Promotional Marketing + Promotional Risk Coverage= Success and Sales
Promotional marketing has the same meaning for many people as just the term "marketing," especially those who are not in the marketing industry. As if what marketers do is nothing more than contests, coupons, and giving out free samples. While that is a part of marketing, promotional marketing is only one small fraction of the big umbrella that makes up Marketing (with a capital M).
Promotional marketing is the idea of promoting your product or service by attracting attention to potential customers. You see this quite a bit in places like grocery stores. The next time you're walking through your grocery store, count how many promotional marketing items you see: coupons to try a new brand of breakfast cereal, or the free samples of a new food item.
Car dealers and timeshare companies are also big fans of promotional marketing. How many "game cards" have you received from a local car dealer where you would win a prize if it showed up under the silver scratch-off discs.
But there's more to promotional marketing than just coupons and free items. Contests are another popular method of marketing promotions. Whether it's a bank giving you 30 seconds in a giant box filled with money and a large fan, letting you grab as many of the fluttering bills as you can, or it's a golf tournament that will give you a free car if you hit a hole in one on the 14th hole, contests are another great way to bring in potential new customers.
The most famous promotional marketing contest is the Publisher's Clearinghouse Sweepstakes, where you could win $1 million or more, as well as subscribe to different magazines. We went nuts for these when we were kids, begging our parents to please please enter, because we could win a million dollars!
The reason people respond to these promotional marketing campaigns is they're attracted to the large cash and prize giveaways. Sure, logically we know that the odds of winning are higher than the odds of being struck by lightning, but emotionally, we hope we'll beat the odds just that one time.
Of course, promotional marketing experts are worried about the one person who does beat the odds, so promotional risk coverage is available for those promotional marketing campaigns that offer large prizes and cash to winners.
If you want to create an effective promotional marketing campaign, there are a few things you need to keep in mind.
* Why are you holding the promotional marketing campaign in the first place? Is it to sell more product, collect names for your customer mailing list, or just to increase brand awareness?
* How will you measure success? Through increased sales, a bigger customer list, or based on the number of promotional marketing items you gave away? We don't recommend measuring this last item, because measuring the amount of money you spent does not always translate well to the amount of money you'll make from it. Just ask any auto racing promoter who spent $100,000 and didn't get a single sale as a result.
* Who is the marketing campaign geared toward? Is the promotional marketing item going to appeal to your target audience? If you are trying to reach younger men between 18 - 34, a contest that has tickets to a football game will draw them in, while two free passes to a day spa will not.
* Are you trying to reach existing customers or looking for new ones? The kinds of promotional marketing items you give away will attract one group or another.
* Are you compliant with the state and federal laws? Do you have promotional risk coverage in case someone wins more than you thought they would? (Imagine how the car dealer must feel when someone hits that hole-in-one and wins a car he wasn't expecting to give away.) There are a lot of laws surrounding promotional marketing campaigns, and you could run afoul of laws without knowing it. Consult with a promotional marketing professional to ensure you run a clean campaign that doesn't get you into trouble down the road.
Car dealers and timeshare companies are also big fans of promotional marketing. How many "game cards" have you received from a local car dealer where you would win a prize if it showed up under the silver scratch-off discs.
But there's more to promotional marketing than just coupons and free items. Contests are another popular method of marketing promotions. Whether it's a bank giving you 30 seconds in a giant box filled with money and a large fan, letting you grab as many of the fluttering bills as you can, or it's a golf tournament that will give you a free car if you hit a hole in one on the 14th hole, contests are another great way to bring in potential new customers.
The most famous promotional marketing contest is the Publisher's Clearinghouse Sweepstakes, where you could win $1 million or more, as well as subscribe to different magazines. We went nuts for these when we were kids, begging our parents to please please enter, because we could win a million dollars!
The reason people respond to these promotional marketing campaigns is they're attracted to the large cash and prize giveaways. Sure, logically we know that the odds of winning are higher than the odds of being struck by lightning, but emotionally, we hope we'll beat the odds just that one time.
Of course, promotional marketing experts are worried about the one person who does beat the odds, so promotional risk coverage is available for those promotional marketing campaigns that offer large prizes and cash to winners.
If you want to create an effective promotional marketing campaign, there are a few things you need to keep in mind.
