Market research is invaluable for businesses wishing to launch new products or services, or trying to establish how current products and services have been received. However, there is no point carrying out research if there’s no one there to survey. Getting enough participants from different sections of the population isn’t always easy, so you should consider offering market research incentives to maximise opportunities to gather data. Being able to attract a cross-section of the population through survey incentives will make your data more valid and useful.
There are various market research incentives you can offer to the public to encourage participation. Some companies offer multiple entries into free prize draws, with potential prizes of jackpot cash amounts, cars and holidays. However, the problem with this is that participants might lose heart if they spend months completing surveys without winning anything.
High street and online shopping vouchers are popular survey incentives because participants can go and buy something, effectively for free. When they use, wear or see what they’ve bought, they’re likely to remember how they got it and feel the reward, which in turn then makes them want to carry on completing market research for you.
If you’re going to go down the voucher route, then make sure you choose a variety of stores and establishments which can appeal to the demographic of your intended and expected participants. E-codes for retailers like Amazon allow you to save money on posting out vouchers, but offering a wide selection will help you attract participants from different target groups, as well as allowing them to vary what they receive.
Other options for incentives include cash payments, usually made via PayPal, which will then also save you money in posting out cheques, or charitable donations. The latter is good for attracting the very wealthy, who wouldn’t complete a survey for a small amount for their own pocket.
For more information please visit – www.ovationincentives.com/market-research-rewards