Guaranteed Get or a Chance to Win? Let consumers decide!
01 Dec 2022
When it comes to Sales Promotions, there are a number of different risks that need to be considered which can potentially affect the financial outcome of a campaign.
The Carlton Dry’s Slice OR Paradise promotion is a great example of a risk-managed promotion that includes two types of these risks.
Customers who purchased a Carlton Dry product were instantly rewarded with a $15 Uber Eats Voucher OR they could forfeit their gift for the chance to win 1 of 2 $10,000 holidays instantly (plus go into a major prize draw).
The two risks to consider in this campaign were Redemption Risk i.e how many customers would likely enter the promotion and claim their Uber Eats voucher? And Prize Choice Risk i.e how many of these Customers would forfeit their smaller prize for the chance to win big?
VCG assessed both risk types to determine the overall risk for the campaign and for a Fixed Fee helped the client deliver this impactful campaign with complete budget security.
There are many other ways promotional risk management can help you increase customer engagement just like this one. Contact VCG to discuss how we can assist with your next brief.
