By Rodney Mason, CMO, parago
Here is important news for retailers who are competing for the increasingly frugal shopper. Our 2013 consumer research has revealed that most consumers will participate in any kind of marketing activity — including a 10-minute survey or a one-hour focus group — for just $25.
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Should you give every consumer who walks through your doors $25? No. But if you want to change path-to-purchase behavior, this may be a low price to pay. And if you want to collect important data that can lead to long-term loyalty and future sales, it’s absolutely worth it.
So How Should You Spend Your $25?
You have options: an instant discount at point-of-sale, a gift-with-purchase, a buy-one-get-one deal, a rebate, or even straightforward cash. All good ideas. But which one will give you the richest consumer data to leverage in future loyalty-building promotions? Think about it: you’re spending $25. What do you want to get in return? One sale? Or many?
Invest your money where you’ll get the most ROI. Focus on data. Here’s what the 2013 “Time is Money” research revealed. For $25:
• 96% of respondents would demo a new product;
• 91% would take a smartphone survey;
• 78% would request a personalized, online price quote; and
• 54% would participate in a one-hour focus group.
You Can Drive Sales And Get Data, Too
You’re probably thinking that you don’t have promotional dollars to spend on collecting data. So consider this idea: What if you could increase sales and get the data you want? You can with rebates. Boost your sales, collect data during the rebate submission process, and reward consumers with prepaid debit cards, which are just like cash. It’s a win, win, win.
Download our free report here.
Rodney Mason is the CMO for parago. Rodney leads parago’s corporate and client marketing initiatives, as well as the global full-service creative agency and corporate strategy. Mason has an accomplished career growing and leading award-winning agencies that serve top tier brands in the CPG, financial, retail, travel, technology and telecom industries.
