COLUMBIA, MD, December 4, 2018 – HelloWorld, a Merkle company, and leading digital marketing solutions provider for the world's largest brands, today announced the results of its latest data report, "2018 Prizing Report: Nine Insights on a Solid Prizing Strategy." The report, a follow-up to HelloWorld's 2016 Prizing Report, examines evolving consumer sentiment toward digital promotions to determine which prizes motivate them most. HelloWorld found that brands should prioritize rewards that are simple, valuable, and aligned with specific consumer preferences.
Key takeaways from 2018 Prizing Report: Nine Insights on a Solid Prizing Strategy include:
- Making life easy is a powerful motivator. While the responses vary by income bracket, on average, the majority of respondents (64%) would rather win a prize that makes life easier over something that makes them feel special (36%).
- Changes in consumer psychology indicate that instant gratification is gaining traction. The difference between those who prefer to receive a smaller reward now (46%) and those who will wait 4-6 weeks for a larger reward (54%) has shrunk since 2016.
- Proven rewards centered on experiences, such as vacations (70%) and shopping sprees (64%), still rule as the most enticing grand prize types.
- The likelihood of participation increases only slightly when consumers are offered a $250,000 prize compared to a $10,000 prize, indicating brands do not need to amplify prizing budgets to drive consumer engagement.
This research also examines consumers' preferred methods for receiving a prize, how brands can personalize rewards across demographics, and which prize structures are most appealing.
"We're seeing more and more brands launch creative and immersive promotional campaigns; however, as these activations become more prevalent, the challenge to reach and convert consumers increases," said Amy Burnside, Marketing Director at HelloWorld. "It's crucial for brands across all industries to understand consumer preferences and to refine their campaign prizing strategies and loyalty rewards structures accordingly. This year's Prizing Report findings equip brands with the insight needed to truly motivate and delight consumers, ultimately fostering meaningful and lasting relationships."
This research was conducted by HelloWorld in 2018. The survey examined 1,100 participants' preferences to update our understanding of the value of prizing and rewards. Participants reside in the U.S., range between 18-60+ in age, and were sourced outside of the programs managed for HelloWorld clients. Download the full report.
About HelloWorld, A Merkle Company
HelloWorld is a digital marketing solutions company working with the world's leading brands across all industry verticals. The company offers a powerful combination of native platform technology and marketing strategy to marketers looking to accelerate growth and deepen consumer impact. HelloWorld creates brand-consumer interactions through promotional campaigns to spark interest, loyalty programs to retain and reward, and multi-channel messaging to continue the conversation in market. Founded in 1999 as ePrize, HelloWorld joined the Merkle family in 2018 and has offices in Detroit, New York, Chicago, Los Angeles, and Seattle. The company has been behind highly effective regional and global campaigns for clients such as Coca-Cola, Johnson & Johnson, Microsoft, Samsung, and Starbucks. For more information, please visit helloworld.com.
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