Incentive Management & Administration
There are multiple measures that can be taken to attract new panel members as well as reduce panel churn.
Insightrix will work closely with the client to develop a plan to both recruit and retain panel members.
These plans will include:
1. The Panelist Experience
Ensure a panelist experience that utilizes best practices and encourages panel members to stay as a member in the community for a long period of time (e.g. sharing information with panel members on study results).
2. Financial Incentives
• Develop an incentive plan that may be used to draw in new members (e.g. a draw for joining the panel).
• Develop an incentive plan that can be used to encourage participation in research activities and foster retention (e.g. prize draws for participating in a survey).
Incentives are tracked and administered within the panel software
- Our software allocates points to a panel member based on their participation in a research activity. For example, 10 points can automatically be provided to a panel member after they complete a survey. This functionality makes it easy to implement multiple types of incentives including draws. For example, if a prize draw is given out monthly to panel members who participate in a survey, for each survey completed, the panel member could earn 10 points which can be converted into one entry into a draw. If the panel member does a second survey that month and earns another 10 points, this can be converted into a second entry into the same draw. Basically the more they participate, the more chances they have to win that monthly prize draw.
- Furthermore, the flexibility of our system allows for incentives to be awarded based on recruiting activities, such as referring people to the panel (e.g. getting additional points and therefore draws if they refer people who subsequently sign up to the panel).
Panelists can log into their accounts to see how many points or entries they have into the draw. The winners will be posted in various panel communications (e.g. newsletter, online blogs, etc.). As well they will receive a personal email congratulating them.
Our software is highly accessible and easy to use in order to
distribute incentives such as draws.
Referral program
- A referral program can be set up for the panel members. For example, special prize draws can be set up for those who refer someone to the panel, subject to the person referred filling out their profile survey. For each person referred, the person referring can be entered into a prize draw. If they refer more than one person they get entered more than once.
- Alternatively instead of a dedicated prize draw for referrals, the panel member who refers others can be offered an entry to a larger monthly draw, the same draw that those who participate in surveys are entered into as well.
Minimize Attrition
- A program can be set up to minimize those panel members who do not participate in panel activities. Depending on the client’s definition of a lapsed member (i.e. a member that has not unsubscribed but is not active any more), a program can be designed to reduce lapsed members. For example, when a panelist is approaching lapsed status, an email can be sent asking them to participate in an ad hoc survey and/or update their profile survey. Extra bonus points can be offered to encourage them to remain part of the panel.