Tag: Incentives

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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What Are the Best Incentives for Market Research?

Posted on by Geoff Miller

What Are the Best Incentives for Market ResearchConsumer opinions change rapidly, and companies must continuously gather insights to stay ahead of the competition. But how do you convince busy consumers to share their thoughts and preferences? 

The answer lies in offering compelling incentives for market research. Whether through monetary rewards, exclusive access, or creative experiences, the right incentives transform your market research from a chore into an engaging opportunity. 

This article explores the most successful incentives that attract participants and quality feedback—driving your business to success.

Cash incentives

Direct cash payments prove highly effective in market research, quickly attracting numerous people. Recent studies highlight cash’s superiority over vouchers or lottery tickets in boosting participation rates. Cash’s appeal is in its immediate, tangible value and easy understanding. 

However, the cost of cash rewards and the risk of attracting individuals solely motivated by money counterbalance its advantages. Cash incentives also face limitations in international studies due to currency differences. 

Despite these drawbacks, cash incentives excel in time-sensitive research, where extensive participation is necessary, and when addressing less engaging topics.

Gift cards and digital rewards

Gift cards have surged in popularity as incentives for market research. An impressive 10.29% annual growth rate showcases their widespread desirability among consumers.

Bulk gift cards offer the best of both worlds. They function as cash equivalents, ensuring flexibility for consumers while enabling researchers to optimize cost-effectiveness.

Renowned brands further increase the perceived value of gift cards, enhancing their appeal among partakers. With the emergence of digital gift cards, the immediacy of rewards is another compelling benefit, providing recipients with convenient and hassle-free redemption options online or in-store.

The inclusion of globally accepted options like Visa and Mastercard prepaid cards expands the reach of these incentives, encouraging worldwide studies by eliminating geographical and currency barriers.

Your next coffee is on us!

Merchandise incentives or coupons

Merchandise incentives for market research range from physical goods to branded products. These incentives carry appeal due to their tangible nature and perceived value. Branded merchandise evokes a sense of exclusivity. The success of these incentives relies on their ability to offer novelty or usefulness. 

However, it’s worth noting that approximately 66% of promotional products are discarded in landfills, highlighting the importance of considering a sustainable and eco-friendly alternative. 

Merchandise incentives are best suited for scenarios where individuals prioritize physical items over monetary incentives, such as targeting audiences with strong brand affiliations or specific product interests.

Get your free Tshirt with a survey

Points-based systems

Like loyalty and reward points programs, points-based systems offer a structured approach to incentivizing market research feedback. Participants accumulate points for completing surveys or other research activities, which they can later redeem for prizes. 

These systems foster loyalty and sustained engagement by providing a clear pathway to earning incentives over time. Point systems are wise strategies because they turn the research into a game, which keeps people engaged and giving feedback. 

This strategy aligns with Generation Z’s preferences, with 81% noting loyalty or rewards programs influence their decision to maintain relationships. However, managing points systems is complicated, and delayed compensation may deter some people.

Get reward bonus points by giving your opinions

Experiential incentives

Experiential incentives, such as events, workshops, and exclusive experiences, offer unique opportunities beyond traditional offerings. They create memorable and enriching experiences that stand out from the competition. Examples of experiential incentives include VIP access to product launches, behind-the-scenes tours, or personalized workshops with industry experts.

While such niche experiences tend to engage participants deeply and elicit valuable feedback, they may attract only those already interested or familiar with the company. Consequently, this selectiveness could result in less randomized feedback and fewer contributors overall.

Charitable donations

Charitable donations serve as unique incentives in market research, allowing participants to contribute to meaningful causes while engaging in surveys or studies. These incentives benefit both consumers and brands.

For consumers, charitable incentives offer a sense of fulfillment and purpose beyond personal gain, cultivating a positive emotional connection to the research process. Brands benefit from improved brand perception and reputation by aligning themselves with charitable initiatives, showcasing their commitment to social responsibility. 

One successful example of a charitable incentive program is American Express’s “Members Give” program, where cardholders donate reward points to various philanthropic organizations. This program encourages individuals to use their American Express card over others and enhances brand loyalty by associating it with charitable efforts.

How do you know which incentives to pick for market research?

