift cards, discounts, raffles, gear, and more.

Entries to win raffle prizes are also common but less effective than guaranteed compensation. Statista reports that recurring discounts, free samples, extended product warranties, and one-time coupons only appeal to up to 36 percent of the population. 

While these types of incentives have some appeal, they don’t attract the majority of potential respondents.

Why should researchers use subject incentives for customer surveys? 

Researchers increase the likelihood of customer survey participation by providing subject incentives. Incentives combat common challenges for researchers, including small sample sizes, low response rates, and ineffective data.

Subjects expect compensation for sharing their insights through research activities. Making incentives as clear and attractive as possible is critical to success. As the saying goes, time is money. 

How much are the rewards in subject incentive programs? 

The compensation for market research activities varies widely based on the supply of qualified respondents and the participant’s time and effort.

The National Business Research Institute (NBRI) suggests incentives ranging from $10 to $50 per respondent to improve market research response rates and data quality for smaller populations and achieve a representative sample.

NBRI differentiates strategies for larger populations of potential respondents (greater than 500). It recommends smaller incentives when capturing a representative sample is easier. 

Increasing the value of rewards improves participation when there aren’t enough potential respondents, but it isn’t necessary for large samples with high participation.

What type of market research incentives are the most effective? 

Several factors increase the effectiveness of market research incentives. Cash and its equivalents (checks, prepaid debit, and gift cards) are more popular than non-monetary rewards.

Even a small financial incentive improves success. NIH reports significant improvements in the outcomes measured—a common market research trend with compensation for subjects.

We know increasing the amount moves the needle, but the delivery method is also essential. Researchers commonly mail checks, and subjects may be wary of dealing with banking transactions.

Bulk gift cards are simpler and safer to distribute than cash. They offer transfer flexibility you don’t get with checks, making this approach attractive to the widest range of participants.

What types of market research are suited for bulk gift cards? 

Bulk gift cards are an excellent option for market researchers seeking high participation from large sample sizes.

This reward is suitable for improving response rates for both qualitative and quantitative research, including online surveys, mail-back questionnaires, focus groups, and clinical trials. They’re ideal for projects with low response rates or data quality concerns.

Besides being particularly effective for market research projects involving large-volume groups, bulk gift cards are ideal for researchers who need cost-effective incentive distribution.

Furthermore, this approach accommodates participants from locations with different currency requirements. 

What are the risks of using research incentives? 

Marketers frequently debate the bias risk of research incentives. There are ethical arguments suggesting incentives skew research data.

For instance, participants may be dishonest about their eligibility or rush through the questions without giving honest and accurate responses just for compensation. The same risks exist for research without incentives.

On the other hand, the risks don’t outweigh the positive outcomes. Experienced researchers mitigate concerns of bias or oversampling with quality control measures. 

Ultimately, the argument in favor of incentives comes down to three main points: 

  1. Gift cards are commonplace and generally expected
  2. Gift cards are a fair and valid method to thank subjects for their time
  3. Gift cards are the fastest way to satisfy sample size and quality criteria

Conclusion: Bulk gift cards for subject incentive programs

Offering PayPal, Venmo, Mastercard Prepaid and Visa Prepaid are all good choices when respondents expect cash-like options. Certain verticals, like health care and doctor panels will require these incentives. Simple, high-value offers, such as cash and bulk gift cards, should enhance participation significantly and are key to successful research subject incentive programs.

Gift cards are particularly effective for large-volume groups and projects requiring high participation rates. The benefits of using incentives to attract and retain participants overwhelmingly support their use, improving both response rates and data quality.

While there are many incentive options when conducting online surveys, focus groups, and polls—bulk gift cards benefit the subjects and researchers the most.

Are you ready to boost your participation rates with digital rewards? NeoCurrency is your doorway to bulk gift cards in over 140 countries for 20 global currencies. 

Request your demo to see how NeoCurrency will simplify your research subject incentive programs. 

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Best Practices for Leveraging Brand Rewards in Promotions

Posted on by Geoff Miller

While there are a lot of ways to run a promotion, utilizing brand rewards offers an easy, efficient, and flexible option that drives sales and builds your brand while making your customers feel special and appreciated.

