A couple of weeks ago Peazie had the pleasure of presenting at the ‘Perfecting your Promotion’ event held by our friends at Plexus. It was a great turnout with many insights into how to leverage data to improve your promotions. For everyone who couldn’t make it here are the top 6 key takeaways from Peazie’s presentation:
1. Lead with the benefit
“Win XYZ” (what you win) should be your headline act, not “Buy XYZ” (the behavior you want to change).
Peazie has run thousands of campaigns, so we know what works and what doesn’t when it comes to writing headlines for a promotion. Clearly stating what a person will be gaining from entering the competition always works a lot better than using a headline that states why you want them to enter your competition. Remember everyone’s favourite radio station: WiiFM (What’s In It For Me)
2. Simple entry mechanics
Remove as many barriers to entry as possible. Do NOT run games of skill. You can ask for more effort or data from a consumer, but make it simple and fun otherwise your audience will ‘bounce’.
This is very simple to understand, the more barriers and friction there is to someone entering your competition, the less likely they will enter it. Our job as marketers is to design a promotion that removes as many barriers as possible.
3. Perceived attainability outweighs total prize pool
Counter intuitively, 10 x $10 performs better than 1 x $1,000… And instant win out-performs grand prize draws every day of the week – because we humans are impatient.
Having a large grand prize drives a lot of attention for a promotion, however we have examined the data from running thousands of campaigns and it consistently shows offering multiple smaller prizes actually gets more conversions. Reason being when people think the odds of winning is in their favour they are a lot more likely to enter a competition
4. Decide what’s more important – quantity or quality
Whilst cash drives the highest quantity customer acquisition, an incentive that is only of value to a good customer will drive better quality customer acquisition. If possible, measure the quality of your acquisition in real-time and optimise against it.
We have tried many different prizes over the years, we know cash works well with a mass audience. The freedom of choice that cash brings leads to a higher conversion rate. However when working with a niche target market, choosing the right prize, that is highly valued by the entrant will give them the incentive needed to supply their personal information to enter the competition.
5. Measure everything and optimise
3 banner ads targeted at 3 different audiences driving people to 3 pages = 27 campaign variants. Without exception, One of those variants will work MUCH better than another. Tech has made this level of real-time optimisation easy.
One of the biggest advantages of being a marketer in the digital age is that there are multitude options for advertising platforms. Platforms such as Facebook and Google Display Network allow great targeting, great reach, and multi-variant testing options. Ads should be tested, measured, and then optimised for ultimate performance to drive the best quality of traffic to ensure a highly successful campaign.
6. Repeat your successes
Again, modern tech has enabled us to step-and-repeat great promotions. As marketers, we also know that frequency drives recall and saves us cash – so if you can avoid building a new promotion, step and repeat an existing success.
The reason Peazie can give any business a competitive advantage is that we have collected data on every single campaign we have conducted. We know what works, and what doesn’t, and you can be rest assured any campaign we create for you will apply the latest in data-driven promotion design.