View more details from our Time is Money survey here.
Today new research was released revealing how much consumers feel their time is worth. 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?”
Key findings from the research include:
- Personal data = $25: It would take a $25 reward to achieve the same level of consumer participation in an online survey requesting personal info versus a survey that did not request personal info
- What is 2 hours worth? 56% of women and 53% of men would participate in a two-hour focus group for $25 and 75% of women versus 70% of men would participate for $50
- $25 gets 50% participation: Half of respondents would participate in anything from a 10-minute survey to a two-hour focus group for $25 or less
- Millennials are the most willing to participate and Boomers are the least likely
- Sales pitches done in person are 35% better than by phone: More people would participate for free with an in-person sales pitch (65%) than be bothered on the phone (48%)
- Sales quotes for products or services are best done in person and out of the home: 62% don’t invite strangers in their home for anything and 44% prefer to deal with an actual person versus online interaction
A full infographic report of the research can be viewed here. We will also be sharing key graphics from the report throughout the week on this blog.
This month Parago's own Theresa Wabler contributed an article to Retail TouchPoints regarding ways retailers can alleviate the burden of "showrooming" with rebate promotions. (Showrooming is a growing trend: shoppers walk into a store, examine products, ask store employees questions about the products and then leave to search for the same products at lower prices online.)
The key to combating showrooming is finding creative approaches that serve the consumer and benefit the business, not hurt it. If all consumers care about is lower price, retailers must figure out how to deliver the milk without giving away the cow for free. Rebate strategies can respond to these low price demands while also generating loyalty and ongoing relationships with consumers. It is possible to give in to the value-seeking shopper that is here to stay while also growing value for the business.
Check out the full article here.
A high volume of retailers and manufacturers are adopting paperless rebates - which are redeemed through a simple online platform rather than the traditional mail-in process.
This can be attributed to the fact that paperless rebates are greener, they make the rebating experience simpler and more rewarding for consumers and the online redemption platforms give sponsoring businesses access to a captive audience that is more likely to opt-in to ongoing email communications or make additional purchases.
We are in an unprecedented era for discounting and promotions. The marketing tactics, designed to lift sales of a variety of mobile products, may actually erode margins if hastily designed. The lagging economy, consumer demand for deals and the rapidly accelerating promotional technology of online and mobile has led to a perfect storm that mobile retailers and manufacturers must be aware of. Enticing and dynamic promotions are now necessary to get customers in the door, but be careful not to throw out the baby with the bath water.
Check out the full article here.
The age of mobile technology has changed the way we do almost everything, including shopping. Mobile commerce has doubled in size since 2009, and now represents 2.7% of all web revenue and generates $2.4 billion annually.(Nielsen)
So which mobile apps are sure to be holiday favorites this year? What trends have emerged across the board? Below are a few to consider, which all reveal a demand for value and convenience – a trend that mirrors the country’s rapidly evolving technology paired with a still recovering economy:
- ShopSavvy: Scan barcodes with your phone and compare prices across 20,000 retailers. It also provides reviews
- Shopkick: Rewards shoppers with “kickbucks” just for walking into stores, and bonuses for scanning product barcodes with your smart phone and signing up friends
- GoRebate Mobile: Allows shoppers to browse for nearby rebates and track submitted rebates; responds to increased consumer demand for rebates
- Groupon: The game-changer in daily online deals, the Groupon app takes the savings mobile by searching for nearby Groupons using GPS
- Coupon Sherpa: Couponing has become hip again, but who has the time to cut them out of the newspaper? This app gives shoppers access to coupons exclusive to Coupon Sherpa users, and in-store coupons
Rebates are a significant part of the loyalty and marketing strategy of retailers and manufacturers. These companies utilize rebate programs as part of their marketing mix to enhance customer acquisition and market expansion. In particular, manufacturers and retailers identify four major areas of their business where rebates can drive these decisions:
1. Target new, untapped customer segments (57%)
2. Ideas for new products and services (49%)
3. Potential synergies/partnerships with other companies (42%)
4. Geographical expansion (39%)
As retailers and manufacturers become more global in their reach, and more local in their offerings and marketing campaigns, these four areas are key drivers for future success. Those organizations that are utilizing rebates are driving more insights from their customers to feed these business decisions.
From "Rebate Optimization in Retail: Driving Customer Responsiveness" by the Aberdeen Group