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The Power of Incentive Fulfillment Retaining and Rewarding Research Respondents
The document discusses the significance of incentive fulfillment in market research, focusing on how cash-based rewards can enhance respondent retention and satisfaction. It highlights the challenges faced in traditional incentive methods and introduces recipient-directed fulfillment as a more efficient solution. Hyperwallet Systems Inc. presents its platform that offers flexible payout options and improved engagement for research participants.
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The Power of Incentive Fulfillment Retaining and Rewarding Research Respondents
- 1. The Power ofIncentive 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]
- 2. Overview Key Topics: 1. Why? Whydo 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.
- 3. Incentives: What are they? Whydo they matter?
- 4. What Are Incentives? in·cen·tive nounin-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 increase response rates even more than promised incentives or lotteries* *Source: https://iriss.stanford.edu/sites/all/files/EDGE/SingerOctober.pdf
- 5. Why Do IncentivesMatter? 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. In Studies 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.
- 6. Why Do IncentivesMatter? 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
- 7. Why Do IncentivesMatter? 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.
- 8. Why Are Cash-BasedIncentives 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
- 9. Common Incentive FulfillmentMethods • Gift Cards • Checks • Lotteries • Gifts • Coupons
- 10. Incentive Fulfillment Challenges: What’sAffecting The Industry?
- 11. What Incentive FulfillmentChallenges Affect the Industry? Current incentive payment methods are a hassle for firms and respondents
- 12. What Incentive FulfillmentChallenges Affect the Industry? LIMITATIONS / PAIN • Narrow appeal • Closed loop • No brand connection • Timeliness • Transaction costs • Administration costs • International? • Panel churn • Reduced response rates
- 13. What Incentive FulfillmentChallenges Affect the Industry? Check payments are slow, expensive and inconvenient. They are gradually being replaced by more efficient alternatives.
- 14. What Incentive FulfillmentChallenges Affect the Industry? International bank deposit services are typically complex & costly
- 15. Is There aSolution? Yes! Recipient-Directed Incentives
- 16. Is There ABetter Way? YES – Recipient-Directed Incentive Fulfillment
- 17. Give Respondents Cash-BasedIncentive Options Bank Deposit Prepaid Cards Virtual Cards Pay to Credit Card Cash Pickup Mobile Money Brandable Checks Wire Transfers
- 18. Recipient-Directed Incentive Fulfillment:How It Works Single pipe for all payments, recipient chooses payout options
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- 21. Quick Payout: LandingPage – Select Payout Option
- 22. Quick Payout: RegisterVirtual Card
- 23. Quick Payout: ConfirmVirtual Card Registration
- 24. Quick Payout: AccountActivated & Funds Deposited to Virtual Card
- 25. Success Story: VisionCritical 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
- 26. User Flow: Returning Userwith an Activated Account
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- 29. Dashboard Lists NewPayment – Automatically Loaded to Card
- 30. Dashboard Lists NewPayment – Automatically Transferred to Bank
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- 32. Some of OurMany Customers
- 33. 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
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- 35. Thank You Mark Hughes Manager,Global Payment Solutions hyperWALLET Systems Inc. +1 (855) 449-3737 [email protected]