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TIME IS MONEY: PARAGO STUDY IDENTIFIES HOW CONSUMERS VALUE THEIR TIME
Providing marketers with valuable cost insights to change behavior
Lewisville, TX, April 8, 2013 – /PRNewswire/ – What would you do for $10? It’s a question that marketers spend millions of dollars attempting to figure out every year.
The Time Is Money national study surveyed adults across the country on their willingness and price expectations to participate in a wide range of marketing engagement scenarios including getting a quote online, listening to an in-person sales pitch and taking a mobile survey. The survey was funded by Parago, a global incentives and engagement company.
The study, which found cost thresholds for numerous specific behaviors, can be downloaded here for free – http://www.parago.com/time-is-money-research-study/.
“Every consumer has a price, which is good news for marketers,” said Rodney Mason, CMO of Parago. “The big headline: marketers spend millions on media for recruiting to change behavior. Given these findings, we conclude that many would be better off reallocating a portion of their budgets to direct behavioral rewards for higher conversions on total spend.”
Key findings from the research include:
- Personal data = $25: It would take a $25 reward to achieve the same level of consumer participation in an online survey requesting personal info versus a survey that did not request personal info
- What is 2 hours worth? 56% of women and 53% of men would participate in a two-hour focus group for $25 and 75% of women versus 70% of men would participate for $50
- $25 gets 50% participation: Half of respondents would participate in anything from a 10-minute survey to a two-hour focus group for $25 or less
- Millennials are the most willing to participate and Boomers are the least likely
- Sales pitches done in person are 35% better than by phone: More people would participate for free with an in-person sales pitch (65%) than be bothered on the phone (48%)
- Sales quotes for products or services are best done in person and out of the home: 62% don’t invite strangers in their home for anything and 44% prefer to deal with an actual person versus online interaction
The Time is Money study was conducted in February, 2013 via independent online delivery. More than 1,600 consumers, representative of the US population by education, income and sex, responded to a 50-question survey that explored the time/value equation in several marketing scenarios.
Parago is the most comprehensive, single-source provider for incentives and engagement. We deliver $2 billion in rewards to 50 million people worldwide each year using advanced technology. Our relentless focus on innovation (including three patents and 27 industry firsts) drives better results. That’s why we’re the smart choice for leading Fortune 500 companies and some of the largest brands in the world. Parago is: number one in consumer rebates and incentives, a global provider of channel management, a top solution for employee rewards and recognition, and a creative force. For more information, visit www.parago.com, the Parago blog or Twitter. Parago: the thought that counts.