Despite well-documented challenges, researchers across the social sciences continue to rely on email to recruit research participants. However, few studies examine how different communication strategies impact email open and conversion rates, especially among surveys of establishments. Our paper aims to fill that gap by examining whether motivation-based appeals—which we develop from respondents’ reasons for participating—outperform a communication approach based on social exchange theory. Our study identified the top three motivations why current panel members participate in the Federal Reserve Bank of Richmond Business Survey: (1) access to data and other benefits, (2) the ability to influence economic policy, and (3) to help make their communities better. Then, we crafted email subject lines and messages to match those three motivations and a version based on tenets of social exchange theory. Our results find that the social exchange version outperforms the motivation-based appeals in both email open and conversion rates—with a stronger influence on conversion rates. We discuss the implications of these results for how social science researchers communicate with potential research participants by email.