Plus, utilizing brand rewards in promotions doesn’t require a discount on your product or service. You’re adding value for the consumer without cheapening your brand. It’s truly a win-win.

Consider the following when choosing a partner for brand rewards.

What are the best criteria for choosing a reward or gift card?

Whether you call it a brand reward, gift card, electronic reward, or corporate gift card, we must consider five critical elements when creating a prize or prize pool: the purpose of the promotion, accessibility, target relevance, brand association, and brand recognition.

Why are you doing a promotion?

While developing a promotion to drive sales and build your brand is the main priority, it’s wise to think about overarching objectives.

Are you introducing something new? A new service? A new product? A new attitude? Whatever the reason, it should be the first thing on your list to figure out before you just go and pick a brand or brand to include. If you’ve been operating in the US but are expanding globally and want to make some noise—what brands would help?

Perhaps you’re changing lanes. Maybe you need to rebuild your reputation. Or you’re proud of who you are and how far you’ve come and want to promote it because you’re awesome. Whatever the goal, you should look at the brands that can help you accomplish it in the mind of your target audience.

Why is target relevance so critical to success?

Brand selection is key because the brands you partner with reflect on your company.

For example, brands like Xbox, Playstation, and Nintendo have obvious similarities—but they create an opportunity for a brand like Axe body spray to play a role since it’s relatable to the target. You might even choose to include all of them to maximize the reach of your promotion while making it unique.

You know your audience. With all the data at our fingertips today, you know exactly how to reach them. But, for whatever reason, some companies come up with offers that make no sense and sometimes fly in the face of what they are trying to do. 

It’s crucial to think about your target, brand, and goals to ensure the reward pool you offer makes sense in the big picture. This consideration is one of the reasons NeoCurrency’s catalog has thousands of brands to choose from, from the big ones you’d expect to some very targeted ones unique to us.

How important is brand association in a promotion?

Brand association is an essential element in developing a promotion.

If your company is about simplicity, the brands you partner with in your promotion must reflect this. If they don’t, you run the risk of confusing or even alienating your audience. Plus, explaining why you associate with a particular brand can make messaging difficult.

Choosing a brand because it’s cool, popular, or something else doesn’t make sense if it doesn’t match your company’s DNA (unless you are looking to change your DNA or the perception of your brand).

Picking brands that don’t fit may work against you and could have the opposite effect on your goal.

Is it better to partner with well-recognized brands?

Partnering with well-recognized brands can offer some significant benefits, but there can also be some drawbacks.

The more well-known a brand is, the more likely people are to want to get a reward or gift card from it. However, it can be costly to work with. It comes with a long list of mandates that can be challenging to navigate, especially regarding logo usage, creative guidelines, and approval processes.

On the other hand, lesser-known brands typically offer better savings or some other incentive to entice you to partner with them. If no one’s heard of them, their brand may not help drive the sales you’re targeting.

Yet, there may still be benefits. If a brand aims to use your name to its advantage, it’s valuable to consider what you can gain from the negotiation, especially in terms of who covers the costs.

Is accessibility important when choosing a promotional partner?

Accessibility to easily redeem a prize is vital when using brand rewards as a promotional incentive. After all, the biggest reason gift cards and digital rewards work is because they’re so easy to use by the people who receive them.

NeoCurrency’s vast selection of brand rewards is overflowing with companies that are easily accessible online or in-store, making it easier for everyone to redeem their prize rather than let it waste away on a nightstand.

Best Practices for Promotional Rewards

How can NeoCurrency help you drive sales and build your brand?

One of the benefits of working with NeoCurrency to help develop your next promotion is we’ve done a lot of the heavy lifting for you already.

Rewards planning

Many brands don’t get involved with promotions that offer corporate gift cards or virtual rewards simply because it seems difficult. People think it’s expensive, there are too many layers to work through, and so on. It can be all those things, but that’s why we’re here; we simplify the entire reward process. We’ve negotiated everything—even creative challenges.

Prize pools

We have many different ways to run a promotion with brand rewards. You may want to create something strategically focused on one brand. So, you can offer various levels of rewards for that brand. Or, you could create a broader prize pool, which our experts can help you develop based on your goals and objectives, whether it’s a local, regional, or global effort.

