Time is Money 2013
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Transcript of Time is Money 2013
consumers report
what their time is worth
a study by
Introduction � � � � � � � � � � � � � � � � � � � � � � � � � 3
Methodology � � � � � � � � � � � � � � � � � � � � � � � � 4
The Scenarios � � � � � � � � � � � � � � � � � � � � � � � 5
Key Findings � � � � � � � � � � � � � � � � � � � � � � � � 6
Means and Motivation by Generation � � � � 8
10 Minutes� Online, Phone and Mobile � � � 9
In-person Response � � � � � � � � � � � � � � � � � 10
“Getting a Quote” � � � � � � � � � � � � � � � � � � � 11
In-store Demonstration � � � � � � � � � � � � � � � 12
Focus Groups � � � � � � � � � � � � � � � � � � � � � � 13
Rewarding Rewards � � � � � � � � � � � � � � � � � 14
contents
a study by
What is your time worth?
organ Spurlock, the Oscar-nominated documentary filmmaker broke into show business with a reality show called “I Bet You Will�” Each episode began with a bet for a participant to do something completely outrageous for $100� In almost every instance, the offer was refused� But as the price went up, someone always took the bait, proving, everyone has a price for their time and their dignity�
As marketers, we are continually challenged to understand the customer value equation for their time� Will they invest the time to switch cable providers for a $300 cash-back incentive? Attend an open house for a free set of golf clubs? Or maybe take a survey for a steak dinner?
That’s why we conducted a national survey asking consumers across the country “What is your time worth for providing feedback on products or services, listening to sales pitches and providing personal information to companies and marketers via various methods of interaction?”
We found Millennials are the most willing to participate and Boomers are the least likely, but in every generation, no matter the respondent’s income, almost everyone has their price� Consumers in general are receptive to most marketing scenarios, you just have to pick the right method and best reward mix to get optimal conversion�
We hope this study can assist you in mapping value preferences for your marketing initiatives�
If you would like more in-depth results, reach out, we’re always happy to share�
Or alternatively, you can commission Morgan Spurlock to chase down your prospects one by one with cash and camera in-hand�
Best, Rodney Mason, CMO
We are continually challenged to
understand the customer value
equation
M
3
a study by
methodology
We conducted a national online survey in February 2013 of 1,672 consumers
representative of the U�S� population by education, income and sex�
They responded to a 50 question online survey based on the central theme: “What is your
time worth in different marketing scenarios?”
Boomers: 51+ � � � � � � � 41.9%
Gen X: 31 - 50 � � � � � � � 38.4%
Millennials: 18-30 � � � � 19.7%
Employment
Household Income 18.4%: $19,999 or less
12.6%: $20,000-$29,999
24.2%: $30,000-$49,999
18.1%: $50,000-$69,999
13.8%: $70,000-$99,999
8.3%: $100,000-$149,999
4.6%: $150,000 or more
participant breakdown
TIME IS MONEY
Employed full-time � � � � � � � � � � �41.7%
Employed part-time � � � � � � � � � � �12.9%
Unemployed/seeking employment � � � � � � � � � � 8%
Retired � � � � � � � � � � � �19.4%
Student � � � � � � � � � � � � �3.8%
Other � � � � � � � � � � � � � �14.2%
Living Situation
Gender
Own their home 62.5%
Rent 37.5%
Men: 51.3% Women: 48.7%
Generational Split
4
a study by
the scenarios
marketing contact methods
10-minute survey via smartphone
10-minute telephone survey asking basic questions about
their satisfaction with a product or service they already use
An in-person demonstration of a product or service which
required personal information to participate (such as email opt-in,
current purchase information, drivers license, etc.)
An in-person demonstration of a product or service
Online quote for something such as insurance or cable
An in-home quote for something like insurance or cable
Actively participate in a two-hour focus group discussion
Drive 10-15 minutes to view a one-hour demo of a product or service, and provide basic
information like name and email
5
We asked about the following marketing contact methods
TIME IS MONEY
a study by
key findings
55% Participation55% of respondents would participate in anything from a 10-minute survey to a two-hour focus group for $25 or less.
the magic numbers
Personal Data = $2578% would participate in an online quote
with personal information for $25.
See page 10 for more.
demo a product
take a smartphone survey
get a quote online
participate in a one-hour sales presentation
get an in-home quote
participate in a focus group
$25DOUBLE DOWN75% women vs. 70% men would participate in a two-hour focus group for $50.
LET’S FOCUS56% women vs. 53% men would participate in a two-hour focus group for $25.
