2. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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