Reviews are a critical factor in consumers’ purchase decisions, and it turns out that the vast majority of people would leave one in exchange for a reward, according to survey results from HelloWorld [download page]. The Merkle company examined what consumers would be most likely to do to win a reward, finding that 84% would review a brand or product for a reward or to enter a sweepstakes.
The survey also found a strong inclination to watch a branded video to win a reward, with 83% of respondents claiming they would do so. Rewarded video ads are a favorite with app publishers, who tout their effectiveness.
Other actions that a majority of consumers would take to win a reward include providing an email address (80%), uploading a photo of a receipt from a purchase (69%), using a mobile in-store, such as to text, scan a product or enter a code (63%) and enrolling in a loyalty program (53%).
Which Types of Prizes Do People Value?
The report turns up some interesting findings concerning the types of prizes that prove enticing to consumers, with convenience being highly rated. Indeed, respondents would prefer something that makes life easier to something that makes them feel special by a roughly 2:1 ratio, and that preference (though not the margin) is consistent across income segments.
Along with convenience goes flexibility: respondents would much rather receive a Visa gift card than an Amazon gift card, store gift card, mobile wallet deposit or PayPal or Venmo credit. That preference is true across age groups, though not as heavy for the youngest adults (18-29), who show more preference than others for mobile wallet deposits and PayPal or Venmo credits.
Immediacy is also valued, though perhaps not as much as in the past. A slight majority (54%) would prefer to win $50 now than $75 in 4-6 weeks (46%), though the last time this survey was fielded, in 2016, the gap was greater in favor of the immediate reward (65% and 35%, respectively).
There is a notable age gap in the results when weighing a small reward against the chance for a larger one. About two-thirds of 18-29-year-olds find a guaranteed small reward (such as a $5 gift card) to be more appealing than the chance to win $10,000, but that preference declines to a smaller majority (55%) of 30-44-year-olds and only a minority of 45-60-year-olds (46%) and adults over the age of 60 (40%). Instead, a majority of those older adults would prefer the chance to win $10,000 than a guaranteed small reward.
Meanwhile, the likelihood of participation in a sweepstakes is only incrementally higher for a $1 million prize than for a $250,000 prize, which in turn is only slightly higher than for a $10,000 prize. That suggests that brands need not put huge numbers out there to encourage participation.
Finally, the large value prizes that would be most appealing to consumers? A vacation, cited as the top choice by both men and women, followed by a shopping spree.
About the Data: The results are based on an independent survey of 1,100 US adults, two-thirds of whom indicated that they participate in promotions at least once a month.