You may already know that offering great prizes helps drive a promotion’s success, but did you know we always consider these five items when developing a motivating prize structure?
- Audience: We all have different preferences when it comes to, well… everything. When considering a grand prize such as a vehicle, it’s vital to conduct research to ensure it’s an aspirational prize to your target audience, and not simply what the sponsor believes is desirable according to their personal preferences.
- Partners: Offering sweepstakes or skill contest prizes that tie your brand to pre-existing relationships with renowned spokespeople or companies attracts additional attention and participation. For example, if offering a travel prize, also include a sponsored celebrity meet and greet.
- Length: If your promotion is in support of a one day grand opening celebration, the prize structure should reflect immediacy. Likewise, if a sweepstakes runs for an entire Major League Baseball season the prize structure needs to help maintain participant interest over a number of months.
- Goal: Whether the sponsor wants to boost incremental brick and mortar sales, increase loyalty program participation or announce a new product or service, the prize structure must support – and not be at odds with – the promotion goal.
- Budget: A clearly communicated promotion budget allows us to recommend motivating prizes that are within the sponsor’s spending guardrails; we wouldn’t want to recommend a grand prize of a two week cruise when the budget allows for a weekend getaway ;-).
If you’d like to discuss how to create a motivating prize structure for your next promotion, please don’t hesitate to reach out – we’re here to help.