If you’re running a promotion for your business on social media – or anywhere really – you should take care to ensure your prizing structure is strategically relevant.
Your prizing structure should work toward proving your brand’s promise.
Choosing a prize, or creating a prizing structure for your promotions should be carefully thought through so that it builds on your brand’s core value proposition, is attractive to your targeted audience, and rewards existing consumers in a way that is of contextual relevance.
Many prizing options might seem immediately attractive; iPads, tickets to see Miley Cyrus, a Caribbean cruise. Who wouldn’t want to win these things?
But what do these prizes have to do with your business or brand? How do they prove your brand’s promise?
If they aren’t connected, they are irrelevant, should be dismissed as being such, and should not be awarded due to the risk of confusing your message, diluting the quality of your audience with contesters and gamers, and will not yield any true lasting benefits.
Following are a few questions you should answer before arriving on a prizing structure for your next social media promotion:
What business am I in?
Not just what do you sell, or what is the service you offer, but think about the core consumer benefit you offer. Think about how you enrich their lives, and chances are that any prizing that is related to how you enrich consumers’ lives would be a strategically sound choice.
Who is my core audience?
Identify who your hard-core fans are, what is important to them, what they love most about your business or brand. Now think about what prizing will be most attractive to them in the context of what I’ve written in this post. These are the people who will be preaching the good word about your brand, which makes them a fantastic subsegment of your audience to reward with hyper-relevant prizing.
What do I want to accomplish?
Think about the primary reason you’re running a promotion or contest in the first place. Do you want to drive trial? Increase awareness? Generate leads? Acquire relevant fans? Build loyalty? Activate lapsed consumers? There are a number of reasons why you might want to run a promotion, and your prizing structure can influence how well you achieve your goals.
How do you choose prizes for your social media promotions?
Are there any examples you can share of prizes that you thought to be particularly smart for a given brand?
What additional considerations do you take into account when developing a prizing structure?
What is the most hilariously irrelevant prize you’ve seen awarded?
As always, it would be great to chat with you about this in the comments, or on Twitter @RGBSocial