Who doesn’t love the chance to win something? As a consumer when I see the chance to win a fabulous prize I sign myself right up, with the hope that maybe just maybe I could be that lucky one. These promotions are not only exciting for the consumers but also beneficial to the business that run them. Co-promotions are the most efficient way to run a promotion and gives you the biggest bang-for-the-buck.
We at Eye on Response run co-promotions with two or three partners who each provide assets– media and the prize– and all the partners share the opt-in registration data. As the promotions manager with EyeonResponse, I have firsthand experience running co-promotions that have generated tens of thousands of registrations in as few as two weeks. There are three main components to success; the right partnership, the right incentive, and the effective follow through with the consumer.
First is the right partner. It’s important to find a partner that has an audience with a similar or complementary interest. If you are a promotion lead (the partner providing media, the prize and coordinating the effort) when looking for the partners you want, make sure that they can provide equitable resources to what you are providing. This makes the promotion a win-win.
The incentive (the prize) is what initially engages the consumer and generates the buzz for the promotion. Just like a store front, what is in the window will get people in the door. The prize has to be interesting to the consumer and also associate them with your brand. Keep in mind, if you are running a co-promotion, you may need a few prize options to make sure they see the value as well.
Now that your co-promotion is a success and you’ve generated your brand awareness with thousands of new opt-in registrants what do you do? Communicate! To extract the value from the promotion you have to develop a communications strategy that quickly engages them with your products and brings them back to your site. This communication starts with a welcome e-mail that has a balance between “welcome and sell”. All subsequent communications need to be relevant, and at a frequency that is right for your sales cycle. Be very structured with your communications and don’t forget to make an announcement of who the lucky winner is.
Original image created by Daniel Borman.