Tag Archives: focus groups

A New Wrinkle in Personal Finance

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In our youth-and-beauty-obsessed culture, we don’t even want to THINK about being old, gray and wrinkled. That avoidance has another big consequence: we neglect to plan for our financial futures.

But a researcher has forced his test subjects to imagine themselves in their old age and found:

The more connected we feel to our future selves, the more likely we are to save. In one study, participants looked at digitally-altered (aged) photos of themselves and then answered questions about how they would allocate $1,000 if they were to suddenly receive it. They allocated twice as much to a long-term savings account if they saw an older version of themselves versus just seeing themselves now. USNews.com

Basically, we see our future selves as strangers. But seeing ourselves bald, with wrinkles and liver spots, is apparently a big reality check!

There are apps that allow you to perform this exercise, including AgingBooth.com. But the article also suggests you get in touch with the concept of aging by visiting MeMaw and PapPap, and also asking yourself what the older you would say about the various big-ticket purchases you make – will the old you regret buying a jet-ski versus a municipal bond?

Anyway, it’s pretty interesting. Check it out here!

Blockbuster Bummer!

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Prefer to rent your DVD’s from Blockbuster Express vs. Redbox? So sorry! I just received a notice from Blockbuster Video that states, in short:

NCR, which operates your Blockbuster Express kiosks, has entered into an agreement to sell its kiosks and other assets to Redbox. Until the transaction is completed (3rd quarter 2012), you will continue to enjoy the convenience, choice, and value you’re used to from BLOCKBUSTER Express.

They had not much to say about how things will be run afterwards. Is BB going away? I don’t know, but not having machines SEEMS like sort of a handicap!

Now, I have no particular love or hatred for Blockbuster. But never having to go in their store again was a nice feature of the kiosk! However, there were definitely fewer Blockbuster than Redbox kiosks. BB managed to get some advantage with certain exclusive deals where they would have a film 2 or 3 weeks  before Redbox got it. So, for a while it was something of a 50/50 advantage between the two rivals.

Then BB screwed it up with tiered pricing. Redbox was 99 cents across the board (now 1.29.) BB was .99 to 2.99, based on newness and popularity. Basically, you never knew what you were going to pay. But the more you wanted to see it, the higher the price. That irked me.

So, now what? BB’s kiosk machines are being sold to their rival. I have to say my preference in this battle goes to Redbox. Flat pricing, with BB’s exclusives removed? Nearly perfect. But who knows how long that warm feeling will last when they have ZERO competition?

So, how about you? Red or Blue? Do you prefer one over the other? Why?

Customer Service Online

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We saw an interesting article about major banks, and the growing tendency for their customers to use social media, like Facebook and Twitter, to lodge complaints. The question is: is that effective?

(Strategy & Research firm) Javelin analyzed more than 5,000 Tweets between customers and financial institutions to explore just how helpful (or not) the conversations proved to be. It found that only a minority of the conversations successfully resolved customer problems (36 percent for Citigroup, 11 percent for Wells Fargo, and 3 percent for Bank of America.)

So, in other words, your answer is likely to be, “please contact customer service.”

Don’t get us wrong…your issues don’t bug us here at Mindfield Online! If you are not having an efficient, enjoyable experience, we want to know about it! But, here at the blog or the Facebook page, all we can do is to pass along to the helpdesk all the bits of anecdotal details that we can. We can’t actually dig into your account and fix things. So it is much more quick and efficient for you to contact the helpdesk during regular business hours at [email protected] or 800.969.9235

So that’s the scoop. It is an interesting article, and we encourage you to check it out. And have a great weekend!

The Need for Speed!

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Take it from Speed Racer, Racer X, Chim-Chim and the gurus at MindField Online – faster is better!

On that note, we have just finalized a major upgrade that increases our bandwith by 15 times our previous speed. (15Mbps down/ 43Mbps up, to be precise.) The major benefit is that we can serve content faster to more people at the same time.

Previously, if we had a large number of respondents taking a media-heavy survey all at once, things could slow down a bit. You may or may not have noticed, but WE did! So it was time to upgrade.

You may not be “the fastest man alive in your powerful Mach 5” but, ideally, this upgrade means we are providing the best services available for our members to ensure an enjoyable experience.

