Post image for iPhone Yields $680/hr ROTI!

iPhone Yields $680/hr ROTI!

by MJ DeMarco on July 2, 2010 · 15 comments

Return On Time Invested (ROTI)

First a disclaimer: I’m not an Apple fan boy.  However, I am a big fan of anything that improves productivity and makes me richer in free time.  This is a great example about how the iPhone has improved my productivity and increased my free time .

Anyone familiar with the Fastlane knows that I like to preach about the importance and value of our time.  A posting I made several months ago, explained how to achieve obscene ROTI by using simple coupons found trolling the web.

Today, I was in search of dictation software — Dragon NaturallySpeaking (DNS).  Lately, my fingers haven’t cooperated with my desire to type large amounts of  prose.   As with any purchase, I first researched the Internet for product reviews and opinions.  I found DNS at Frys.com.  It was for sale at $59 plus a $40 rebate.  Nineteen bucks, I thought.  Now that’s a pretty good deal.

So I hopped in my car and head to my local Frys Electronics store.  It’s about 25 minute drive.  At the store I found the product, and oddly it was priced for $99.  The price online, and the price at the store were totally different.  Additionally, the in-store product, made no mention of the rebate.

So my options were clear: Pay the in-store price of $99 and not get my rebate hence paying $80 more; or drive home, order online, save the money, and wait a week for the product to come by mail.  Dejected, I stood there in the aisle staring at the floor, knowing I didn’t want to wait a week for this product, nor did I want to pay $80 more than I needed to.  Eighty bucks I thought, that’s a nice steak dinner – I’m not going to pay it!

Then it hit me.

I had my Apple iPhone.

I grabbed it and pulled up my Safari browser.  Logged into Frys.com, found the software, ordered it at the discounted price, and selected “in-store pickup”.

It was done.  The product I was looking at before my eyes, clearly priced at $99, was going to be mine for the paltry sum of $19.  I looked around, guilty as if I just stole something.  But I didn’t.  It just was a clever use of my iPhone, which either saved me $80 or seven days of waiting.  Had I used a Blackberry, this wouldn’t have been possible unless I spent 40 minutes fiddling with it’s cumbersome interface.

I jaunted over to the magazines and thumbed through the latest GQ.  “Wow, guys actually wear this shit?”.

After about seven minutes, I ventured over to the cashier and picked up my online order.

The point of this post is to quantify what my iPhone saved me:

It took me 7 minutes to order the software via my iPhone.  At seven minutes of spent time, yielded me a return of time in the amount of the productivity gains from the software for the next seven days or, $80.

At an $80 savings, for 7 minutes of spent time, the return on time investment (ROTI) is approximately $680 per hour.  Is that a Fastlane rate of return on your time?  It is.

Cheers,

MJ

Tagged as: coupons



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Comment Guidelines: We all have opinions and I'm cool with ya disagreeing with me however anonymous comments, stupid comments, trolling, hating, and other uncivil comments will be deleted.

  • Charles

    Why not just buy it online for instore pickup in the first place?

  • http://myonehundredthings.com Christian

    This is awesome! A lot of people don’t realize that brick and mortar stores and their online counterparts are often run as completely separate businesses, even though they do allow you to pick up orders in person, etc. It’s such a strange phenomenon. Good thinking…I did a very similar thing with a treadmill two weeks ago.

  • http://www.thefastlanetomillions.com/ MJ DeMarco

    CHARLES: Good q … My intent wasn’t to buy it online, but to just see if they carried the product and find reviews. I only considered online after learning of the price discrepancy. I rarely leave Fry’s with 1 product – its my favorite joint – acres of electronically goodies!

  • http://ow.ly/13I Petergabriel

    excellent ROI story; this is gonna be bookmarked

    alas, i have a Bberry; any suggestions??

    http://thinkbillions.blogspot.com/

  • Ed Bogus

    What about sales tax? Do you have to pay sales tax when picking up from brick and morter store?

  • http://www.shah111.com Ali

    “What about sales tax? Do you have to pay sales tax when picking up from brick and morter store?”

    I don’t believe someone asking this question.
    This is not to disparage authors intent or content in anyway. But even with Sales tax paid, MJ came out ahead, than buying directly from frys physical location (without being creative with his iphone).

  • http://www.thefastlanetomillions.com/ MJ DeMarco

    I think either scenario would have subjected me to sales tax because the store was in AZ, hence, subject to the tax.

  • Casey

    Not sure about Blackberrys, but don’t need an overpriced iPhone, either. I have and AT&T 8525 with Windows Mobile using the free SkyFire browser which does all the iPhone does and so much more. But nicely done on the ordering online for in-store pick-up. Kudos!

  • http://www.luck-struck.com Skyler Reep

    Great ROTI story. How do you like NaturallySpeaking? I’m thinking of writing my next book this way. DNS 10 is $99 online. Wondering where you found the deal…

  • http://www.thefastlanetomillions.com/ MJ DeMarco

    I haven’t used DNS enough to form an opinion. My first few uses didn’t go to well but I attribute that to my voice — my oration is pretty low.

  • http://www.chatropolis.com MJ Ludwick

    Stop eating cheap steak alone. Nice move but I wouldn’t have waited the 15 minutes. I don’t know about GQ. Really doesn’t go with the umbrella drink,shorts and the Pacific ocean in my front yard.

  • http://www.helpalocalbusiness.com HelpALocalBusiness

    Hey MJ,

    I’m here for the first time and read a few of your blog posts. Really like your style, very inspiring and entertaining…

    This article remaind me of a book released about 2 yrs ago – I read 30 pages as sample (and I regret I didn’t buy it).

    I can’t remember who wrote the book but it was a great marketing/investing thinker. The idea was that this guy invest all his money and do this only on things that brings him more money back.

    I was shocked to read that he do not even had a car because a car is loosing his value in time (a normal car, of course). Just because of that, he uses only taxi cabs. I think he was from NY.

    A few days ago, a guy I know and who’s very influential on the internet marketing field sent an email and talk about almost the same subject.

    He has a 10 yrs old car, etc. And this is a real fastlane millionaire – everything done on the Internet.

    Reading your posts, your sales letter… seeing your Lamborghini photos… I found a different approach.

    And it’s hard no to say that (sorry!): you’re a fastlane, have great cars, but drive 25 min to order something on a shop… than buy it online for less.

    You, a fastlane. See the irony?

    Have a great day,

    Val

  • http://www.productivitybits.com/ Marlon @ productivity bits

    MJ,

    This is a perfect example of how a tool can make us more productive. More productivity means better results and more money. Thanks for sharing.

  • http://twitter.com/joelvaldez Joel

    hahahaha,

    You want to really realize how much you use you SMARTPHONE (not just an iPhone) everyday? Be without it for two weeks, as i had to..

    It’s incredible, we take it for granted.

    It’s not just social networking and chatting as many SmartPhone’s hates say.

    Luck!

  • Jeremy

    “I jaunted over to the magazines and thumbed through the latest GQ. “Wow, guys actually wear this shit?”.”

    +1,000,000

    LOL! I’m buying your book just for that line! Love it.

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