What would you do for $25?96%
91%
78%
77%
74%
54%
6 TIME IS MONEY
a study by
key findings
getting personal
Free sales quotes are preferred 5% more in home vs. online
65% would participate for free
with an in-person sales pitch
48% would participate for free
with a sales pitch by phone
44% would get a free in-home quote
39% would get a free
online quote
See page 11 for more.
Sales pitches are 17% better in person than by phone
7 TIME IS MONEY
a study by
“DO NOT CALL!”Boomers are least likely to participate in any
kind of phone survey for free.
MILLENNIALS WILL DRIVE FOR $2077% would drive 10-15 minutes to check out
a new product for $20.
SMART PHONE SURVEYSMillennials are twice as likely as
Boomers to participate in a smart phone survey for free.
BoomersMillennials
my generation
behavioral differences
$5068% of all generations will share their opinions $50.
will get you an opinion
Pay to quote More than 50% of all generations require
some payment to listen to a quote for business products or services.
In-store demosMore than 60% of all generations
will participate in in-store demos for some price or value.
In-person demos90% of all generations will take some kind of reward for an in-person demonstration.
8
See page 9 for more about
phone surveys.
See page 12 for more about drive & demo.
TIME IS MONEY
a study by
phone survey
smartphone vs� telephone
Age matters57% of Millennials would take a smartphone
survey for free, vs. 23.2% of Boomers.
Maximum participation
Millennials
Landline 94% of all respondents would take a phone survey for some reward.
Boomers are least likely to participate in a phone survey for free (43%), with Millennials at 52% but, just $5 evens the landscape with 80.4% of Boomers willing to participate for $5 and 81.2%
of Millenials.
Boomers
93% of Millennials would take a
smartphone survey for $10
as little as $5 makes a difference
participate for free participate for $5
Boo
mer
sM
illen
nial
s87% of Boomers would
take a smartphone survey for $25
87% $25
93% $10
9 TIME IS MONEY
a study by
public demo
intercept in public
At least 90% of all generations will take a reward for their time in
this scenario.
8% of men vs. 2% of women would refuse to share their personal information in this scenario.
49%Almost half of all generations would provide personal info
(such as email address or phone number) as part of a demo or sample.
$15Almost 90% of all generations would
participate in a product demo for just $15�
61% of Boomers and 70% of Millennials would participate for free if approached in a public setting to sample or demonstrate a product or service.
10 TIME IS MONEY
a study by
39% would request an online quote for free, while 44% would
do so in-person for free.
73% of people would get a rate quote for a $10-25 incentive.
quotes
in-person vs� online
Fewer people would participate in getting an online quote
for products or services vs. taking an online survey.
82% of all consumers would request a rate quote online for a price, with 39% willing to do so
for free.
18% of respondents would never get a quote online.Nearly half of them (48%) said they would
rather deal with an actual person. 43% said they would never give out personal information online.
18% of respondents would never get a quote in-home. 61.2% of those who would never get an in-home quote said it was
because they don’t invite strangers into their home. 24% said it was because they didn’t give out personal information.
Online Quotes
11
Millennials are most likely to get a rate quote online for free at 47%
followed by 43% for Gen X
and 32.1% for Boomers
In-person Quotes82% of all respondents would obtain an in-person quote for some reward.
TIME IS MONEY
a study by
sales presentation
drive & demo
8% would not participate for $100 85% of those who would not accept $100 would not participate for any amount of money.
33% of people would participate for freeThat’s less than half that would take a 10-minute survey
online for free (78%).
23% needed more than $25
33% would participate for $5–$20
92% of all respondents would participate in an in-store
demo for some amount of money.
Boomers were least likely to
participate in an in-store demo.
Only 27% would do so for free. However, 73% would for $25.
12 TIME IS MONEY
a study by
focus group
price of opinion
Millennials were the most eager to trade opinions for cash, with 80% saying yes to
$50 compared to just 68% of Boomers.
87% of all respondants would
participate in a 2-hour focus group
for $100.
That’s $50/hr — nearly twice the national average
hourly earnings of $23.78.*
* http://www.bls.gov/eag/eag.us.htm
87%Women were slightly more motivated by money, with 76% saying yes to $50
compared to 70% of men.
13 TIME IS MONEY
ContactRodney Mason, CMO
[email protected] (main number)
Parago is the most comprehensive single source for incentives and engagement, delivering $2B in rewards to 50M people worldwide each year with advanced technology.
Our relentless focus on innovation drives better results, making us the smart choice.
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