Leveraging Global Incentive Payments to Maximize...
Transcript of Leveraging Global Incentive Payments to Maximize...
Leveraging Global Incentive Payments to Maximize Respondent Participation
June 2015
Greg Cicatelli, SVP Sales
Overview
Key Topics:
1. Why?Why do incentives matter to market research firms and survey respondents?
2. What?What incentive fulfillment challenges impact the market research industry?
3. How?How a market research panelist choice approach to incentive fulfillment can have a significant impact on respondent retention rates and participant satisfaction
In this session, Hyperwallet, a domestic and international 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, panelist & respondent-decision approach to incentives fulfillment.
What Are Incentives?
in·cen·tivenoun \in-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 increaseresponse rates even more thanpromised incentives or lotteries*
*Source: https://iriss.stanford.edu/sites/all/files/EDGE/SingerOctober.pdf
Why Are Cash-Based Incentives 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
Reduced admin costs for market research firms, via incentive payment outsourcing
Common Incentive Fulfillment Methods
• Gift Cards
• Checks
• Lotteries
• Gifts
• Coupons
What Incentive Fulfillment Challenges Affect the Industry?
Current Incentive Payment Methods are a Hassle for Market Research Firms and Respondents
What Incentive Fulfillment Challenges Affect the Industry?
• Panel churn, recruitment & retainment, diminishing responses over time
• Current incentive (compensation) methods for survey participants are not tailored for the
industry and are administratively burdensome.
LIMITATIONS
• Narrow appeal
• Not universal
• No brand connection
• Regulations
• Timeliness
• Transaction costs
• Administration costs
Check payments are slow, expensive and inconvenient. They are gradually being replaced by more efficient alternatives.
What Incentive Fulfillment Challenges Affect the Industry?
International bank deposit services are typically complex & costly
What Incentive Fulfillment Challenges Affect the Industry?
Is There A Better Way?
Give Research Panellists a Choice Method of Cash
Payment
Respondent’s Cash-Based Incentive Options
Bank Deposit Prepaid Cards Virtual Cards
Cash Pickup via Agent
Brandable Checks
International Wire Transfers
Survey Incentive Payments to 170+ Countries
• Issue local currency payments directly to your respondent's bank accounts in the USA and 60+ countries and 30+ currencies using Hyperwallet’s extensive network of settlement accounts
• International wire transfers available in 170+ Countries
• Prepaid and virtual prepaid products available globally
• Branded check delivery in select U.S. states and Canada
• Cash via agent delivery at 700,000+ money agent locations globally
Success Story: Vision Critical
Background:
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
Additional Results From Large Market Research Clients
1. Fulfillment speed• Prize fulfillment reduced from 8 weeks to 5 weeks on average. • Often 1 to 2 weeks, dependent on floating balance.
2. Bank Deposit• “Speed with which money is deposited is definitely substantially faster than most of our other fulfillment methods.”
3. Currency• Currency conversion automatically handled by Hyperwallet.• Saves a great deal of time when making multi-currency payments.• One lump sum payment into a wallet allows us to pay out in all currencies.
4. Flexibility & Scalability• “Ability to add additional fulfillment options make Hyperwallet much more flexible and attractive to our customers
and respondents.”
5. Checks• Elimination of check fulfillment issues including late delivery, returned checks, bounced checks, etc.
• Simple payment pickup process • Payments accepted in as little as
4 simple steps• Available payment options include:
Bank deposit Virtual prepaid card Branded physical prepaid card
Ideal for one-time or infrequent payments. This solution offers similar payment capabilities to the Pay by Portal solution but without the advanced options.
Payment Features• Bank account• Virtual Prepaid Card• Physical Prepaid Card• Paper Check• Existing Card• Cash Pickup
Enhanced Cash-Payout Solution: Pay By Inbox
The panellist receives an email notification which includes a link to accept payment.
Pay By Inbox: Respondent Sample User Experience
The panellist can choose to transfer payments to a bank account or prepaid card.
Pay By Inbox: Respondent Sample User Experience
OPTIONAL: The panellist may be required to answer a challenge question to verify their payment.
Pay By Inbox: Respondent Sample User Experience
If the panellist chooses to transfer to a bank account, they will enter the routing details for the bank transfer.
Pay By Inbox: Respondent Sample User Experience (Bank Account)
Now that the funds have been transferred, the panellist can either end the process here, or they can click ‘Create an Account’ and continue. At this stage, they will receive an email receipt in their email inbox.
Pay By Inbox: Respondent Sample User Experience (Bank Account)
If the panellist chooses to create an account, they will enter their email addressand password, and select two security questions and answers.
Pay By Inbox: Respondent Sample User Experience (Bank Account)
The panellist is now able to view their Account Dashboard.
Pay By Inbox: Respondent Sample User Experience (Bank Account)
If the panellist chooses to transfer to a Prepaid Card, after opening the email notification, they will select Prepaid Card from the Select Transfer Method page.
Pay By Inbox: Respondent Sample User Experience (Prepaid Card)
The panellist then enters their personal information.
Pay By Inbox: Respondent Sample User Experience (Prepaid Card)
The panellist enters their email address and password, selects two security questions and answers, and agrees to the terms & conditions.
Pay By Inbox: Respondent Sample User Experience (Prepaid Card)
The panellist is now able to view their Prepaid Account Dashboard.
Pay By Inbox: Respondent Sample User Experience (Prepaid Card)
Select Clients
Please stop by the Hyperwallet table for more information.
Greg CicatelliSVP, Strategic Partnerships & Global SalesHyperwallet
[email protected]+1 (925) 699-9750
Thank You! Questions?