Are we getting the level of incentives correct?
Incentives should be at the core of every market research study when formulating your participant needs. Whether you entice your participants with monetary rewards or vouchers, you will always get the best results out of those who have something to gain.
When a free dinner just doesn’t cut it, check out our top tips on achieving the correct levels of incentives and how to make them more effective.
What type of incentives are the most effective?
Finding the correct incentive can be entirely dependent on your audience, here’s a closer look at four types of rewards that will influence those who are sat on the fence to take part in your research.
- Cash. Cash. Cash. – This one may be obvious, but it’s also the most effective. Cash, cheques or gift cards go a long way in swaying individuals to take part. Consider other payment methods like Paypal or Amazon Vouchers if your study requires online participation.
- Everyone Loves a Bargain – Discounts and coupons can sometimes be equally, if not more effective than money in some cases. However, you should take the time to know your audience – this could be the main motivation for students but not as effective with corporate respondents.
- Being a Good Samaritan – Charity is a popular type of incentive as it offers the consumer a chance to help towards a good cause and makes them feel good about themselves. Brand perception will also improve as a result of offering this option, so it’s worth considering.
- Try Before You Buy – When you’ve exhausted all the above options, try sending your participants a sample product instead – early exclusives or in demand, merchandise can give your brand that extra edge.
How to make them more effective
Alongside your incentives, there are ways you can stretch out and maximise them with these simple tips:
- Be Clear – Make sure you tell individuals what they need to do to acquire the reward of your research, this will keep your data as accurate as possible and ensure that there is no unnecessary loss of budget.
- Make it instant – Nobody likes waiting. Make sure that you return people’s hard work with an instant reward, this will reflect well on your brand as well as increasing engagement and participation.
- Make it consistent – Ensuring your incentive is consistent will allow participants to know what to expect when they involve themselves with your market research. Respondents will want to receive high-quality payment in return for their time; guarantee this and you will receive positive results from your project.
So, there you have it, if you’re looking to improve the engagement, accuracy and reliability of your market research; incentives are a major driver towards getting the best results.
Looking for assistance on your project? BEAM has a trusted network of 300 interviewers and recruiters to help you get the best respondents for your research – get in touch today!