Getting enough engagement is a never-ending challenge for marketers and researchers. Surveys, focus groups, customer communities, webinars — those programs and so many others are successful only if they have enough participants. With that in mind, have you considered adding incentive rewards?
Rewards are a great way to increase everything from webinar attendance to survey response rates to sales. If you’re still unsure, here are 8 statistics that serve as evidence of the challenges you face and the ways reward incentives can help.
1. The average open rate for email campaigns is 18%, and the average click-through rate is only 2.6%. (Source: Campaign Monitor)
To improve these numbers, make sure to promote your incentive in the subject line, since that’s often the part that determines whether someone opens your email. Get more specific advice on survey emails.
2. Survey abandon rates jump for surveys that take more than seven to eight minutes to finish, with completion rates dropping anywhere from 5% to 20%. (Source: SurveyMonkey)
Shorter surveys are always better, but sometimes, you need more questions or more in-depth feedback to get the right data for your research. Adding incentive rewards can help, but make sure you’re being honest about how long your survey takes to complete and offering a reward value that’s appropriate. Here are some tips.
3. On average, Americans who shop online expect a product to have at least 112 reviews before they would trust it. The number was even higher among younger consumers: Ages 18-24 expect 203 reviews, ages 25-34 expect 159, and ages 35-44 expect 141. (Source: Statista)
It can be a delicate issue to solicit more reviews, since you ideally want them all to be positive. Plus, depending on your industry, some review sites have strict rules about using incentives. Try these tips.
4. Only 35% of webinar registrants actually attend the webinar live. (Source: ON24)
There are a lot of factors that can help drive higher webinar attendance, and rewards are one of the most effective. Also consider your email invitations and the format of the presentation. Get more details here.
5. Rewards-based promotions increase sales 4.7%, compared with 3.2% for discount-based promotions. That means if your company has an annual revenue of $100 million, you can grow your sales pipeline by $1.5 million more by using rewards in your promotions, instead of discounts. (Source: Blackhawk Network/Aberdeen)
Companies that use reward-based promotions see not only greater sales and purchase frequency, but also higher redemption rates and return on investment.
6. A $10 incentive increased the likelihood of someone returning a survey by 30% and boosted the number of returned surveys by 18%. (Source: BMC Medical Research Methodology)
In research, incentives help with both increasing response rates and decreasing incompletes, so you get the most accurate data possible.
7. For consumers, the biggest benefits of promotions that use rewards are the ease and convenience of claiming rewards (53%) and personalized rewards that are more applicable to their preferences (49%). (Source: Blackhawk Network/Aberdeen)
These benefits improve the recipient experience and create a sense of goodwill toward your brand, more than discount-based promotions.
8. Seventy-two percent of recipients are highly satisfied with getting digital incentives as a payment, incentive, or rebate. When given the option, 52% choose digital incentives over plastic prepaid cards so they can receive their reward faster. (Source: Blackhawk Network/Mastercard)
In today’s world of instant gratification, digital rewards are more popular than ever, especially among younger audiences. They also have big advantages for the sender: They’re free to ship, they’re easier to track, they’re delivered instantly, and so much more.
A lot of companies are reluctant to add incentive rewards to their programs because they don’t want the additional administrative burden. By using an all-in-one platform for incentives management, though, you can incorporate digital rewards seamlessly, with integrated tools and automated delivery. No matter what type of marketing or research program you have, your engagement will be through the roof before you know it.
Want some real-life examples of how digital rewards can help you overcome your engagement challenges? Check out our collection of case studies!