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BizReport : Trends & Ideas : April 09, 2013


What's a consumer's time worth?

If consumers could be paid for taking part in mobile surveys or listening to a sales pitch, how much would they expect to receive? That's a question incentives and engagement firm Parago put to adult American consumers.

by Helen Leggatt

Following a survey of 1,672 adults in the U.S., Parago has concluded that marketers would be better off if they allocated a portion of their budgets to financially rewarding consumers for participating in various marketing scenarios.

Parago's 'Time is Money' study found that many consumers in the U.S. would be happy to participate in focus groups, surveys or product demonstrations in return for a relatively small financial reward, or product reward of the same value. Specifically, the nationwide survey asked consumers "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?"

Overall, over half (55%) of respondents would participate in anything from a ten minute survey to a 2 hour focus group for $25 or less. That figure, $25, is also what it would take to achieve the same level of participation in a survey requesting personal information versus a survey that did not require personal information.

Other key findings from the report include:

- Over half of men (56%) and half of women (53%) would give up 2 hours of their time to participate in a focus group for a reward of $25;

- A reward of $50 would drive even more focus group participation - 75% of women and 70% of men;

- 96% would demo a product for $25;

- 91% would take a smartphone survey for $25;

- Millennials are more willing to participate than Boomers, who are the least likely;

- More people would listen to an in-person sales pitch for free (65%) than listen to one on the telephone (48%).






Image via Shutterstock

Tags: consumer engagement, consumer surveys, direct response, focus groups, marketing budget, research








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