Time is money: consumers report what their time is worth

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.