Time is Money 2013
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Time is Money 2013

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Time is Money 2013 Time is Money 2013 Presentation Transcript

  • consumers report what their time is worth a study by
  • contents 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
  • 3 a study by What is your time worth? M We are continually challenged to understand the customer value equation 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
  • 4 TIME IS MONEY a study by methodology participant breakdown Gender Women: 48.7% We conducted a national online survey in February 2013 of 1,672 consumers representative of the U.S. population by education, income and sex. Men: 51.3% Generational Split Boomers: 51+��������������41.9% � Gen X: 31 - 50 �������������38.4% � Millennials: 18-30 �������19.7% Household Income 18.4%: $19,999 or less 12.6%: $20,000-$29,999 24.2%: $30,000-$49,999 Living Situation Rent 37.5% They responded to a 50 question online survey based on the central theme: “What is your time worth in different marketing scenarios?” 18.1%: $50,000-$69,999 13.8%: $70,000-$99,999 Own their home 62.5% 8.3%: $100,000-$149,999 4.6%: $150,000 or more Employment Employed full-time ���������������������41.7% Employed part-time���������������������12.9% Unemployed/seeking employment��������������������8% Retired �����������������������19.4% Student�������������������������3.8% Other���������������������������14.2%
  • 5 a study by TIME IS MONEY the scenarios marketing contact methods We asked about the following 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 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.) Online quote for something such as insurance or cable An in-home quote for something like insurance or cable Drive 10-15 minutes to view a one-hour demo of a product or service, and provide basic information like name and email Actively participate in a two-hour focus group discussion
  • 6 TIME IS MONEY a study by key findings the magic numbers Personal Data = $25 78% would participate in an online quote with personal information for $25. See page 10 for more. LET’S FOCUS 56% women vs. 53% men would participate in a two-hour focus group for $25. $25 55% Participation 55% of respondents would participate in anything from a 10-minute survey to a two-hour focus group for $25 or less. What would you do for $25? 96% take a smartphone survey DOUBLE DOWN 75% women vs. 70% men would participate in a two-hour focus group for $50. demo a product 91% get a quote online participate in a one-hour sales presentation 78% 77% get an in-home quote 74% participate in a focus group 54%
  • 7 a study by TIME IS MONEY key findings getting personal Free sales quotes are preferred 5% more in home vs. online 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 65% would participate for free with an in-person sales pitch 48% would participate for free with a sales pitch by phone
  • 8 a study by TIME IS MONEY my generation behavioral differences Millennials MILLENNIALS WILL DRIVE FOR $20 77% would drive 10-15 minutes to check out a new product for $20. See page 12 for more about drive & demo. Pay to quote More than 50% of all generations require some payment to listen to a quote for business products or services. $50 will get you an opinion 68% of all generations will share their opinions $50. SMART PHONE SURVEYS Millennials are twice as likely as Boomers to participate in a smart phone survey for free. In-person demos 90% of all generations will take some kind of reward for an in-person demonstration. Boomers “DO NOT CALL!” Boomers are least likely to participate in any kind of phone survey for free. See page 9 for more about phone surveys. In-store demos More than 60% of all generations will participate in in-store demos for some price or value.
  • 9 a study by TIME IS MONEY phone survey smartphone vs. telephone 93% 93% of Millennials would take a smartphone survey for $10 $25 87% 87% of Boomers would take a smartphone survey for $25 57% of Millennials would take a smartphone survey for free, vs. 23.2% of Boomers. 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. Millennials participate for free participate for $5 Boomers $10 Age matters Boomers Millennials Maximum participation as little as $5 makes a difference
  • 10 TIME IS MONEY a study by public demo intercept in public 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. $15 Almost 90% of all generations would participate in a product demo for just $15. 49% Almost half of all generations would provide personal info (such as email address or phone number) as part of a demo or sample. 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.
  • 11 TIME IS MONEY a study by quotes in-person vs. online Millennials are most likely to get a rate quote online for free at 47% Online Quotes In-person Quotes followed by 43% for Gen X and 32.1% for Boomers 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. 82% of all respondents would obtain an in-person quote for some reward. 73% of people would get a rate quote for a $10-25 incentive. 39% would request an online quote for free, while 44% would do so in-person for free. 18% of respondents would never get a quote online. 18% of respondents would never get a quote in-home. Nearly half of them (48%) said they would rather deal with an actual person. 43% said they would never give out personal information online. 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.
  • 12 TIME IS MONEY a study by sales presentation drive & demo Boomers were least likely to participate in an in-store demo. 92% of all respondents would participate in an in-store demo for some amount of money. Only 27% would do so for free. However, 73% would for $25. 23% needed more than $25 33% would participate for $5–$20 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 free That’s less than half that would take a 10-minute survey online for free (78%).
  • 13 TIME IS MONEY a study by focus group price of opinion 87% of all respondants would participate in a 2-hour focus group for $100. Women were slightly more motivated by money, with 76% saying yes to $50 compared to 70% of men. 87% Millennials were the most eager to trade opinions for cash, with 80% saying yes to $50 compared to just 68% of Boomers. That’s $50/hr — nearly twice the national average hourly earnings of $23.78.* * http://www.bls.gov/eag/eag.us.htm
  • Contact Rodney Mason, CMO rodney.mason@parago.com 972-538-7000 (main number) the thought that counts 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. That’s why we’re: #1 in consumer rebates & incentives a global provider of channel management a top solution for employee rewards & recognition and a creative force. www.parago.com © 2013 parago, inc. All rights reserved.