* Why are you holding the promotional marketing campaign in the first place? Is it to sell more product, collect names for your customer mailing list, or just to increase brand awareness?
* How will you measure success? Through increased sales, a bigger customer list, or based on the number of promotional marketing items you gave away? We don't recommend measuring this last item, because measuring the amount of money you spent does not always translate well to the amount of money you'll make from it. Just ask any auto racing promoter who spent $100,000 and didn't get a single sale as a result.
* Who is the marketing campaign geared toward? Is the promotional marketing item going to appeal to your target audience? If you are trying to reach younger men between 18 - 34, a contest that has tickets to a football game will draw them in, while two free passes to a day spa will not.
* Are you trying to reach existing customers or looking for new ones? The kinds of promotional marketing items you give away will attract one group or another.
* Are you compliant with the state and federal laws? Do you have promotional risk coverage in case someone wins more than you thought they would? (Imagine how the car dealer must feel when someone hits that hole-in-one and wins a car he wasn't expecting to give away.) There are a lot of laws surrounding promotional marketing campaigns, and you could run afoul of laws without knowing it. Consult with a promotional marketing professional to ensure you run a clean campaign that doesn't get you into trouble down the road.
Questions and Answers
In this article, you'll discover how over redemption coverage eliminates budgetary uncertainty. We'll explain how promotional risk coverage works and how you can use it to plan each of your marketing campaigns to the penny. You'll also learn how to launch large-scale promotions with high-value prizes while paying a fraction of the associated cost.
Are you willing to bet your marketing, advertising, public relations or promotions career on your willingness to take a risk? It is my experience that you must take promotional risk. Learn why you should include promotional risk coverage in your marketing strategy to engage the consumer and secure a larger market share.
Promotional risk coverage eliminates the budget uncertainty associated with offering large prizes, attractive coupons, and generous rebates and premiums to your market. It gives you an opportunity to launch exciting marketing campaigns through which you offer high-value promotions that would otherwise lie beyond your budget.
There is no argument that consumers are responding to large cash and prize giveaways. Your marketing research can stop with the review of network programming you find in recent shows like Deal or No Deal, Price Is Right, Who Wants to Be A Millionaire, and the many other network promotions which include large prize and cash offerings to both gain consumer loyalty and increase ratings. Radio and television stations, newsprint and magazine publications
Promotional Risk... Is it worth it? Over the past decade, there has been tremendous growth in consumer and business product releases, bringing challenges to consumer and B2B marketers to differentiate brands. The ever changing media market increases the complexities, for both offline and online marketing professionals.
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The key reason why some firms thrive while some implode during an financial recession is still a puzzle to many people business-owning business owners. Some wrongly assume that all businesses should suffer via recessionary cycles. But the truth is that some companies are usually essentially recession-proof, and it is not necessarily because they are much larger, better known, or a lot more generously capitalized.
Companies like Arch Coal (ACI) and Massey Energy (MEE) watched his or her stock climbed.
Promotional risk coverage eliminates the budget uncertainty associated with offering large prizes, attractive coupons, and generous rebates and premiums to your market. It gives you an opportunity to launch exciting marketing campaigns through which you offer high-value promotions that would otherwise lie beyond your budget.
Promotional incentives are a powerful marketing lever that brand advertisers can use to engage and excite consumers. They play a key role in launching new products, lifting sales of existing products, and cultivating customer loyalty. From the smallest "mom and pop" retail stores to the largest brands in the world, promotional incentives encourage people to experience products they might otherwise ignore.
Entertainment promotions are very powerful in triggering a response from your target market. This article explains how entertainment promotions boost your sales, improve customer loyalty, and drive your brand's success. Learn how to leverage entertainment promotions to collect valuable information about your audience.
We will give you a comprehensive preview of music download promotions. You'll learn how they work and the unique promotional advantages they offer your business. We'll also describe how to use digital promotions to deliver a memorable impact at a surprisingly low cost. Lastly, we'll explain how you can tailor music download promotions to form a seamless fit for your target audience, regardless of your marketing objectives.
As cell phones, PDAs, and other mobile devices have flourished, they have created a new marketing platform from which you can engage your audience. Below, you'll discover how to use mobile promotions, such as SMS promotions, mobile coupons, and ringtone promotions, to capture valuable mindshare within your market. Once you catch the attention of consumers in a way that excites them, motivating them to take action becomes far easier.
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