In today’s austere times, people are looking for extra ways in which they can make a bit of cash. More and more people have started their own business and are working from home, and consequently, they have the time to offer up to other ways of making money.
Market research and surveys which Offer reward scheme have become increasingly popular. Market research is an invaluable tool when launching a new product or service, and can save you a great amount of money in the long run. However, getting your target market to willingly participate in your market research can be a challenge.
Nevertheless, the Internet has made carrying out successful market research much easier. Gone are the days where staff would be required to stand out in the cold clutching a clipboard and promises of a chocolate bar and a cup of tea as incentives. Instead, you can build surveys which multiple participants can all complete online from the comfort of their own sofas, freeing up your staff to perform other tasks. Nevertheless, participants value their time and are less likely to complete a survey even from home without the promise of some kind of reward. So, what market research incentives should you offer? Let’s run through some of the different options available to you.
Many surveys offer entries into competitions on your behalf in return for completed surveys. The advantage of this is that it is low-cost for you, but the disadvantage is that participants don’t often win and consequently quickly become disheartened and abandon the process. This could lead to you losing quality participants or result in poor responses to survey questions as participants rush to get through it.
Offering small amounts of cash for survey completion is a big motivator because participants can spend it on what they choose. Usually, there are some criteria for how much you need to have made before you can withdraw it, which encourages participants to keep completing surveys for you.
Gift vouchers and cards work in a similar way to cash, in that participants need to reach a certain amount before they can obtain their reward. Offering a range of different vouchers will attract participants from all walks of life, so you can be assured there is always something to entice the appropriate target market.
There are various considerations when it comes to getting the right incentive scheme. You need to make sure you can afford to obtain, provide and distribute the rewards and that the research you receive far outweighs whatever this costs. This is why many survey companies choose to operate an online rewards system, which allows users to choose and order their reward easily and quickly. Online voucher codes for retailers such as Amazon are also popular because they don’t cost anything to send out and can be ordered and used instantly. Similarly, for those who offer cash rewards, PayPal is often the distribution method of choice because it is instant.