A study has revealed the value consumers feel they are worth to mobile advertisers, and that figure is £6.80/$10.80 per minute of their time. This is according to research carried out by Opinion Research for Millennial Media, which polled more than 4000 people in four different countries, and forms part of Millennial’s What’s My Worth 2015 report.
The survey asked respondents to put a value on five minutes of their time in a one-hour frame rate, which resulted in an average of £34/$54. This isn’t a number they feel should be paid to them, but perceived worth for providing access to their lives on a mobile device. Millennial then broke this down into the one-minute average of £6.80/$10.80.
Millennial Media polled 4000 consumers about the value they put on five minutes of their time when using a mobile device.
Interestingly, the value people put on their time varied by country. Those in the U.S. had the highest number at £39/$62 per five minutes, while France had the lowest at £27/$43. The study also asked which channel they considered gave advertisers the best value for money. Television came out top at 48%, but mobile came second with 16%, more than twice the 6% achieved by desktop advertising.
Most people understand advertising is needed to keep mobile content free, with 72% expecting advertising once per hour — with 1.3 minutes being the mean expected time within an hour for advertising — and only 18% expecting no advertising at all. Additionally, only 3% said they had paid to remove adverts from an app, and 84% of those that did were over 45 years old.
Sally Silver, chief digital officer at Amplifi, is quoted in the report, saying:
“I think it’s often a misheld belief that people object to advertising on mobile devices. Yes they are personal, as by their very definition they are carried with us. But in amongst the numerous functions a mobile fulfils – from alarm clock to PA – it is also another device and screen on which we consume media. The real potential of mobile advertising is yet to be unlocked and the key will be found by the first to really crack cross device targeting and measurement. It stands to reason that consumers will interact with advertising that is of interest to them. Combine that with sequential messaging across devices, and you move past advertising to creating a dialogue with individuals, which is incredibly appealing for brands.”
Upon seeing an ad on their mobile device, 62% said they had clicked on it, and 18% did so because it was a product or brand they had not considered in the past, while 14% went on to make a purchase based on the ad. Based on those that did buy something, 82% did so online. Breaking this down by age group, those most likely to make a purchase were aged between 16 and 34. Finally, 43% of people that click on a mobile ad were more likely to pay attention to other adverts from the same brand in the future.