06 Jun MILLION DOLLAR MADNESS!
If you didn’t pick Almandin in the Melbourne Cup yesterday, don’t panic, you can still pop into Caltex and could become a millionaire!
Have you ever wondered how brands have the budget to give away a million bucks in a single promotion? How do they get internal approval from their CFO to stump up that kind of cash?
It’s all about being smart and securing the exposure with Prize Risk Management.
In this case, Caltex and The Zoo Republic appointed Hive to cover all the major draw prizing where three winners will each walk away with either $10,000 or $1,000,000. This ‘Fixed Fee’ gives the Promoter comfort knowing that whatever happens at the major draw event, there’s no risk to either party. And with a total of $3,000,000 on the table, it’s a risk no brand manager wants to take!
It’s a simple recipe really… blend together a Fixed Prize Agreement along with some best-in-class creative and you get a massive prize headline. Add in some second tier prizing (hourly Caltex Star Cash Cards) along with a well-targeted media investment and you’ve got a simple yet incredibly effective campaign.
It’s as easy to enter this campaign as it is to pick your horse in the office sweepstake! Simply buy fuel from Caltex and head to win.caltex.com.au – good luck!
Did You Know…?
This ‘Envelope Pick’ mechanic not only gives a huge headline prize but also allows you to create great content for your brand by sharing the winner’s experience at the major draw event!
Hints & Tips
Tip #1: Always consider the consolation prize value – you wouldn’t want your winner to feel like they were a loser on the day!
Tip #2: You can encourage consumers to upgrade to a premium product (e.g. triple entries for buying Vortex) by offering them extra entries. It costs nothing more but could help you smash your ROI.