Time as a Currency

Head to the Google Play store if you’d like to resurrect the concept of time as a currency online. Not too long ago, organizations offered rewards for participating in surveys, questionnaires and other helpful data-driven vehicles. This practice has faded as preference as data became more readily accessible. Coming full circle, now there is a new app called Google Opinion Rewards that offers free content on Google Play for participating in customer surveys.

            Digital marketers are striving to capitalize on the second-most important factor in digital engagement: time (Money being the most important). Whether it has been rich media, social or otherwise, marketers are disrupting the traditional advertising model and fighting over what is now affectionately called “share of time.” This new app is testing the willingness to pay of their consumers by allowing them to choose what they want to spend: time or money.

As most digital strategists are finding ways to eliminate the need for time by integrating social right into their ads or allowing consumers to purchase items directly from the source they saw it first, this app allows for the polar opposite. I am curious to see how this app will segment the market. Those that spend so much time online that they are willing to shed a few minutes will participate, while those that would rather pay the marginal amount for the content will go ahead and do so. Hopefully this app will set an important precedent in digital marketing and allow consumers to choose their form of currency.