Marketing strategy

There are also different ways to motivate customers. You might want to leverage an instant win element to build your promotion. We help with this! Or, maybe you want to keep them engaged for longer by developing a sweepstakes option where they can enter numerous times. We help with this, too!

Fast and simple bulk gift cards

Our wholesale pricing is fixed with no hidden fees. You can manage everything from our reward dashboard, which makes everything straightforward and intuitive, or you can simply integrate it with our single gift card API.

Partner with NeoCurrency on your next promotion.

NeoCurrency’s global catalog of over 2000 brands provides plenty of opportunities for you to run a successful promotion, regardless of your goals. We’ve been doing this for a long time and would love to put our experience to work for you.

Request a demo to get all the details about how we’ll help you develop and execute your next promotion by leveraging an extensive variety of brand rewards.

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The Power of Choosing the Right Gift Card API Provider

Posted on by Geoff Miller

By Eric Thiegs, Head of Strategy & Growth, NeoCurrency

Over my 25 years in the gift card industry, I’ve had a front row seat to the evolution of the industry. One of the most impactful developments was the introduction of gift card APIs.

In fact, I had the opportunity to be involved in launching one of the first gift card APIs to service real-time eGift distribution to both end users and corporate clients for B2B use cases in the loyalty, reward, and incentive industries. The revolution was on.

That was over 10 years ago.

Gift Card APIs in the present

Since then, APIs and gift cards have continued to change in myriad ways. So have the providers and the solutions they offer. It’s a dynamic and competitive industry, and choosing the wrong partner can cost a lot more than money. After all, the whole reason to utilize gift cards is to reward, engage or incentivize in some way, an employee, customer, member, participant or prize winner. Poor execution or under-delivery can have the exact opposite effect on your business or reputation that you were looking and paying for—and possibly even lead to legal issues.

“It’s a dynamic and competitive industry,
and choosing the wrong partner can cost a lot more than money”

In order to help you choose the right digital reward provider for your needs, I’ve put a checklist together for buyers and decision-makers who are looking to find a gift card API provider and solution both domestically in the US, internationally—or both, that will work best for their needs. The list is based on my experience over the course of my career, as well as what we hear from our own clients here at NeoCurrency every day. Asking providers to share details on each of the below API attributes, features, benefits, use cases and pricing will help you select the best gift card API.

1. What reward content does their Gift Card API offer?

A gift card API is only as good as its content, and so the most important feature of the best reward APIs is the ability to offer a wide variety of brands that provide flexibility and choice. Ask your gift card provider if the following products can be supplied through their API integration.

  • Closed Loop Cards: Brands ranging from Amazon, Google Play, Apple, Starbucks, etc.
  • Open Loop Prepaid Cards: VISA, MasterCard, American Express, etc.
  • Cash-Like Rewards: PayPal, Venmo
  • Digital Currency Rewards: Bitcoin, Ether, Dogecoin, etc.
  • Choose-your-own reward option: A universal reward link that allows the end recipient to select their reward/gift card
  • What, if any, other prizes, coupon codes, or digital content can be delivered in their API?

2. What currencies and countries are supported by their API?

Some clients need content relevant in one country. Others need eGift Cards with popular brands across a multi-country regions, an entire continent, or all of the above. Beyond the brands, it’s important to be able to deliver rewards in the appropriate currencies for many reasons. Understanding a partner’s capabilities domestically and across the globe is key, especially if there’s a chance you’ll need coverage in a new region as your platform grows.

3. How easy is the integration of their Gift Card API?

Most Gift Card APIs boast a suite of powerful features from seamless ordering and robust security options to easy, free sandbox access for testing. Getting access to all of the great features; however, can be a challenge. You’ll want to ask your provider about how quickly the API can be deployed and inquire if the API documentation is developer-friendly. You’ll also want to know if it’s easy to work with the provider’s team to launch sandbox testing and move quickly into production. A tech call with your potential provider will quickly tell you how collaborative, supportive, and trustworthy the team is behind the API solution. If they don’t want you to talk to their tech representatives, it’s probably a red flag.

