Think about it – every time you’ve ever seen a "prize test" in research, the same item is sitting at the top of the most-desired list – $1,000 (or some other cash denomination).
But that result may fall under the column of "what they say" rather than "what they feel." The problem with cash prizes is that many people use them for practical purposes, rather than the type of fantasy and fun that most stations are trying to generate. For the majority of contest players, $1,000 will pay off bills, buy that new mattress, a set of tires for the truck, or pay down a loan. In short, the essentials, rather than fun, frivolous, memorable prizes.
The solution may be to learn from the retail industry where it’s now all about gift cards. One of the primary movers in the holiday season is gift cards because they give the recipient a chance to buy something for themselves, rather than a gift that is off-target. More and more, our research shows that gift cards can be an effective way to give a listener (or a valued employee, for that matter) something that is more memorable and tangible than a hunk of cash, which often disappears very quickly.
This is why a $1,000 gift card from Best Buy trumps the equivalent in cash. For some Rock stations, maybe it’s a gift card from the local Harley dealer. And this summer, think about gift cards from Ticketmaster. After all, it’s concert season, and more often than not, there are too many great shows, and not enough cash to cover them all.
In radio, we have to continue to find ways to make shrinking promotional dollars go farther. Getting a little creative with gift cards might be part of the solution.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
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