Meanwhile, we think we have the Facebook/MindField link-up procedure licked… for now. This has been frustrating – for you and for us! We had a nice protocol going, and then Facebook made changes. They do that a LOT. It affects everything from their apps to the game interactions and more. And they provide no ongoing support.

So, for now, we believe we have done all we can to fix all of the noticeable problems related to the automated Facebook login…but the next set of changes are always around the corner! We’ll stay on top of it, and your help would be appreciated. When something doesn’t work correctly, drop us a line at [email protected] and give us the details!

Smart Shopping Habits for the New Year

January rolls around and we think about all the ways we can get our acts together when it comes to money. Speaking for myself, I tend to think big, about saving more or paying down debts, and I sometimes neglect the little things like my daily shopping habits.

On that note, here are some smart new shopping habits we can nurture in 2012, courtesy of the money page at US News.com:

Comparison Shopping Apps: Comparison shopping has never been easier with your smartphone. Comparison apps can help you choose which store to buy from or, in the case of Amazon, you may find a better deal online.

Facebook Deals: Every retailer and manufacturer these days tells you to “Like us on Facebook!” When you do, you often find Friends-only deals. Yes, it’s all a plot to get demographic info about you, but you might save a few bucks!

Local Daily Deal Sites: We are all familiar with the big deal sites like Groupon. Now, smaller local deal sites are becoming popular. Instead of a fancy meal or spa treatments, you might find deals more specific to your needs.

Become a Hoarder! Not really, but when you find a coupon for toilet paper or toothpaste or ketchup – stuff you use every day – max that sucker out and buy in bulk. You could save a bunch!

Read the Reviews: I don’t buy anything I tend to have for a while, like a camera or vacuum cleaner, without doing a bunch of research online.  Amazon is a good place to find reviews.

Be a receipt hawk: Usually, I can’t get out of Wal-Mart quickly enough. But if you have the patience, take a moment to check your receipt for mistakes or missed discounts before you leave. Sure beats having to make a return trip into the madness!

There are more details in the article, so check it out!

How about you? Any wise shopping habits you care to share?

Clever Ways to Cut Back in 2012

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Looking to cut back? Time Magazine has compiled a list of items and services “You Should Just Stop Buying.” Take a look!

  1. Homeopathic Flu Remedies: the CDC says they don’t work.
  2. Credit-Card Payment Insurance: expensive and with a bunch of restrictions and exclusions.
  3. Dirt-Cheap Paper Towels: they don’t work and you end up using more of them
  4. Bottled Water: expensive and often misleading, i.e., it’s NOT real spring water.
  5. Premium Gasoline: unless you drive a really high-performance car, it’s a waste of money.
  6. Super-High SPF Sunscreen: unless you are prone to skin cancer. SPF 30 blocks about 97% of UVB rays.
  7. Auto Service Warranties: Again, expensive and contain many restrictions and exclusions.
  8. 100-Calorie Packs of Snack Foods: Portion control is a great idea, but buy the big box and some baggies, and save a bunch of money!
  9. Lottery Tickets: you are 3 times more likely to be hit by a meteor than to win the lottery.
  10. Unlimited Cell Phone Minutes: these plans are one reason why our cell bills have gone up $20 in the past 5 years, even though we aren’t really talking any longer.
  11. Brand New College Textbooks: Grrr! I am still resentful about this one after 20 years!
  12. Extended Warranties: A lot of the time, these are redundant, and you can get similar coverage from your credit card for free.  Exception: your laptop. Every one I ever owned broke down after the warranty expired!

Much more info in the article…check it out!

New Year’s (financial) Resolutions

Making New Year’s resolutions is unavoidable. Even if you vow not to make resolutions this year, THAT is a resolution! You can’t win. So you pledge to get in shape, call your mother more often and get your finances in order.

So here are a few tips, courtesy of CBS MoneyWatch, to help you get your wallet in fighting shape, even in these uncertain times.

Pay down Debt: The thing to know is that all debt is not created equally. Ideally, you want to attck the debt with the highest interest rate first.

Pay bills online: Set up automatic pay so you’re never late, because creditors are tougher than ever on delinquency.