4. What kind of account support do they offer?

On-going account support is a key attribute that sets many Gift Card APIs apart. Whether you’re a small business or an enterprise-level corporate client, the reward API you use should grow with you. And you should have the support you need to answer questions and troubleshoot issues. Whether it’s new content, 24/7 self-serve account access, or strong customer service, you’ll want to ask your potential partner to outline, specifically, how they will support your account.

5. What are the KPIs of their Gift Card API?

Key Performance Indicators (KPIs) are the lifeblood of every good API. Ask your potential gift card provider for metrics around the up-time, load tolerance, scalability, and error rate of their API. Because let’s face it, if the API doesn’t work, it will hurt you. You’ll want to understand the platform’s reliability, downtime risk, and other performance attributes that may impact the API service.

6. What are the costs and fees associated with their API?

Not all Gift Card APIs use the same pricing structure. To get a transparent understanding of the commercial components, you’ll want to ask your provider about all fees associated with their API including the cost of the eGift or prepaid products sourced through the API, setup fees, transaction fees, delivery fees, email template fees, email delivery fees, SaaS fees, or hosting/service fees.

NeoCurrency Stacks up.

NeoCurrency delivers rewards and incentives all over the world.

Since I’m suggesting you ask all of these questions to any gift care API provider you are interested in talking with, here is a quick cheat sheet of how we would answer these questions at NeoCurrency.

1. What reward content does NeoCurrency’s Gift Card API offer?

NeoCurrency offers over 2,000 digital reward options from the biggest brands you expect, to more localized relevant brands that provide more unique offerings around the world—all through a single API integration.

2. What currencies and countries are supported by NeoCurrency’s Gift Card API?

NeoCurrency’s API content covers 140+ countries across six continents in 50 currencies. We offer a multi-currency, global API for clients who need just one country/currency or those that need access to digital rewards across the world. Among many other benefits, being able to redeem in so many currencies helps our clients save money on conversion fees they’d otherwise have to pay.

3. How easy is the integration of NeoCurrency’s Gift Card API?

The team here at NeoCurrency takes pride in our ability to quickly and easily support clients who are integrating into our gift card API. This includes:

  • A four-tier account service support structure
  • Fast access to sandbox account access with test funds
  • Same day/24-hour turn time on technical questions during integration
  • Fast production turn time

We’ve been grateful to have clients praise us on our integration support and turn-time. If APIs provide real-time access to rewards, the team supporting the integration should be as real-time as possible during the set-up, too.

4. What kind of account support does NeoCurrency offer?

Taking care of our clients is something we’ve prided ourselves on since we started the company. We focus relentlessly on providing:

  • Global multi-time zone account service support
  • 24/7 self-service access and control to your API via an account dashboard
  • Real-time, self-service reporting available 24/7
  • Full program assets available for download 24/7 (brand logos, T&Cs, card images, etc) within your dashboard
  • 4-tiered account service support structure that includes customer service, client success, executive and C-level contacts

5. What are the KPIs of their Gift Card API?

At NeoCurrency, we work hard to make sure your rewards are getting where they need to go, when you want them to get there. We are proud to consistently track in the very top of some critical industry KPIS including:

  • 99.999% uptime
  • 0.002% error rate
  • 1-2 second avg API response time

6. What are the costs and fees associated with NeoCurrency’s API?

We’re allergic to fees here at NeoCurrency which is why you’ll pay:

  • NO set-up fees
  • NO transaction fees
  • NO delivery fees
  • NO email template fees
  • NO email delivery fees
  • NO SaaS fees
  • NO hosting/service fees
  • NO minimums

Our pricing is simple. Our clients pay as they go for the reward content they order through the API. We have a global rate that can be sent for review, and pricing is accessed in the client’s API dashboard for viewing and reporting 24/7.

Summary

Today’s Gift Card APIs are very different than the ones I began implementing with clients 10 years ago. Your program deserves the best reward API provider; one that offers a comprehensive solution that not only meets but exceeds industry standards and offers you the scalability, security, content, and global reach to make your programs successful.

I hope you find this list to be helpful, and I’d be happy to answer any other questions you may have about the general gift card API marketplace or, specifically, our NeoCurrency reward API solution. All of us at NeoCurrency think we have something uniquely special here, and we’d love to share it with you in detail.