Would You Give Up Your Personal Data for $25 Dollars?
“Every consumer has a price, which is good news for marketers.”
And according to Rodney Mason, CMO of Parago, that price is $25 dollars.
Parago just released a report called “Time is Money“. It’s all about a person’s willingness to participate in a marketing activity and at what price.
Fork over $25 bucks (or a product worth more than $25) and most people will be happy to try your product and even respond to a smartphone survey. But the further you get into “sales” territory, the quicker the percentages begin to drop.
I am surprised to see how many people were willing to participate in a presentation or get an in-home quote. In both cases, it’s not just a matter of giving up an hour of your life, you also have to deal with the stress of being pressured to buy something you probably don’t want.
Though only half of the respondents were willing to sit through a two-hour focus group for $25, 75% would do it if you pumped the price up to $50.
Looking at the facts by age group, Parago found that Millennials were more willing to do anything for money than Baby Boomers. I imagine this is so for two reasons; Millennials need the fast cash and their schedules are more flexible. If you want save money on surveys, 93% of Millennials will do one for only $10. Even better, 57% will do a smartphone survey for free. Only 23% of Boomers would bother.
If you need to demo a product in person or provide a quote, things get tricky. 62% don’t invite strangers in their home for anything but 44% prefer to deal with an actual person versus online interaction. Why? Becuase they don’t feel comfortable giving out their information online.
If you set up an in-store demo, Millennials said they’d be willing to drive 15 minutes to try your product if there was a twenty dollar bill in it.
8% of those surveyed said they wouldn’t drive to an in-store demo even if you paid them $100.
But as concerned as we are about giving out personal information, we don’t fight too hard when it comes to giving out our email addresses and phone numbers.
I’d like to survey marketers with these same questions. You’d think that people who understand how hard it is to get in front of consumers would be willing to help out a fellow marketer for free or cheap. But I have a suspicion that marketers would be even less likely to fill out a survey for free.
Help out a fellow marketer this week: fill in a survey, respond to a pitch, send a Tweet or write a review. Time is money, but you can’t buy good karma.