the power of incentive fulfillment retaining and rewarding research respondents

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The Power of Incentive Fulfillment Retaining and Rewarding Research Respondents Presented by Mark Hughes Manager, Global Payment Solutions hyperWALLET Systems Inc. +1 (855) 449-3737 ext.239 [email protected]

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The Power of Incentive Fulfillment Retaining and Rewarding Research Respondents

Presented by Mark HughesManager, Global Payment SolutionshyperWALLET Systems Inc.

+1 (855) 449-3737 [email protected]

Overview

Key Topics:

1. Why?Why do incentives matter to market research firms and survey respondents?

2. What?What incentive fulfillment challenges impact the market research industry?

3. How?How a recipient-directed approach to incentive fulfillment can have a significant impact on respondent retention rates and participant satisfaction?

In this session, hyperWALLET Systems Inc., a global incentive payments provider, will present its cash-based rewards distribution platform, alongside overarching industry trends, in order to showcase the merits of a choice-driven, recipient-directed approach to incentives fulfillment.

Incentives:What are they?Why do they matter?

What Are Incentives?

in·cen·tivenoun \in-ˈsen-tiv\

• “a thing that motivates or encourages one to do something.”

• “a payment or concession to stimulate greater output or investment.

According to the Market Research Society, an incentive is defined as “any benefit offered to respondents to encourage participation in a project.”

Benefits

Incentives increase response rates to surveys in all modes including the Web, panels and cross-sectional studies*

Monetary incentives increase response rates more than gifts*

Incentives that are prepaid increaseresponse rates even more thanpromised incentives or lotteries*

*Source: https://iriss.stanford.edu/sites/all/files/EDGE/SingerOctober.pdf

Why Do Incentives Matter?

Incentives have an impact on response rates

Monetary incentives = more effective

Singer E. and Wilmot A,.(1997). Incentive payments on Social Surveys: a Literature Review.Proceedings of the section on survey research methods AAPOR

Singer, E. and Kulka, R.A. (2002). Paying Respondents for Survey Participation. InStudies of Welfare Population: Data Collection and Research Issues. M. Ver Ploeg,R.A. Moffitt, and C.F. Citro (eds). Washington DC: National Academy Press, 105 – 128.

Why Do Incentives Matter?

Cash is king for incentives

Couper, Mick P., E. Ryu, and R.W. Marans. 2006. "Survey Incentives: Cash vs. In-Kind; Face-to-Face vs. Mail; Response Rate vs. Nonresponse Error." International Journal of Public Opinion Research, 18(1): 89-106.

Jeremy P. Birnholtz, Daniel B. Horn, Thomas A. Finholt, Sung Joo Bae. The effects of cash, electronic, and paper gift certificates as respondent incentives for a web-based survey of technologically sophisticated respondents. Social Science Computer Review, Vol. 22 No. 3, Fall 2004 355-362

Why Do Incentives Matter?

Cash is king for incentives

Jeremy P. Birnholtz, Daniel B. Horn, Thomas A. Finholt, Sung Joo Bae. The effects of cash, electronic, and paper gift certificates as respondent incentives for a web-based survey of technologically sophisticated respondents. Social Science Computer Review, Vol. 22 No. 3, Fall 2004 355-362

Ulrich CM1, Danis M, Koziol D, Garrett-Mayer E, Hubbard R, Grady C. Does it pay to pay?A randomized trial of prepaid financial incentives and lottery incentives in surveys of nonphysician healthcare professionals. Nurs Res. 2005 May-Jun;54(3):178-83.

Singer, Eleanor, and C. Ye. 2013. "The Use and Effects of Incentives in Surveys." Annals of the American Academy of Political and Social Science, 645(1): 112-141.

Why Are Cash-Based Incentives Better?

• Cost of Acquisition• Churn Rates• Administrative Costs

• Join Rates• Response Rates• Retention Rates• Scalability of program

REDUCE

INCREASE

More appealing redemption options for respondents

Drive respondent engagement, response/participation and retention rates

Reduce churn as survey respondents less likely to quit if paid promptly & efficiently

Reduced admin costs for market research firms, via incentive payment outsourcing

Common Incentive Fulfillment Methods

• Gift Cards

• Checks

• Lotteries

• Gifts

• Coupons

Incentive Fulfillment Challenges:What’s Affecting The Industry?

What Incentive Fulfillment Challenges Affect the Industry?

Current incentive payment methods are a hassle for firms and respondents

What Incentive Fulfillment Challenges Affect the Industry?

LIMITATIONS / PAIN

• Narrow appeal

• Closed loop

• No brand connection

• Timeliness

• Transaction costs

• Administration costs

• International?

• Panel churn

• Reduced response rates

What Incentive Fulfillment Challenges Affect the Industry?

Check payments are slow, expensive and inconvenient. They are gradually being replaced by more efficient alternatives.

What Incentive Fulfillment Challenges Affect the Industry?

International bank deposit services are typically complex & costly

Is There a Solution?Yes! Recipient-Directed Incentives

Is There A Better Way?

YES – Recipient-Directed Incentive Fulfillment

Give Respondents Cash-Based Incentive Options

Bank Deposit Prepaid Cards Virtual Cards Pay to Credit Card

Cash Pickup Mobile Money Brandable Checks Wire Transfers

Recipient-Directed Incentive Fulfillment: How It Works

Single pipe for all payments, recipient chooses payout options

User Flow:Quick Payout

Email Notification

Quick Payout: Landing Page – Select Payout Option

Quick Payout: Register Virtual Card

Quick Payout: Confirm Virtual Card Registration

Quick Payout: Account Activated & Funds Deposited to Virtual Card

Success Story: Vision Critical

Customer:

Vision Critical is a leading cloud-based customer intelligence platform provider

They work with one in three Fortune 500 companies Vision Critical customers deploy tens of thousands of

surveys each year to tens of millions of community members

Their Challenge:

Streamline incentive offerings to their community members worldwide

The Solution:

Vision Critical leveraged hyperWALLET’s global incentive fulfillment platform –www.payincentives.com

Platform is branded for each of Vision Critical’s customers

Global payout options: bank deposit, virtual prepaid card, checks

Their Results:

Quickly reward community members in a timely,cost-effective and convenient manner

Higher member engagement

User Flow:Returning User with an Activated Account

Subsequent Payment Email

Participant Login Screen

Dashboard Lists New Payment – Automatically Loaded to Card

Dashboard Lists New Payment – Automatically Transferred to Bank

Customer

Centric

Global

Payouts

Flexible

Technology

Fully Brandable Solution

Some of Our Many Customers

Who is hyperWALLET?

• Global payment provider founded in 2000

• Offices in Canada and San Francisco

• Distribute B2C and incentive payments worldwide

• Clients: 400+ across multiple industry verticals

• 2013 Payment Volume: $USD 4.2 billion

• 2013 Number of Transactions: 15,000,000+

• 2013 Cards Distributed: 1,000,000+

• Number Registered Payees: 3.5 million

2014 Winner

Questions?

Thank You

Mark HughesManager, Global Payment SolutionshyperWALLET Systems Inc.

+1 (855) [email protected]