Archive for November 3, 2010

How Contests and Promotions can Kick Start Your Company’s Marketing Mix

CONTESTS and PROMOTIONSThere are many benefits to leveraging Promotional Marketing within your marketing mix. In both B2B and B2C marketing, contests, promotions and giveaways are excellent ways to solidify your brand, build awareness, generate sales, and increase loyalty.But incentive-based marketing can also have its challenges. Consumers are bombarded with opportunities to win everything from cars to trips to lawn mowers. A recent study by the Incentive Foundation shows that traditional incentive programs, such as cash bonuses, no longer have the same impact that they once did. In fact, four out of five executives surveyed believe that travel and merchandise awards are more popular than cash awards. [1] In order to engage audiences, marketers need to create smart, engaging promotions that motivate responses through a unique, but relevant offer.

Here are a few strategies to consider:

Choosing your prize before determining your strategy is literally putting the cart before the horse. Often, people become fixated on what prize to offer rather than thinking about why they are running a promotion, what they want people to do, and how they want them to do it. Prizes should be determined in order to create the best possible response from your target audience. Offers that seem too ordinary, or seem spectacular, but out of reach, will discourage people from participating.

Not all promotions are created equally and not all have the same type of return. If the goal of your campaign is to increase brand awareness, then the benefits will be seen over a longer term. If the goal is to increase sales, then the results will be more immediate.

Understanding your target market will help to determine the best vehicle to use for your promotion. Demographically unique markets will make buying decisions in different ways. For example, many marketers are using text messaging and QR Codes [2] to capture the rapid-fire impulses of younger audiences. What works for this group won’t be successful in an older market.

Always practice permission based marketing to ensure that you are in compliance with PIPEDA Regulations and that you have clearance to use any data that is captured.

 

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November 3, 2010 at 4:45 pm Leave a comment


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