The Federal Reserve Bank of Richmond operates a voluntary monthly business survey panel covering the eastern mid-Atlantic United States. Despite employing best practices from social exchange and other response theories, the Richmond Fed has experienced low recruitment rates and minimal impact on panel retention. Most theories on survey participation are derived from individuals and not on businesses. There are significant differences in administering surveys to businesses versus households, which could mean that existing response theories may not be optimal for business surveys.
To better understand the motivations behind business participation in surveys, the Richmond Fed conducted original research among its survey panelists. The Richmond Fed added both an open-ended and closed-ended question into its monthly survey to gauge panelists’ reasons for participation.
Findings from the research found that the key principles of social exchange held true, particularly the importance of building trust between respondents and the research organization. Businesses view trust in several ways: they feel included in the policy decision-making process, that participation allows them to stay informed and to reflect on their business through tangible and intangible benefits, participation is an act of civic duty, and participation allows them to have their voice heard.
This presentation will detail how the Richmond Fed developed a survey retention program based on their research findings. The program incorporates a communication strategy tailored to the duration of panel membership. It also utilizes non-monetary incentives such as newsletters and webinars to maintain panelist interest and involvement. Additionally, the program offers personalized experiences for panelists through adult-to-adult communication, personalized data reports, and notifications when their information is used in policy discussions or external publications. The presentation will provide guidance on how to create retention programs that are customized to meet the specific needs of your organization.
Date
25.11.2025
, 1.00 p.m. until 2.00 p.m.
Venue
Institute for Employment Research
Regensburger Straße 104
90478 Nürnberg
Room Re100 E10
or online via MS Teams
Registration
Researchers who like to participate, please send an e-mail to IAB.Colloquium@iab.de