You can often get faster results from market research on paid focus groups. Rewards act as an incentive for respondents to give you better response.
The importance of incentive-based market research – when you need higher participation and better insights
Although this is not the norm, often, incentives are paid to respondents to make it more appealing for them to participate in a study or a survey.
One of the biggest problems when you are conducting a market research, or a survey, is that you may face a low response rate. No matter how efficient the technology you use, no matter how engaging the questionnaire is, ultimately, it all boils down to how motivated your potential respondents feel towards giving you the right answers.
Primarily, there are three reasons why respondents participate in market research and surveys:
- They want to help you improve your product or service and want to contribute in some manner.
- They enjoy the topic, they are generally interested in it, and they would like to express their opinion.
- They see a tangible or intangible benefit.
One of the tangible benefits is sometimes the incentive that they are paid for participation. They are paid in the form of money, product samples, freemium offers and coupons in lieu of their answers and responses.
How do you know that your business needs paid market research?
Your business may need to use paid market research or incentive-based market research when you know that your respondents are going to need a motivation to give you the right answers. This motivation must be more than a desire to help you or an interest in the topic.
Some market research projects require a longer involvement in terms of time needed. Sometimes your respondents may have to gather at a central location which takes more physical and psychological effort. Sometimes they might be too busy or too distracted to pay attention to your survey without an added incentive.
Basically, whenever it is harder to draw a response, but you definitely need response from your target respondents, you can leverage paid market research or incentive-based market research.
How FG Connect can help you carry out incentive-based market research
Although we don’t provide incentive-based market research as standalone service, we can certainly help you take care of the logistics when it comes to handling and managing large sums of cash or products that are to be distributed among the respondents.
