Trophy Value & Its Importance When Selecting Rewards
By Dennis O. Borst
Think about it: Using a target audience who you would like to engage in test-driving a new luxury sedan on a national level, you would begin defining your target audience using a few common demographic and geographic facts. For example, it would be important to establish a HHI (household income) at a level that could qualify to purchase or lease the vehicle in the promotion. With that, one might research national ZIP codes that meet the HHI number required to be a target. Additionally, you could further define your target by researching current owner / leases of vehicles in the price range of your product. Further definition of your target audience could include educational background and age.
Now that we have our target, we need to move to the reward selection part of the process. The difficult portion of this process is the determination of the value of the reward (or perceived value) of the carrot to be used. What will it take to get this "high achiever" out of a typical weekend schedule and into a car dealership to test-drive your new sedan?
Here is where additional research information comes to value in selecting rewards that hold a high perceived value to the target. Gather additional research data like lifestyle, activities, hobbies, sports and other interests. Now you know exactly what will drive their behavior and get them off the couch and into a dealership over the weekend.
Having done hundreds of these over the years I can tell you that, based on this target, your best reward options in the $100 to $200 value range would be:
- Small electronics products like wireless speakers with Bluetooth to play back MP3s
- Personal luxury products like sunglasses, binoculars or sport watches
- Weekend travel packages
- Outdoor products like smokers and barbeques
- Retail, Entertainment, Personal Services and Dining Gift Cards
Every one of these items have a proven track record of driving successful sales, test drives, spend and get and motivational programs. Remember, it isn't that you qualified for a reward in a program; it's how long you remember why you got that reward. That's "Trophy Value."