In 2003 researchers were able to quantify the value of a photograph on direct mail offers for the equivalent of pay-day loans in South Africa. They sent out offers with various interest rates and various pictures of different races and genders. The rates used in this experiment were randomly assigned from 3.25% to 11.75% in simple interest per month. The results:
- Race didn’t make any significant difference in the response rate.
- Women’s response rate was not influenced by the photograph.
- Men ‘s response rate was the highest with a photograph of a woman.
- Adding a woman’s photograph increased response among men by the same amount as lowering the offered interest rate by 4.5% per month.