When selecting incentives for market research, it’s crucial to consider factors such as brand recognition, location, and budget. Align incentives with your brand identity to reinforce recognition and reputation. Additionally, companies must consider location-specific preferences and cultural nuances to ensure that incentives resonate with participants. Budget is also vital. Opting for cost-effective options allows for savings while still providing valuable rewards.

The type of market research should guide the selection of incentives, ensuring they align with people’s motivations and research objectives. In this regard, bulk gift cards are ideal, offering flexibility, cost-effectiveness, and broad appeal. By covering multiple bases, gift cards are a perfect solution for incentivizing participation in market research endeavors.

Conclusion: NeoCurrency for market research incentives

Gathering insights swiftly and productively is crucial for businesses to maintain their competitive edge. Cash incentives and equivalents quickly attract participants due to their immediate, tangible value.

Gift cards offer flexibility, cost-effectiveness, and immediate, convenient rewards. Merchandise incentives appeal to those who value physical items and brand exclusivity.

Points-based systems create sustained engagement through redeemable rewards over time. Experiential incentives provide unique, memorable experiences that deeply engage participants. Charitable donations enhance participation by offering a sense of fulfillment and purpose.

Gift cards are a top choice due to their brand appeal, variety, and bankless transferability. With bulk ordering and delivery, gift card API, customizable email templates, and a global reach that includes Visa and Mastercard prepaid options in over 120 countries—NeoCurrency simplifies the process. 

Contact NeoCurrency today to discover how their expertise can help your unique business select the top incentives for market research.

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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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What Are The The Pros and Cons of Employee Sales Incentive Programs?

Posted on by Geoff Miller

What are the Pros and Cons of Sales Incentive Programs?

No matter the scale of the enterprise or the diversity of location, one thing remains constant: the importance of an inspired and engaged sales team. Employee sales incentive programs promote a culture of recognition and reward, ensuring that hard work and dedication resonate across all corners of the organization.

Understanding sales incentive program objectives, advantages, and potential drawbacks is critical to crafting a strategy that truly resonates with employees. 

This article explores how sales incentive programs shape company culture, raise drive, and foster success.

What are sales incentive programs?

Sales incentive programs motivate and reward sales teams for hitting specific targets. They aim to boost sales, improve market share, raise product awareness, enhance customer satisfaction, and build team spirit. 

These programs set targets such as revenue goals and new customer acquisitions, offering financial incentives (like bonuses or gift cards) and non-financial incentives (from recognition to travel). Programs can be short-term or long-term, rewarding individual achievements, team efforts, or different levels of accomplishments.

What is the most common form of incentive for salespeople?

There are multiple ways to inspire salespeople successfully. While salaries and hourly wages provide stability and initial drive, options like commissions and bonuses directly tie earnings to performance and maintain steady motivation. For example, commissions, a typical sales incentive, encourage salespeople to close more deals by earning a percentage of their sales.

However, sales incentives go beyond commissions and purely closing deals. Businesses can reward employees for excellent customer interactions, company anniversaries, or a positive work attitude. These non-sales incentives are just as powerful, if not more, in motivating and engaging teams.

Sales incentives include cash and cash equivalents like gift cards, which are popular and effective due to their flexibility and broad appeal. Other popular incentives include travel rewards, recognition awards, high-end merchandise, professional development opportunities, and health and wellness benefits.

What is the objective of a sales incentive program?

The objective of a sales incentive program is to motivate and reward salespeople for achieving specific performance goals. In 2023, only 23 percent of employees strongly agreed that they received adequate recognition for their work. These programs aim to improve that statistic, increase worker happiness, and build a cohesive team. Doing this naturally drives sales and enhances customer satisfaction, too.

What are the advantages of sales incentive programs?

Employee sales incentive programs have a proven track record of success. They offer numerous advantages that support their objectives, grow sales, and provide significant benefits that make their implementation worthwhile.

Increased productivity

Sales incentive programs increase employee engagement by 3.7 percent, leading to substantial gains in productivity and profitability. Engaged employees are more inspired, dedicated, and likely to go above and beyond. This heightened level of engagement translates into better customer interactions, higher sales figures, and improved overall performance.

Reduced employee turnover

These programs also help to recognize and reward high performers, boosting morale and reducing employee turnover. Employees who receive frequent recognition are 68 percent less likely to feel burned out at work.

