- PRICING STRATEGY: PRICE SKIMMING!
- PRICING STRATEGY: GIVING YOUR PRODUCT/SERVICE FOR FREE
- SHOULD WE COMPARE OURSELVES?
- WHAT SHOULD WE MEASURE WHEN WE EVALUATE OUR MARKETING EFFORTS?
- WHAT IS THE VALUE OF A CUSTOMER?
- DOES CONTENT MARKETING WORK?
- WHAT IS THE DIFFERENCE BETWEEN A BRAND, BRANDING, A PERSONAL BRAND AND A COMPANY/PRODUCT NAME?
- WHAT IS GROWTH HACKING?
- HOW MANY « P » CAN BE FOUND IN THE MARKETING MIX?
- THE CUSTOMER VALUE CHAIN
- HOW CAN YOU PROTECT YOUR UNIQUE PRODUCT OR SERVICE?
- CONFERENCE ON FINANCING - MAY 2, 2017
- WHAT IS DRIP PRICING?
- WHICH AMOUNT SHOULD YOU CHOOSE FOR YOUR PRICES?
- DETERMINING YOUR HOURLY RATE BASED ON THE VALUE YOU THINK YOU HAVE
- IS LOWERING YOUR PRICES A GOOD IDEA?
- TO OFFER OR NOT TO OFFER FINANCING?
- HOW TO PROTECT YOURSELF AGAINST EXCHANGE RATE RISKS
- WHEN IS A GOOD TIME TO INCREASE YOUR PRICES?
- DEMAND BASED PRICING
- WHAT IS A LOSS LEADER?
- HOW TO ORGANIZE A DRAW THE RIGHT WAY?
- HOW TO HAVE REMOTE EMPLOYEES
- IS IT GOOD TO BE FIRST IN A MARKET?
- THE THREE TYPES OF CUSTOMERS
- EXPORTING TO MEXICO - QUERETARO REGION
- DEFINING BUSINESS SUCCESS
- ARE YOU USING REBATES? WATCH OUT FOR THESE
- IS THE CUSTOMER ALWAYS RIGHT?
- EXPORTS AND QUEBEC COMPANIES
- COWORKING SPACES
- YOUR PLACE OF BUSINESS AND INTERNET
- WHY IS SOCIAL MEDIA IMPORTANT FOR YOUR BUSINESS?
- HOW TO USE FREEBIES
- WHAT IS THE MAGICAL FORMULA FOR HAVING SUCCESS IN BUSINESS?
- DO YOU HAVE EXPERIENCE IN MY FIELD?
- WHEN CAN WE STOP OUR MARKETING?
- WHAT IS A CALL TO ACTION?
- WE ARE ALL SALESPEOPLE; HERE'S HOW TO GET THERE
- HOW CAN MARKETING AND SALES COLLABORATE?
- HOW TO SELL MORE TO YOUR EXISTING CLIENTS
- WHAT IS CROSS-MARKETING?
- WHY SHOULD I SEGMENT?
- WHO IS RESPONSIBLE FOR MANAGING YOUR COMPANY'S IMAGE?
- HOW TO CHARGE FOR YOUR PRODUCTS / SERVICES?
- HOW TO DEFINE YOUR PRICING STRATEGY: PRICE POSITIONING
- HOW TO DEFINE YOUR PRICING STRATEGY: MARKET PRICING
- WHAT PRICE SHOULD YOU SELL AT? - COST-BASED PRICING
- WHAT IS A PRODUCT?
- HOW TO MARKET YOUR NEW BUSINESS?
- IS BUYING A FRANCHISE A GOOD WAY TO START A BUSINESS?
- HOW SOCIAL MEDIA HAS CHANGED WORD-OF-MOUTH
- HOW SOCIAL MEDIA HAS CHANGED PUBLIC RELATIONS
- WHAT IS BRANDING?
- WHY INCREASING SALES IS NOT THE SOLUTION
- HOW TO SELECT YOUR COMPANY NAME?
- WHY HAVING A WEBSITE IS ONLY THE BEGINNING?
- WHAT IS MARKETING?
- HOW TO MAXIMIZE THE VALUE OF YOUR SOLE PROPRIETORSHIP BUSINESS
- WHY SELLING IN MEXICO?
- LOW COST MARKETING INITIATIVES
- WHY IS PRODUCT DIFFERENCIATION IMPORTANT?
- hOW TO PRESENT OUR COMPANY
- WHAT IS THE DIFFERENCE BETWEEN MARKETING AND PUBLICITY?
- 50% OF YOUR ADVERTISING BUDGET DOES NOT PRODUCE AS MUCH AS THE REST
- RIGHT SELL AND OVER DELIVER
HOW TO ORGANIZE A DRAW THE RIGHT WAY?
Do you want to make yourself known? Do you want to ad more subscribers to your list? Do you want to increase your sales? For all these reasons, a draw can be a good strategy. But you have to do it right.
The idea for this article came from a meeting with a potential customer. The owner had organized an important draw to increase his sales and he was disappointed with the results. Without revealing the name of the business, I think that we can use some of the information to see what was done right and what could have been done better.
The business is a decoration boutique. And the price was a trip for two worth $ 2,500 !!!!
For this draw, the owner developed a very good strategy that few think about; on top of your registration, for every other person that would register because of you, you had another entry. With this in place, the referrals increased the chances of winning, not the other way around. Few people think about this when they organise a draw. We all want to tap into the network of people around us. But by not giving a proper incentive to do so, people bringing other people into the contest actually decrease their chances of winning. Which is a little counter productive. So, when organizing your draw, make sure that you reward word-of-mouth within the circle of family and friends. It is very important.
The other thing that is important to remember is that a coupon may also be a contact authorization. Check with the government agency in your country / region regulating email marketing to ensure that you include all the relevant information so that you can do a proper follow up after the contest is over. If done well, the people participating in your contest have an interest in your business or services, so they can be potential customers.
Which brings me to the next point. When organizing your draw, it is important to choose the prize carefully. In our case, winning a trip is an incredible prize and the value will generate lots of interest .... However not for the company or product/services they offer, but rather for the trip itself. In our specific case, the list of contest participants will have less to do with an interest in decoration than one for vacations. Of course, the argument can be made that offering something as important would bring eyes to the business/brand. But choosing wisely can accomplish both at the same time. For example, by offering to decorate a full room as a prize, the company will attract people more in line with what they offer on top of being very generous and gathering attention.
Finally, depending on the value of your prize draw, there may be a tax impact for your winners, documents may be required and the mechanics of your draw may be regulated by a government agency to ensure that the prize is properly remitted and that the process is as transparent as can be. Here in Quebec, the “Régie des alcools, courses et des jeux” is the organization that handles all contests with prices exceeding $ 100,00 in value.
If you have any questions, comments or want to share your experience, please do not hesitate to contact me.
Stéphane Elmaleh-Riel, B.Ed., MBA