From Cash to Digital Rewards: Markteffect’s Incentive Distribution Transformation

28 october

In the dynamic world of market research, efficiency and participant satisfaction are crucial for success. Markteffect, a leading company specialised in comprehensive data collection services, excels in handling various aspects of research data, including panel data, qualitative research, and telephone surveys. Their mission is clear: to ensure smooth data collection processes, allowing researchers to focus on analysis and reporting.

As Markteffect continued to grow and evolve, it encountered challenges in managing incentives for their research participants. Their cash-based incentive system – a time-consuming and error-prone process that required manual entry of participant’s bank details- became a hurdle. It slowed down payouts, potentially affecting participant satisfaction and response rates. Markteffect realised a more efficient way to manage incentives was needed.

 

The Shift from Cash to Digital Rewards

Markteffect’s traditional cash-based incentive system involved a considerable amount of administrative work, and required respondents to provide sensitive IBAN (bank account) data for direct transfers. With data protection regulations tightening, Markteffect started to look for different solutions to stay ahead of laws and legislations.

Recognizing these challenges, Markteffect saw an opportunity to enhance their processes. The shift to digital gift cards through Yesty’s platform emerged as an ideal solution, eliminating the need for collecting sensitive financial data while still providing valuable incentives to participants, in less time. This move not only addressed security concerns but also streamlined the entire reward distribution process.

 

“We were spending far too much time on manual processes.”

Susan Willems, Data Collection Manager at Markteffect

 

Seamless API Integration and Personalisation

The partnership with Yesty resulted in a tailor-made digital gift card solution that addressed Markteffect’s pain points, and a seamless API integration. 

This allowed for smooth incorporation into existing systems without disrupting ongoing operations. The versatility of the solution was a game-changer – it could be applied to both panel-based quantitative research and qualitative research projects, providing a unified system for all incentive types.

 

“We’re now completely over to Yesty gift cards (…) it’s been a collaboration with our development team and Yesty, who made it very easy for us to implement and plug into their system.”

 

Yesty’s white-label solution was another win for Markteffect. It allowed the company to use their own branding for different panels, maintaining brand consistency across various research projects. The personalization options that Yesty’s platform offers enabled Markteffect to send customised messages along with the gift cards, enhancing the overall respondent experience.

 

Boosting Efficiency and Security

The implementation of Yesty’s solutions brought immediate and significant improvements to Markteffect’s operations. The reduction in administrative work was substantial, freeing up valuable time and resources. The payout process became much faster, potentially improving respondent satisfaction rates and encouraging continued participation in future studies.

The new rewarding system proved to be more user-friendly, especially for digital-savvy participants. While there was an initial adjustment period for some respondents, the overall user experience improved significantly. The solution’s scalability allowed Markteffect to manage incentives across multiple panels and research types within a single system, streamlining their operations.

 

“Everything just became easier. You have much less administration now.” 

Susan Willems, Data Collection Manager at Markteffect

 

A Seamless Transition to Digital

Markteffect successfully managed the transition to digital gift cards through proactive communication via newsletters and their website. The partnership with Yesty has enabled Markteffect to enhance their service delivery, streamline their operations, and provide a better experience for their clients and research participants.

 

Your Turn: Elevate Your Research Incentives with Yesty

Inspired to streamline your research incentive processes? Get in touch with Yesty for a free demo today, to understand how your organisation can simplify reward distribution and enhance efficiency in market research operations. Together, let’s elevate the standard of incentive management in the research community.