Lower turnover rates prevent business operations gaps and reduce the costs associated with hiring and training new employees. 

Enhanced company culture

A recent study showed 90 percent of employees consider incentive and recognition programs key to building culture and uniting a dispersed workforce. 

These programs align individual and team efforts with strategic objectives, ensuring that every branch of the enterprise works cohesively towards common targets, regardless of geographic boundaries.

Constant motivation

Among employees with great recognition experiences, 72 percent say their company frequently recognizes them for small tasks. Acknowledging minor achievements drives additional motivation because the praise is attainable rather than based on extensive goals. 

Gift cards are an excellent way to reward workers for small acts. Buying them in bulk saves money and allows companies to reward multiple employees frequently without significant costs. To keep it exciting, vary the stores for the gift cards to ensure the rewards remain fresh and appealing.

What are the disadvantages of sales incentives?

While employee sales incentive programs offer many benefits, they also have potential disadvantages. One risk is they can inadvertently encourage unethical behavior, such as misreporting sales or favoring customers with the highest incentive payouts. 

These programs sometimes favor specific departments or locations over others, leading to internal disparities and resentment within the company.

Another issue is some incentives are not universally appealing. If the rewards are only attractive to a small demographic, such as specific merchandise or niche experiences, they can fail to inspire the broader sales team. 

Cash incentives, while popular, can also have drawbacks. Over time, they may be viewed as part of regular income, diminishing their influence. Employees might come to expect these bonuses, which can reduce the sense of competition and make the rewards feel less meaningful.

In contrast, gift cards often feel more symbolic and valuable. They provide a tangible reward that stands out more than just extra numbers on a paycheck. For large companies, bulk gift cards are also the most flexible option, allowing employees to pick what suits them best—making them appealing to all.

Conclusion: Upgrade your sales incentive program

In this thorough exploration of sales incentive programs, we’ve uncovered their various aspects, from objectives and advantages to potential cons. These programs serve as powerful tools to excite and reward sales teams, driving productivity, reducing turnover, and fostering a positive company culture. 

One standout incentive option highlighted is gift cards, which offer flexibility and broad appeal. Gift cards provide tangible rewards that feel more symbolic and valuable than cash bonuses, making them an excellent choice for incentivizing sales teams. 

As enterprises and multi-location organizations strive to enhance their incentive strategies, NeoCurrency offers a solution tailored to their needs. With access to over 2000 brands across 60 countries, NeoCurrency provides unparalleled flexibility and choice for rewarding sales teams.

Request a demo today to discover how NeoCurrency can help your sales team thrive with innovative incentive solutions.

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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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Increasing Participation of a Major Global Market Research Study

Posted on by Geoff Miller

If you’re going to be one of the biggest, most expansive global market research panel platforms in the world, you’re going to have to be able to incent respondents in places where delivering payments can be a little tricky, like Latin America.

How Do Businesses Use Bulk Gift Cards for Sales Promotions?

Posted on by Geoff Miller

How to use bulk gift cards in sales promotions

Promotions featuring brand rewards and gift cards offer an easy, efficient, and flexible way to drive sales and build your brand without discounting your product or service. 

In many instances, using bulk gift cards is the simplest and most cost-effective way to build a prize pool to excite your target and incentivize purchase, participation, or whatever behavior you want to achieve.

Here are a few strategies to help you think through the opportunities bulk gift cards offer for promotions.

What kinds of promotions use bulk gift cards?

Many different types of promotions leverage bulk gift cards because they offer flexibility and provide consumers with something they really want—especially when you build a prize pool with a lot of choices. Some of the most common promotions that effectively use bulk gift cards are sweepstakes, games, instant wins, rebates, incentives, and buy X get Y promotions.

Why would I use bulk rewards in a sweepstakes?

There are a lot of reasons to use bulk rewards in just about any sweepstakes promotion. You can use them to build excitement around a large, aspirational grand prize while providing many smaller prizes to increase the chances of your target audience actually winning something.

In many instances, the promotion can also be themed around your grand prize. This makes choosing the appropriate brand or brands you offer very important from a messaging standpoint. And that should drive the rest of your prize pool.

With bulk rewards, creating a prize pool with hundreds, thousands, or even millions of prizes available is easy. This makes more people feel good about participating and expands the demographic reach of your promotion, depending on the partners you choose. It depends on your budget, but offering prizes in the $1-$5 range is typically less expensive than you might imagine.

