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Are Cash Rewards An Effective Promotional Tool In 2021?
Cash rewards or incentives can be a valuable part of your marketing strategy. They can help you create brand awareness, encourage customer engagement, promote your product, and even allow you to do market research.
There are various ways to promote your business using cash rewards; through giveaways, competitions and quizzes. Giveaways usually include vouchers, discounts or products as the prize. Competitions and quizzes encourage customers to engage with the business in particular ways.
Let’s look at MTN as an example. With the start of the Castle Lager Lions Series, MTN plans to give away cash prizes to make ten millionaires in 10 weeks.
They also partnered with the Springboks to give away different rewards to fans in the coming months.
One of their strategies is a quiz that runs daily.
The Boks Trivia tests MTN customers on their rugby knowledge, with the chance to win R100 000 every week.
As a marketing strategy, it works in two ways. Firstly, it promotes fan engagement and builds excitement for rugby supporters. Secondly, it creates brand awareness and fosters engagement with MTN. Since the competition is open only to MTN customers, it encourages people to start using the network. It also urges fans to browse through deals at MTN and promotes the network as a whole.
Increasing followers and engagement
According to Hubspot, brands that run competitive marketing campaigns on social media can gain an average of 34% new followers per campaign. With cash prizes as a reward, who wouldn’t want to enter? Not only does it create interest in the product associated with the competition, but it is an opportunity to collect information.
Gathering valuable business information
As people sign up for the competition, you gain information important in running your business or setting up other advertising strategies. You can collect names, contact information or answers to research questions you might have. If you choose to make the competition a draw, you can answer specific questions a requirements. For example, a manufacturer may ask participant gaming habits on a giveaway for a gaming console or a particular game.
Asking specific questions ensures that a customer is engaged. Some customers might fill in information without paying attention if it only requires just a name. In addition, there are many competitions run on the internet, so you need to present the campaign in a memorable way.
Remain consistent with your promotions
Another way to make it memorable is consistency. This is where weekly or daily draws come in. Suppose a customer is presented with the idea that they might win a cash prize merely by participating. In that case, their engagement with the competition could lead to affiliation with that specific brand.
Word of mouth amplification
Having multiple winners also encourages people to spread the news, so friends and family members can benefit. Word of mouth can be a powerful tool to create brand awareness, especially if a reward is attached.
In conclusion, in 2021, cash rewards are still motivating to customers and are an effective marketing tool. Because they encourage people to participate in their numbers and help you to build your brand, it would be worthwhile to put aside a budget for such a strategy for your business.
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Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions. If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.
If you enjoyed this post and have time to spare why not check out these related posts and dive deeper down the rabbit hole that is traditional marketing.
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