Start investing: The sooner the better. Ideally you have a 401k at work. Wait, ideally you have a JOB (no small thing these days) and that job offers a 401k with matching funds.

Close unused financial accounts: I am guilty of this one myself. You pay down a credit card and, instead of closing it, you think it may come in handy someday. Well, creditors are ramping up dormancy fees now. And those “forgotten” accounts are particularly vulnerable to identity theft.

Personal finance software: Like Quicken, etc. Ever gone on a diet where you start writing down every calorie? What a rude awakening about your eating habits! Same idea here.

There are more ideas and details in the article. So READ IT.

Thanks again for supporting MindField Online Internet Panels throughout the year. You guys are the best! Have a safe, happy and PROSPEROUS New Year!!

After Christmas Retail Madness!

Santa down! Send backup!

For hard-core shoppers, the day after Christmas is the real Black Friday, and a day off from work for many shoppers. Expect large chains to open early and close well past their usual hours as customers exchange unwanted presents for more desirable ones, redeem gift cards they’ve collected, and spend any holiday cash that turned up in their stockings. – Consumer Reports

Sounds like a ground zero of retail insanity: crazy price cuts coupled with people having the day off from work. I will pass. But the rest of the week? I might give the mall a try or, better yet, see what after-Christmas deals I might find on the web.

Among the post-Xmas deals you may find this year:

  • Deals on anything holiday related, from cards and wrapping paper to reindeer-print pajamas
  • Williams Sonoma: up to 88% off on Holiday items
  • Amazon.com: up to 75% off on apparel, electronics, and groceries
  • Gymboree: 50% off
  • Aeropostale: up to 70% off
  • Oshkosh B’Gosh: up to 70% off
  • Cabela’s: up to 70% off
  • Old Navy: up to 70% off
  • Pottery Barn: up to 70% off
  • Barnes & Noble: 50 to 90% off
  • Walmart: 50% off clothing and toys

Read more at Consumer Reports.

So, how about you? Did you head into combat on The Day After? How about the rest of this week? Any big returns? Gift certificates to burn off? What specials did you find? Let us know!

Christmas by the Numbers

Hey gang! Here is a lightweight, on-vacation blog post about Christmas spending trends for 2011, based on predictions from the National Retail Federation…

Overall, the dollar amount we plan to spend…

  • For gifts: $515.94 – down 50 bucks in the past 5 years
  • For Decorations – $46.73
  • For Holiday Food – $96.75
  • Total Amount we plan to spend: $704.18

As for Holiday shopping trends…

  • 60% of us see holiday shopping as an opportunity to buy something for ourselves
  • 66% of us buy from a Discount Store
  • 57% of us buy from a Department Store
  • 49% of us buy from a Grocery Store/Supermarket
  • 47% of us buy Online
  • 42% if us say that sales and discounts are the most important factor

And 91% of us plan to celebrate the holidays!!

Do these stats sound right to you? Let us know!

What’s Your Return Policy?

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From Black Friday to the Return Desk: it's the Circle of Life!

We’ve all seen the of Black Friday news footage madness – the stampedes, shoving and hysteria. Whether you find these scenes funny or horrifying, I bet you don’t watch them and say, “These look like reasonable people who will use good judgment to make sound purchases.”

Apparently the logic, i.e. “can we really afford this?” doesn’t kick in until well after you get home from the mall and eat those leftover turkey sandwiches.

So, while our spending is up over 15% from last year, returns are also way up, long before the actually holidays hit!

Buyers remorse? This is the ultimate environment for it. You get lured in by the deals, but ultimately you realize you don’t want to be paying this stuff off for the next six to 12 months. Retail Analyst, NBC Today Show

The segment taking the biggest hit is electronics. They will lose $17 billion to returns this year, up 21% in the past four years.  Why do we return electronics? 5% of us claim some product defect, while 27% claim buyer’s remorse.

Despite getting killed by returns, some retailers are seeing the value of a good return policy. For example, Nordstrom.com used to charge a $6 restock fee. Now, returns are free.

For some, this is all a bunch of humbug. The shopping truly is part of the fun of the holiday season. To you I say go crazy…but keep your receipts!