Promotional Risk Coverage Magnifies The Impact Of Promotional Marketing
Promotional risk coverage eliminates the budget uncertainty associated with offering large prizes, cash 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. Such promotions attract attention. They excite people and generate an enormous response. As a result, you'll enjoy a higher volume of in-store and online traffic, a surge in customer registrations, and a growth in sales.
As the economy continues to struggle, it is important to gain loyalty of you potential customers and stretch your promotional marketing budget. Moreover, competition is increasing within every space. You need to have a way to differentiate your brand and products to an audience that is bombarded with promotional offers. Promotional risk coverage helps you to design exciting contests and games where consumers have a chance to win cash and large prizes. And you'll be able to do so at a fraction of the prizes' value.
Promotional Risk Coverage Protects You From Budget Overruns
Suppose you have a marketing budget of $15,000. You want to design a promotional contest that gives your customers the chance to win a $500,000 prize. The prize value is obviously much larger than your budget; it seems out of reach. Promotional risk coverage makes this type of contest possible.
The risk is placed with an insurance company. To outsource the risk, you would pay a small fixed fee. If a contestant wins the $500,000 prize, the promotional risk coverage takes effect and the insurance company steps in to cover the difference.
This same risk mitigation strategy can be easily integrated with your coupon programs, rebate offers, and high-value premiums. For example, suppose you want to launch a coupon program that carries a redemption value of $750,000 on a popular brand of deodorant. With a $15,000 budget, this may seem all but impossible. Promotional risk coverage makes this type of high-impact promotion possible by removing the risk of a larger-than-expected redemption rate.
When your competitors offer staggering chance-to-win prizes of $1 million, it is not because they have a $1 million marketing budget. Chances are, their promotion budget is limited. They are able to design these exciting marketing programs because they are using promotional risk coverage to extend their impact. You can take advantage of the same opportunity.
Advantages Of Promotional Risk Coverage
The obvious advantage of promotional risk coverage is that it amplifies the impact of your marketing budget. It stretches every dollar. In reality, the benefits extend much further.
First, large prizes, coupons, and premium offers attract attention. They generate brand interest and encourage consumers to participate. That gives you a chance to reach new markets, establish a presence, and improve brand awareness.
Second, by designing high-impact programs, you'll quickly build a customer database that you can mine for future marketing campaigns.
Third, programs that leverage promotional risk coverage to offer massive chance-to-win prizes inevitably increase sales. This is due to the exposure you'll enjoy as your customers get excited about the prizes.
Creative Marketing Campaigns With Promotional Risk Coverage
A lot of companies use promotional risk coverage to launch contests, games, and marketing programs at a fraction of the prize or redemption value. With a little creativity, you can design promotions that leverage this risk mitigation strategy even further.
For example, suppose you would like to launch a promotion that awards a $25,000 guaranteed prize. Promotional risk coverage will not cover guaranteed prizes, but it can eliminate the budget uncertainty of chance-to-win prizes, coupons, and high-value premiums. Rather than dedicating your budget to a $25,000 guaranteed prize, why not design a promotion that blends multiple types of promos? For instance, offer a $5,000 guaranteed prize, a $100,000 chance-to-win prize, and a $250,000 coupon program. Promotional risk coverage gives you the flexibility to design this type of creative marketing program.
Brand Differentiation With Promotional Risk Coverage
Differentiating your brand and products will always represent a major competitive advantage for your company. The challenge is using a strategy that excites your customers while keeping a tight rein on your advertising budget. Promotional risk coverage lets you offer high-value prizes, coupons, premiums, and rebates without concern for going over budget.
Would you like to generate excitement in your market by offering consumers a $500,000 chance-to-win prize? You can do so at a fraction of the prize value. Want to launch a $250,000 coupon program to stimulate a response and attract new customers? Doing so is easy at a small percentage of the program's redemption value.
Invest the time to explore how promotional risk coverage can help you engage your audience, excite your market, and catapult your sales.
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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.
Promotion budget planning may just be the thing that saves your job, when you remember to include one very important item: Promotional Risk Coverage. Promotional risk coverage becomes an important addition to your promotion budget. Basically, you insure your promotion, including a chance to win, against the odds of someone actually winning the prize.
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