We will explore the meaning of incentives and the proper way to incentivise knowledgeable B2B respondents
In this article, we’ll explore firstly the meaning of incentives for a survey and then the proper way of incentivising knowledgeable B2B respondents.
Incentives are either monetary or non-monetary rewards that are given out in exchange for responding to surveys. You can offer incentives to increase response rates from knowledgeable B2B respondents. Incentives can also serve as a relationship strengthening toll with panel providers. Incentives are particularly important for B2B respondents because they usually do not have a lot of time. Additionally, it is also important to customize these rewards according to the seniority and job position of the professional. For example, A CEO might have less time and therefore require a higher reward than say a clerk. Incentives can be a hard process to carry out because respondents are sometimes not satisfied with them. That is why it is imperative to correctly incentivise knowledgeable B2B respondents.
According to a study conducted by the U.S. National Library of Medicine, whenever incentives are given out, the chances of a survey being completed increases by 30%.
The same study showed that $5-$10 monetary reward is very effective in increasing response rates. On top of that, a $10 monetary award also worked well to elevated response rates. It increased response rates by 18%.
Below we will talk about the different types of survey incentives for knowledgeable B2B respondents:
Cash incentives are usually the most popular incentives and research also shows that they work best to monetise knowledgeable B2B respondents.
Non-monetary incentives can be thank you notes or even gifts in kind such as a t-shirt or a notebook.
In addition to monetary and non- monetary incentives, one can also categorise rewards as one -off or a points-based program. You can offer one off rewards, as the name suggests, one time either before or after completing the survey. However, the risk with one off reward is that the respondent may not complete the survey if you offer the reward beforehand. You can offer points based rewards in stages and link them to participation.
As we know it is vital to give some kind of contribution to the person who spends time and effort to respond to our questions. Here are some tips on how to reward knowledgeable B2B respondents:
At the beginning, it’s important to set aside a budget for the incentives so that you can shell out this cash when needed. It might also be prudent to set aside a provision in case the need arises to use it for extra incentives.
Usually, B2B respondents want a higher reward than B2C respondents because they don't have a lot of time and they are more niche than B2C respondents. Also, they offer valuable insights that you would not otherwise get from the average customer. Hence, make sure to place a higher reward on these. Additionally, if your survey targets a particular category of the population, for instance gardening enthusiasts, it might make sense to offer them a subscription to a gardening magazine rather than cash.
If you choose a survey provider such as Qualtrics, they offer certain protection features to protect you from people taking multiple surveys or pass on the survey to people who are not relevant. The protection enables you to build one time participation into the survey and configure a one-time password for your respondent.
Sometimes if you offer a voucher or a coupon to knowledgeable B2B respondents, they may not claim it. In this case, you end up losing that money. To avoid this, consider partnering up with a supplier who refunds your unclaimed rewards.
What to do if you’re pressed for money
If you don't have a lot of budget for rewards but still want to approach knowledgeable B2B respondents consider using the following incentives:
Social media shout outs cost nothing and can be an attractive reward for knowledgeable B2B respondents especially if they want to grow their business.
Offering discount coupons for businesses that the B2B respondents work with can be a good way to motivate them to take your survey.
Specific to the industry that the B2B respondent operates in will customize your reward specific to the needs of your B2B respondent.
You can offer rewards in one of two ways: prepaid or postpaid. However, you can go with postpaid rewards since there is a risk of default with prepaid rewards. Additionally, if your survey is in-person it’s a good idea to give respondents their reward in person. On the other hand, if it is online, either on a platform, website or by mail, consider using a digital payment method.
If the reward that you are offering is too little, knowledgeable B2B respondents won’t be incentivised to take it. On the other hand, if your reward is too big, it will result in a loss. While trying to calculate the worth of your reward, consider your budget, the size of your audience and the delivery method.
Research conducted by COPAFS shows that if your survey is shorter than 45 minutes, there is no need to incentivise knowledgeable B2B respondents. However, you may still decide to give out a reward. If your survey is longer than 45 minutes or needs to be completed in stages, consider giving multiple rewards. If your survey is short and respondents can complete it in one go, a one-off reward will do.
As unlikely as it sounds, sometimes respondents may not want rewards. Sometimes in case of B2B surveys, some employers may not allow employees to get monetary rewards. Therefore, it makes sense to include an opt-in or opt- out option letting the respondents choose whether they want to receive it.
You need to consider hidden costs such as shipping costs when sending out items like t-shirts. Even if the incentive is a digital payment like PayPal, sometimes the service provider levies a service fee on the transaction.You need to account for all of these in your budget for incentives.
Need more guidance on how to incentivise knowledgeable B2B respondents? GrapeData has you covered for all your needs. We are known for providing the best service to its clients. They can help you accumulate all the data you require as they have 250,000+ contributors from over 87 countries.