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Premiums
Question:
David, What do you desire to accomplish? I believe you have used the word "premium" in place of "incentive". In either case, particularly the latter, projects may be structured to accomplish your given task. In some cases an incentive program may be structured which actually costs you no money at all or where at least there are no up front costs or inventory costs. The beauty of some incentives are that product cost are not incurred until earned or until your goal is reached. Let me know what you would like to accomplish and I’ll have some information sent to you that I think is relevant.
Response:
[MOD: Please turn off HTML for posting to this newsgroup. Not only does it send a HTML attachment but also a JPG.] This is a multi-part message in MIME format. Does anyone have any experience with advertising premiums? Do they work? Is the rate of "return" higher than with say direct mail, print advertising, door hangers, etc. How did you do it? Thank you. David Metro Cleaners Hollywood, CA
Response:
Hi David: I’m not sure if we’re on the same page. A premium to me is a tangible thing that is usually offered with a purchase or visit. So, when you compare it with direct mail and door hangers, I’m not sure if we’re talking about the same thing. Even so, some rules of thumb: 1) Premiums generally have a lower response rate than discounts. 2) When one is able to identify a "hot" premiums, rule #1 does not apply. 3) When offering purchase premiums, generally one must carry an inventory. 4) An inventory usually requires an up front, out of pocket investment. 5) With an inventory of premiums, forecasting is important. If response is high, one may not have enough inventory and may risk angering respondees. Or, if demand is low, one may get stuck with an inventory that doesn’t move. Thought about refrigerator magnets? Scott
– Hide quoted text — Show quoted text -> [MOD: Please turn off HTML for posting to this newsgroup. Not only > does it send a HTML attachment but also a JPG.] > Does anyone have any experience with advertising premiums? > Do they work? Is the rate of "return" higher than with say direct mail, > print advertising, door hangers, etc. How did you do it?
Response:
> Does anyone have any experience with advertising premiums? > Do they work? Is the rate of "return" higher than with say direct mail, > print advertising, door hangers, etc. > How did you do it?
David: nothing replaces good business practices, not even a great premium. But if you want access to great premium houses, may I suggest you join FrankelBiz? It’s at http://www.robfrankel.com/frankelbiz/form.html It’s nothing but ethical people exchanging business services and products, growing their businesses via the web. For cash, not brater or something ridiculous. Hope that helps, — Rob Frankel "Branding is not about getting your prospects to choose you over your competition; it’s about getting your prospects to see you as the only solution to their problem." (sm)