Marketing promotions have moved away from the traditional and basic concepts of in-store promotional tables or pamphlets, to strategic and tactical assets in any marketing scheme. Promotions are the ‘wow’ part of most marketing strategies, and often the fun aspect of the entire campaign.
There are numerous well-known brands that have harnessed the power of in-store competitions and promotions to further promote sales.
Compared to the other components of the marketing mix, sales promotions usually operate on a shorter time line, using a more rational appeal which returns a tangible or real value, fosters an immediate sale and contributes highly to profitability.
The very purpose of a competition is to ensure its success otherwise instead of generating increased sales and profit margins; you are depleting profits and affecting your brand perception. Competitions and promotions may seem like smaller aspects of the marketing chain, but they are in fact one of the biggest influences on purchase decisions when implemented in-store.
This year has been an outstanding one in terms of prize give-aways and winner feedback. This year at Prize Voucher Agency, we have had a multitude of various prize giveaways including once in a life time experiences to name a few.
The successful execution of a competition relies heavily on the ability to manage all the processes involved, and the adherence of competition promoters to the Competition Commission.
New auditing requirement under the CPA states that the promoter must ensure that an independent accountant, registered auditor, attorney or advocate oversees and certifies the conducting of the competition and must report this through the promoter’s internal audit reporting or other appropriate validation or verification procedures.
Your brand identity is the representation of your company's reputation; a strong brand is one of the most valuable fixed assets of a company and is priceless.
Creating and customising value-added corporate incentives have traditionally involved a lot of planning and co-ordinating. Prize Voucher, however, is streamlining this ever-important aspect of good business practice offering you customised products and services at budget-friendly rates.
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