Marketers spend a lot of advertising money to convince consumers to try their products and services. timeismoneyBefore they get to that point, they’ve likely considered using focus groups or another method to entice consumers to give feedback on a new product release. Whether marketers want consumers to provide feedback on a new or an existing product, they should understand the strategies and incentives that motivate people.

Parago’s newly released Time is Money report emphasizes the value $25 represents for consumers. For that amount, a marketer can convince consumers to give up their personal data.  50% of consumers who participated in this survey also said the same amount of money would get them to participate in a focus group. Other feedback that consumers will give marketers in exchange for $25 include:

  • Demo a product 96%
  • Take a smartphone survey 91%
  • Get a quote online 78%
  • Participate in 1-hour sales presentation 77%
  • Get an in-home quote 74%

Marketers should also be doing their best to draw consumers into their stores with rebates and discounts. Once the prospect is available in person, 65% prefer a face-to-face sales pitch as opposed to a phone call (48%). Further evidence about the impact of in-store interactions is found in a couple of other key data points. Consumers don’t want salespeople in their homes (62%). They also prefer in-person interactions to online interactions (44%).

This research also revealed some generational differences marketers might want to take into account. For $20, about 77% of Millennials are willing to drive 10-15 minutes to check out a product. On the other hand, marketers should not call Boomers. This group does not want to be bothered by phone. But, if they are promised $5 to participate in a phone survey, about 80% of Boomers, as well as Millennials, will participate.

Rodney Mason, CMO of Parago comments that, “every consumer has a price.” Once marketers determine that price, they can decide if advertising, incentives or some combination of the two will result in the desired outcome, higher sales.

Have you had success using incentives to promote your new products?

[Source: Time is Money. Parago. Web. 8 Apr. 2013. Web. 10 Apr. 2013]