All posts in “Prize”

perfecting your promotion

6 KEY takeaways from ‘Perfecting your Promotion’

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.

 

Source of Strength.

4 Ways to Supercharge your Startup Marketing

For startups, finding budget friendly ways to supercharge your marketing strategy is crucial. Very few startups have the luxury of a big budget, and navigating the minefield of marketing buzzwords can lead to a whole lot of wastage, and very little ROI.

To point you in the right direction, here are 4 ideas to help supercharge your startup marketing.

 

1. Create regular, useful content to help, not sell.

Content marketing is one of the most consistently misunderstood elements of a marketing strategy. Traditional sales techniques and ideologies suggest any “content” should show off the best features of the company, the product, and the brand. But in this day and age, that’s simply not effective anymore. In a world where a quick Google can give you pages and pages of data on an individual, it’s more important than ever to cut through the sales talk and aim to help prospects and readers.

To find effective and impactful content, you need not hire a copywriter or professional writer. Instead, use the knowledge and expertise of your existing team to develop content that matters to your customers, and can position your team members as experts within the industry.

 

2. Use video to engage customers and leads

Video is one of the most versatile ways to engage with your customers and leads. The great news is, video has never been more accessible than it is right now. Whether it’s posting regular vlogs on YouTube, Stories on Snapchat and Instagram, or live streaming a Q&A, exploring video platforms is a great way to both engage your existing community and provide value to others.

 

3. Use competitions to drive awareness and build your database

When it comes to generating leads, and increasing brand awareness, few ways are as effective as giveaways, promotions, and competitions. Historically, if you wanted to build a database it would have cost you the earth, and taken a whole lot of manpower. The good news for startup marketers is those days are behind us, and with promotions and competitions, it’s now easier than ever to collect data and drive leads in your marketing funnel.

For us here at Peazie using competitions and promotions are some of our favourite techniques. We have used our platform to power thousands of successful promotional campaigns, helping companies across Australia to reach their database growth, lead generation and sales goals.

 

4. Be part of the conversation

One of the most effective and valuable marketing strategies to drive both brand awareness and trust is to engage in real conversations with prospects, leads, and customers.

Whether it’s commenting on customer’s blog posts or engaging in a discussion around one of your expert topics, your goal should be to have valuable conversations with the individuals who ultimately make up your community. There is no hard and fast rule here, and no secret to success. Simply be authentic, be yourself and genuinely want to have a two-sided conversation.

Close up of a happy young women working together

Does Prize Value Impact Conversion Rates?

Choosing the right incentive is crucial for your competition. It sounds obvious, but it’s surprising how many get it wrong, spending thousands on a single prize in the belief that value – in a financial sense – will lead to increased conversions.

 

It might surprise you to know this is simply not the case. In fact, our data suggests that a single, more expensive prize in the $5k – $10k bracket drives around 10% fewer conversions than a simple $50 gift certificate. So here are a few things to keep in mind before you drop your entire marketing budget on your next huge prize.

 

Perception trumps reality

 

Perception is everything, regardless of the facts. As a competitive species, we gravitate toward scenarios where we are most likely to win. So even if the odds of winning a car or holiday are the same as winning the $50 gift certificate, for some reason the perceived odds favour the less expensive prize.

 

Give it a go! In your next competition, try offering something simple, over something lavish and expensive and see for yourself.

 

Volume trumps value

 

Another interesting takeaway from our data is the impact prize volume has on conversion rates. Having more than one prize up for grabs, even if they are lower in value, has a huge impact not just on conversion rates, but also on referral conversion.

 

Thinking about it logically, this makes perfect sense. Although we are competitive, we love to share experiences. After all, there’s a reason social media is such a big business. So while a single prize plays on our competitive streak, multiple prizes play on our want and need to share experiences within our communities, and friendship groups.

 

Goals trump everything!

 

When it comes to any campaign, it’s important to keep your business goals in mind. The majority of our clients seek to drive conversions and optimize conversion rates. If that’s your goal, spend $500 on 10 gift certificates, rather than $5,000 on something outrageous.

 

You can read some of our case studies here!  

 

Sometimes you might want to give away something lavish and outrageous, be it for PR or simply to improve brand perception, and prestige. Let’s face it, a $50 gift certificate won’t carry the same prestige as giving away a holiday, or a car.

 

If your business goal is to increase prestige, you’ll likely do better with a more expensive incentive. However, if you are dead set on a lavish, expensive giveaway, but worry about conversions, up the volume with some less expensive consolation prizes.
We hope these little golden tips help you understand how competitions can be run better. If you are still hungry for knowledge, get in touch with us at Peazie!