Everyone loves a freebie, and everyone loves winning something. Promotions where your customers can get something for nothing are a great way to generate a genuine buzz around a product – either something new to market or one that already exists.
They’re exciting, compelling and usually time-limited, which only adds to their captivating nature among promotional options.
These tend to fall into two categories – Instant Wins and Prize Draws.
Usually an Instant Win involves your product’s customers using a code or other identifier to see if their purchase qualifies for one of a number of prizes. This competition can take different forms, depending on what strategy works best in the circumstances – sometimes it can be a win-lose mechanic, sometimes an ‘everybody wins’ option, or even a hybrid of the two.
In Prize Draws all qualifying participants are given the opportunity to enter and compete for what will generally be a prize of very high value to the target audience of your product. That in itself can be enough to double-down on the buzz you’ll see when launching this type of promotion.
Occasionally Instant Wins can be about the product itself (usually by claiming back the purchase price) during the promotional period, which is generally short and punchy to generate the requisite excitement around the competition.
Instant Win promotions usually consist of a big splash that’s short and sharp – perfect for a new product launch and especially good if your sales strategy involves increasing awareness through social media.
Due to the competition element, Instant Wins and Prize Draws are unlike Gift With Purchase promotions in that the marquee gifts or prizes can be of considerably higher value. In a Prize Draw there will normally be fewer to give away (especially if you’re using a win-lose mechanic) which can mean they offer very good value to the promoter when they’re set up in the right way.
Using high-value, eye-catching prizes are a quick and easy way to make your product the highest-profile in its sector – often quite literally overnight.
These mechanics are certainly one of your best options if you don’t want a long-running promotion, or you need a promotion that will generate its own publicity alongside the direct uplift we’ll create through the use of data and audience targeting.
Our innovative Instant Win and Prize Draw promotions are often designed in a way that make the consumer’s perceived odds of winning – or winning big – much higher, which only adds to the buzz surrounding them.
Using prizes that are popular or aspirational among your target audience is a sure-fire way of giving your promotional product the best chance of success too – and this works especially well in the context of the short-term, competitive nature of these promotion types.
Despite being an attractive proposition most of the time, there are occasions when a different choice might work better.
If your intention is to create long-term, sustained interest in your product, other promotional mechanics may be better suited than an Instant Win or a Prize Draw, which are much more about the here and now.
By definition, competitions with drawn-out or loose entry requirements can also fail to create the same level of interest – mostly because consumers don’t have the same ‘fear of missing out’ driver to make a purchase there and then.
Similarly, a well-chosen set of prizes – for either a draw or an instant win – can be the difference between a good promotion and a great one so it’s important to get this right.
At Insyt, we have experts in many consumer markets who will help you pick the perfect option, or guide you towards a more suitable mechanic if the research and data we work with you to collect suggests that might be more successful.
Our wide range of bespoke promotions solutions – including Instant Wins and Prize Draws – can help boost your sales, brand sentiment or customer loyalty. It’s all underpinned by our risk-managed approach, which enables us to develop bold and adventurous solutions for you. Get in touch with us today to see how we can help your business: email@example.com