How to choose the right prize for your promotion

Prizes are an essential element of a promotion… So how do you get it right?

Whether your aim is to reward loyal customers, increase your CRM or generate brand awareness, your prizes should be carefully considered. They can be your greatest asset in maximising the ROI of your promotion, but can also be the most budget-draining if not considered properly.

The general rule to follow is to pick a prize that has the widest possible appeal across the demographics. While people are interested in holidays, new cars, house and land packages, and movie tickets, the clear winner – cold hard cash.

Money is the most versatile and appealing prize to offer thanks to its relevance, utility and desirability. With the availability of EFTPOS cards this is the easiest prize to award as a low-value high-frequency prize, or with direct deposit, it’s equally easy to give away a high-value low-frequency prize, such as a headline stopping $10k.