Over the past few years, Research & Marketing Strategies, Inc. (RMS) has cultivated and continually managed an internal research panel consisting of thousands of consumers. The research panel has proven to be a cost-effective asset available to our clients. Having the panel at our disposal, we have the flexibility to recruit from a highly engaged audience at a fraction of the cost of a sample house. Since engagement with panel members is crucial, RMS recently implemented a survey to determine the incentive preferences of our panel members, and their likelihood to respond to a survey with a given incentive.
Here are 6 key takeaways we found:
- When asked how often they prefer to receive survey opportunities, a majority of respondents (73%) suggested they would like to receive survey invitations whenever they are available. Why this is great information to know: This means there is minimal risk of overwhelming the ViewPoint Panel members with too many survey invitations.
- The maximum amount of time our panelists are willing to spend completing a survey varies, with nearly a third of respondents willing to spend between 3 and 15 minutes or more per survey. Why this is great information to know: Industry standards point to shorter being better when it comes to survey length. However, our panel members have indicated a willingness to take longer than average surveys. Although they may be willing to participate, there is always a concern regarding burn-out with lengthier surveys, so we will still err on the side of caution with this one and avoid long surveys where possible.
- When asked how likely they would be to complete an online survey for certain incentives, a majority of respondents (78%) are likely to respond for a chance to win a $100 gift card. Interestingly, nearly the same number of respondents (68%) are likely to respond to a survey with a chance to win a $25 Amazon gift card. Why this is great information to know: This shows that our panel members are slightly more willing to respond to a survey with a chance to win a raffle for a larger honorarium, although offering multiple smaller incentives is still a good option. The benefit of offering multiple smaller prizes is that it leaves a positive participation experience on more individuals.
- When asked to indicate how they prefer to be rewarded for participating in research, the bulk of respondents prefer to receive money (76%) or an Amazon gift card (71%) as an incentive, and nearly half of respondents (40%) are not likely to use a code for a free movie from Redbox. Why this is great information to know: The use of Redbox codes is an affordable option which has allowed companies to reward many respondents for their participation. However, there is only value in rewarding many participants if it is an incentive that they feel is appropriate for the task. This finding tells us that for most of our research, offering Redbox codes is not the optimal choice, but cash or Amazon gift card incentives are viable options.
- If respondents had to pick a favorite incentive, most prefer money (60%), with Amazon gift cards taking a distant second as the number one preference (25%). Why this is great information to know: Although Amazon gift cards hold value for our panelists, cash should be offered when possible, as it resonates with the majority.
- When asked if they participate in any other research panels, 74% indicated that they do not. Why this is great information to know: Members of the RMS ViewPoint Research Panel are our neighbors, friends, family members, and community members. The members of our panel are real consumers, like you, instead of professional survey takers that can be found in larger research panels. Through our rigorous recruitment and quality assurance processes, we are able to ensure a higher level of quality for the data that result from surveys taken by our panel.
If you would like to learn more about using the RMS ViewPoint Research Panel for your next market research project, please contact Sandy Baker, Sr. Director of Business Development & Corporate Strategy at SandyB@RMSresults.com or by calling 1-866-567-5422.
Interested in learning more about joining the panel? The thoughts and opinions provided will directly influence the decisions of local, regional, and global businesses! Signing up is quick and easy at: www.RMSresults.com/ViewPoint
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