Entries to online competitions up as consumers start to feel cash poor
August 2008
The number of people entering online contests in a bid to win some extra cash is booming as consumers find that maybe they aren't quite so time poor after all...
The number of people entering online competitions to win cash has increased by 14% in the last three months, reports cashback network.
More are also now referring friends to get cash rewards as they become more willing to sacrifice time in return for money, says Froggybank, which compared the habits of its 500,000 UK members in April to June 2008 to the same period in 2007.
"This is all down to the credit crunch and the rising cost of living," says Froggybank's marketing manager Nadeem Azam. "This time last year people were cash rich and time poor. Now they are feeling the pinch they are more likely to spend valuable time online to earn a few pounds."
"With no sign that the economy is going to improve soon, we expect this trend to continue over the next six months," Nadeem added.
Cash prizes may not be the best offer for everyone but, as consumers begin to feel the pinch, a whole raft of incentive schemes that may not have worked in boom times may work very well with today's more pushed consumers.
Have you re-thought your marketing efforts in light of changing consumer attitudes? Is there something you could do to find out how far your target market is now willing to go in order to get a good deal?
This article was written by Sarah Clark and sourced from www.internetretailing.net
