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

rodney.mason@parago.com972-538-7000 (main number)

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