Sweepstakes are also popular with consumers because there is a very low barrier to entry. In many cases, they are automatically entered to win as soon as they purchase the key item of the promotion. No forms to fill out or receipts to send in. It’s simple for them—and you. Even redemption is easy since the prizes can be delivered digitally.

What is the benefit of using bulk rewards in games or instant win promotions?

The benefits of using bulk rewards in games or instant win promotions are fairly obvious when you think about the world we live in—people like games. And people love instant gratification. This is particularly true of young adult consumers but pretty much everyone expects whatever they want to show up now.

When you use bulk gift cards that can be redeemed digitally, not only will consumers know that they won, but they’ll be able to have their prize in their hands almost immediately. This is a huge benefit all around. For the consumers, they get their prize. And for you or your partners, the prize can be redeemed right away, driving immediate sales.

While it’s possible to have a game-based promotion or an instant win promotion, many times the two tactics work together. Think about the classic Monopoly® at McDonald’s promotion. There was an overall grand prize, a game board and pieces to collect, which drove repeat purchase. At the same time, many of the pieces also added an instant win which was typically a free food item available right in-store.

How exactly you structure your game or instant win promotion should be determined by what you and your partners are trying to accomplish.

Why would I use bulk gift cards as rebates or incentives in promotions?

The main reason to use bulk gift cards for rebates and other incentives is they essentially let you add value to your product or service without actually discounting it. And to be sure, once you start discounting your offering, it’s a slippery slope into the bargain bin and very difficult to rebuild that value in either price or brand equity.

One of the best types of bulk gift cards for rebates and incentives is prepaid cards. Essentially, they function as dollars off and give consumers the flexibility to spend it however they’d like. Of course, you can deliver messaging or structure your promotion to encourage consumers to spend that prepaid card with you—in-store or online.

These types of promotions are popular with many electronics manufacturers, wireless carriers, big box stores, and even national restaurant chains. Here is an interesting case study if you’d like to see how one mobile phone company executed its promotion.

Are bulk gift cards effective for buy/get promotions?

Bulk gift rewards can be very effective in a number of buy X get Y promotions, but you definitely need to understand your audience. The reason for this is buy/get tend to be more specific offerings than many of the other promotions we’ve discussed here.

As the name says, the name pretty much indicates why: if you buy this, you get that. In some ways, this could seem limiting. But it also gives you the opportunity to really hone in on a message and an offer you think will drive a very targeted audience to respond positively. It all comes down to the size of the prize, who it’s from, and the required purchase.

Of course, one popular way to keep the basic mechanics and strategies in place while providing more choice to the consumer is to offer prepaid cards again with a significant value.

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

One of the benefits of working with NeoCurrency to help develop an effective promotion leveraging digital bulk gift cards is we’ve done a lot of the heavy lifting for you already. Our catalog has rewards available from thousands of brands worldwide, from the big ones you’d expect to some very targeted ones unique to us.

1. Rewards planning

Many brands don’t get involved with promotions that offer bulk gift cards or virtual rewards simply because it seems difficult. People think it’s expensive, the process has too many layers to work through, and so on. It can be all those things, but that’s why we’re here.

We like to say that we’re marketers that just happen to provide rewards and prizes. With our long history of strategic rewards and prize pool planning, we can secure partnerships that normally take months to get approved much faster.

We simplify the entire process. We’ve negotiated everything—even creative challenges.

2. Prize pools

We have many different ways to help you develop a prize pool featuring bulk gift cards.   We can help you create something strategically focused on one brand or many, with as many prize tiers that fit your strategy.

Our experts are here to help you create an appropriate prize pool, regardless of whether your promotion is a local, regional, or global effort.

3. Fast and simple bulk gift cards

NeoCurrency’s wholesale pricing is fixed with no hidden fees. You can manage everything from our intuitive reward dashboard or simply integrate it with our single gift card API.

Partner with NeoCurrency for your next promotion

NeoCurrency’s global catalog of digital rewards for over 2000 brands provides plenty of opportunities for you to run a successful promotion, regardless of the kind of program you want to run. 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 featuring bulk gift cards by leveraging an extensive variety of brand rewards.

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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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