What we do
I believe in innovation and that the way you get innovation is you fund research and you learn the basic facts.
MLP work with Lancaster University (the Lancaster’s Management School is world renowned for its research and is one of only two in the UK to get a five star rating!) to research and investigate “The Psychology of Incentives”
Our objective for commissioning the research was to aid the implementation of incentives in various consumer markets – specifically, looking into the optimum incentives by audience, product type and brand.
The research determined:
- Which incentives fit with different products – what type/value of incentive would a customer expect to receive for purchasing products ranging from banking and insurance products to mobile phones and utilities to white goods.
- The believability ‘tipping point’ – at what point is an incentive motivating and at which point is it simply too good to be true?
- To determine how cash is perceived vs. other incentives.
- To determine the brand impact of an incentive? What sort of incentives does a customer expect from the brand?
- What customers expect from the redemption process for incentives. What is a reasonable timescale for redemption? What channels do they expect to use to redeem incentives? (e.g. email vouchers, mobile vouchers, paper vouchers)
To find out more about our research, please contact us and we can discuss the finding relevant to your sector.