The Perfect Incentive For Market Research Firms & Clinical Studies
Market research is a highly effective method for companies to improve their products/services, business strategies, and processes. Likewise, medical organisations can benefit from offering clinical trials, learning more about human behaviour and the physical and mental effects of new medication. However, it probably goes without saying that it’s a busy world, and people need effective incentives in order for them to give up their time to ensure that your business gets proper responses and results.
Offering the right incentive to participants in your company’s focus group or clinical study can be the difference maker when it comes to getting meaningful, accurate results and ensuring that respondents are engaged and motivated. It will also help entice participants to take part in future studies. It’s important to weigh and properly assess the variables — time commitment required, the specifics of the research task, etc. — and offer the right incentive. This is where prepaid cards come into play.
More and more market research firms and medical organisations are realizing the advantages that prepaid cards offer to their business and to participants:
• More cost effective versus issuing cheques.
• Reduced fraud
• Safe and secure to keep on site
• Leads to an increase in satisfaction, thus an increase in retention and respondent rates
• Increased efficiencies through electronic payments
• Easy to distribute
• Easily track funds
• Effectively generate reports to review payouts and trend analysis
• One solution for varied requirements (one-time payments or recurring)
• Increased security
• Easy to use
• Instant access to funds
• Avoid lost cheques and delays
• Suitable for everyone
• Respondents can be paid instantly for online surveys, etc
But why should you offer prepaid cards instead of cash or cheques?
Paying with cash can be a risky business move. For one, it’s a hassle to have to go withdraw money, divide it into the proper amounts for each participant, and then keep it safe. It can be a huge safety concern to keep potentially thousands of dollars of cash on hand–you are letting a large group of strangers know that your office is carrying a large sum of money. Why put your business at risk if you didn’t have to?
Prepaid cards are also faster and far less expensive to issue than cheques. The cost to process and distribute cheques is, on average, ten times higher than electronic payments (CFO.com). Prepaid cards are also reloadable, which means they offer the ability to instantly send recurring payments to recipients. This is particularly beneficial for projects that require ongoing participation. Many clinical trials need a means to provide participants with funds for participation, for expenses, and possibly for referrals later on. With a prepaid card, the funds can be issued via an online portal rather than having to issue numerous cheques to the same individual.
Consumers also prefer prepaid cards because they are the equivalent of getting cash or cheques, except they don’t have to deal with a bank and they can spend their money anywhere, including online stores or anywhere that accepts credit cards.
One other type of incentive that should be considered for certain kinds of market research is the virtual prepaid card. They eliminate the need to mail cheques or even to distribute cards, which makes them ideal for things like online surveys. The “cards” provide a much better way to incentivize people to fill out a survey. No one wants to wait weeks for a cheque to arrive via snail mail! The cards are created for online use and offer most of the same perks as a regular, physical prepaid card, but they save your company time/money on postage, packaging, and card manufacturing. They also offer respondents instant gratification, and this is a HUGE advantage. If you’re offering online surveys, virtual prepaid cards are by far the most attractive incentive.
Prepaid credit cards, whether physical or virtual, offer market research companies and medical organisations a safe, secure, reliable, and cost-effective incentive to their participants, and are a smarter choice than either cash or cheques.
Have questions or looking to learn more about prepaid cards? Feel free to contact us by visiting our contact page. DCR offers years of experience and expertise in prepaid card programs—from the launching stage all the way through fulfillment and program management.