Promotion Prizes: An exciting and memorable promotion hinges on the prize itself and it can be hard to stand out with so many other brands to compete with. So what should you give away this year? Gemma Cutting, Head of Client Management at Promo Veritas shares some of her tips.
A few years ago PromoVeritas did some research and found that although everyone loves the chance to win when it comes to the size of the prize, less is more. Moreover, people are more likely to enter a competition or draw if they feel they have a good chance of winning, and their perception is that if the prize is of a lower value or there are more of them, they will be in with a better chance.
Back in 2014 we ran a promotion for a client who was offering a small number of big ticket prizes plus hundreds of thousands of small, more collectable prizes. The promotion garnered a huge social presence with many consumers claiming they didn’t want to win the big prize but longed to win one of the smaller prizes. So much so that the brand listened and the following year increased the budget for these smaller prizes and removed the big prizes!
Striking a chord with your audience when it comes to prizes is paramount and brands must do their homework. For example, when we asked: ‘which prizes and gifts are likely to persuade you to enter a competition or prize draw?’ only 17 per cent of consumers answered: ‘a trip to the football World Cup’, compared to 45 per cent who say ‘a household appliance’. Or even better, offer them cash.
Our experience tells us that splitting a £100,000 prize fund into 100 prizes of £1,000 seems to generate a better response. Consumers will think that although the prize value is lower, their chances of winning are higher, which makes them feel more positive and likely to give it a go.
Competitions that require a level of skill tend to get fewer entries than prize draws which are just a game of chance however they do tend to have more passionate followers because those who enter are likely to be more engaged with the brand. Therefore, you can afford to be more generous and inventive with competition prizes.
Our team has also created a scoring system to help clients determine how to make the most of their prize budget without expensive research which has been a real success for many brands. In the meantime, here are our top tips for successful promotion.
Five tips a great promotion
For help and advice with all aspects of planning and implementing promotions or to find out more about using our prize scoring system to help you contact Gemma Cutting on email email@example.com or call +44(0)20 3325 6001