the power of incentive fulfillment retaining and rewarding research respondents
TRANSCRIPT
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.
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
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
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
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
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
Thank You
Mark HughesManager, Global Payment SolutionshyperWALLET Systems Inc.
+1 (855) [email protected]