Promotional Risk is Winning the Marketing Promotions Contest
The contest to gain the consumer's attention and money is on and promotions, which include promotional risk coverage, are winning the game eighty5nine. Smart, strategic moves that provide little risk for companies are paying off in big ways that build brand loyalty. Did you happen to watch the first game of the World Series? If you did, one of the most memorable parts was probably when Jason Bartlett, Tampa Bay Rays Shortstop, stole second base in the bottom of the fifth inning. Why would that be memorable? Taco Bell was running the "Steal a Base, Steal a Taco" promotion for the second year. Taco Bell's president was there to announce that everyone in the U.S. would receive a free taco on October 28th from 2-6pm.
From a marketing and brand loyalty standpoint, this is a winwin situation. The tacos retail for eighty-nine cents. They probably cost one third of that amount. Who can eat a taco without a drink? By the time that most consumers purchase at least a soft drink, the restaurant has broken even.
Everybody likes to get something free- both consumers and companies. The consumer gets a taco. The company gets brand loyalty, free media advertising, possible exposure to new customers and low promotional risk. That is a beautiful return on investment.