Everyone who knows marketing can relate to the traditional 4 P’s. Product, Place, Promotion and Price.
Whenever a company wanted to increase sales they would either advertise more, offer discounts and sales or come up with a contest and promotion. This is the promotion P.
Agencies would recommend numerous types of promotions and contests. Some of the most popular are “collect to win”. With the advent of increased social media and online access on cell phones, tablets and PC’s we are seeing the viability of contests erode.
Mcdonald’s most popular “Monopoly” game is one example. This game is where you buy the fast food items to receive a peel and reveal prize or board game marker. The chances of winning depend on how many game pieces are distributed and the odds set by the game.
The idea is to get customers to come back often to increase their chance of winning big prizes.
What is being done now with social media is the selling or collaboration of potential winners with game pieces. A customer who won “Boardwalk” can now can post that they have this piece and are willing to share the prize with the holder of “Park Place” . Instead of each of these “potential winners” trying to attempt to collect the missing pieces alone, social media is a fast way of connecting and increasing each other’s odds.
This means that the traditional collect to win based on random odds actually changes the odds when the potential winners can collude on winning pieces and share the prizes.
Contact Marketing Constructs to get help with your promotion plans in the new world of social media.