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10 Reasons Why Now is a Good Time to Run a Consumer Promotion

Today's explosive economic environment has already had a profound impact on American business. A volatile stock market coupled with a suddenly reticent consumer base has left many companies across the spectrum of American business scrambling to make changes to their '09 plans.

Some companies are choosing to liquidate assets and reduce work forces in order to keep their books in the black. Others are choosing to scale back their current marketing and advertising initiatives as a way to pinch pennies.

As most of us learned through our own experiences, show me a company without a well-established marketing and advertising plan and I'll show you a company that is likely headed for failure.

More and more companies are looking to their agency partners to develop creative ways to help stretch marketing dollars. A proven tactic is promotions.

Here are 10 reasons why it's a good idea to run consumer promotions in a faltering economy:

1. Web based promotions can be launched very quickly and have an immediate impact during slow periods. Depending on a few factors, you can get a sweepstakes or an instant win game up and running in less than a week or two.
2. Promotions are very viral. Using a combination of email lists and grassroots viral web posts, it's easy to get the word out about your product. It's also less expensive than traditional advertising, but can be just as buzz-worthy if executed properly.
3. Promotions give your brand/product a proven return on your dollar even during a down market. Want to see an immediate sales lift? Promotions are a good place to start.
4. It's a great way to keep your core customer engaged with your brand even if they aren't currently in the position to purchase something. No purchase necessary sweepstakes give you that vital link to your consumer base.
5. Promotions offer a method by which to differentiate your brand from the competition, especially if they have similar price points. Consumers comparing two similar items at the shelf will more likely choose an item if they feel there is a chance to win something.
6. If executed properly, they offer an easy way to generate PR with very little investment. Local or even national media outlets are very likely to pick up quirky or touching human interest stories. This is even more likely if there is a charitable tie-in to the promotion.
7. Online sweepstakes help to build a qualified customer list, which allows you to get the word out about your brand. In financially uncertain times, it's critical to maintain and even grow your customer base, and keep that one-on-one contact with your customers. 8. The average length of promotions (2 to 3 months) not only gives your brand immediate sales lift, but it also provides defined ROI data as well.
8. Retailers are often more likely to purchase products with promotions attached to them, giving you the opportunity for incremental sales. Retail buyers understand the value that promotions bring to the table. Knowing that a consumer is more likely to purchase a promotional item, your client will have a better opportunity of selling off-the-shelf shipper programs to retailers.
9. A winning consumer equals a happy, satisfied consumer for life. Someone who wins is more likely to remain loyal to the brand, and they'll spread the word. Even if the prize is small, it can still be immensely impactful.

If you'd like to learn more about promotions, including sweepstakes, interactive instant win games, contests, or more, please feel free to contact a Business Development Manager at Marketing Resources for a free consultation.