When packaging and pricing promotions, you need to think about the value proposition of promotions, building a multi-media package, and understanding your value and pricing accordingly. Once you have your package solidified, then you can prepare for objections you may encounter and the formulate right responses to overcome them.
The Value Proposition of Promotions
An important point to remember is that promotions are not value add components. They are extremely valuable in their own right. Before curating your package, make sure your team understands and can articulate the true value promotions provide:
- Measurable results for your advertiser’s investment
- Incredible reach from your media company
- Valuable data gathered on the registration form
- Opt-ins to increase your advertiser’s database
- Leads for your advertiser’s business
Build a Multi-Media Package
First, let’s establish why including multiple types of media – core media, email, digital, and social – within your promotions package is so important:
- Utilizes your organization’s proven strengths
- Supplies greater value for your advertisers
- Provides a larger reach
- Promotions tie in seamlessly
When creating your package, detail the different areas of the promotion that will be providing value to the advertiser.
Assets in the Promotion
These are where within the promotion you’ll be able to include logos, imagery, information, etc. for the advertiser.
- Header Graphic
- Call to Action
- Prize highlight
- Ads around the promotion
The Registration Form
Within the registration form, include lead generation/audience data driving questions for your advertiser. Focus on lead generation questions within these categories to provide your advertiser with actionable data:
- Informational (Did you know that we offer financing? Yes/no)
- Buying-intent (When do you plan to purchase a new vehicle?)
- Category-specific (How old is your roof?)
- Qualifying (May we contact you to discuss our products/services?)
Check out our Seller’s Guide that includes lead-gen question suggestions for different advertiser categories!
Include an opt-in exclusively for your advertiser to grow their contact list. Ensure that the opt-in is not pre-checked so users explicitly opt-in, and enable the notify & share feature so the advertiser can receive opt-in notifications directly. Also, make sure you place your advertiser’s opt-in above your organization’s opt-ins to increase visibility.
Include extra chances to both drive further participation and to encourage users to interact with your advertiser’s social media accounts, website, or app download. Extra chances are available within:
- Codeword Sweepstakes
- Personality Quizzes
- Trivia Quizzes
Invite and Thank You Emails
Incorporate the advertisers branding, logo, and a link to their website within the Invite and Thank You emails. You can also include a coupon or offer to drive foot or web traffic for your advertiser.
When curating your packages, remember that it is the advertiser who should be providing the prize. The lead ROI they receive from the promotion will more than cover the cost of the package and prize.
Remember the equation for selecting a great prize: Relevance + Value = Participation. For example, if you are running an Ugliest Kitchen Photo Contest for a home remodeling advertiser, a prize of $100 is not going to drive the participation you are looking for. Instead, consider a $10,000 kitchen makeover as the prize. It is relevant to the advertiser and will attract their desired audience. It is also an extremely valuable prize – especially for someone already planning to renovate – and this will drive participation, and in turn drive leads and ROI for your advertiser.
Bring in the Multi-Media
Add the different media types your organization utilizes for advertising. Your offerings will typically fall within these buckets: Digital, Print, Email, and On-Air.
Examples of digital offerings are 30K run-of-site impressions for the advertiser’s business on your site and 20K run-of-site impressions to promote the contest on your site. Also add any new digital offerings you might be trying to get off the ground.
For print options, you could offer a quarter-page print ad for the advertiser’s business run once per week for the duration of the promotion and a quarter-page print contest promotional ad run every other week for the duration of the promotion.
Remember to utilize the Invite and Thank You emails that are available within the promotion itself. Within Invite emails, send one email at the beginning of the campaign and one last chance email 2 days before the campaign ends, both including a logo and mention of your advertiser. Within the Thank You email, add your advertiser’s logo and also consider inserting a coupon/offer for the advertiser’s business.
If you have recurring newsletters, you can add 300×250 ads for the advertiser, or create a drip campaign to send a special offer to all leads gathered within the promotion.
If you have on-air offerings, you can provide a minimum of 50x :30 promotional spots weekly, a minimum of 75x :30 streaming promo spots weekly, or 35x :30 on-air commercials weekly. Also consider including mentions on any new shows or segments you are starting.
Check out our pre-made sales-one-sheets to give you a jumping off point!
Know Your Value and Price Accordingly
Once you have your package offerings solidified and are beginning to price things out, remember to acknowledge the value of what your organization has to offer. Determine the price of each campaign item to define the overall value of the package, and also account for the ‘human’ cost of creating and setting up the promotion.
On your sales sheets, display the total value of the package along with exclusive investment value that you’re asking from the advertiser to help visually display the value exchange. Also, do not display the price of each offering, as this can make your sales sheet look like a menu from which the advertiser can pick and choose.
To further drive home the value of your package, always include case studies. These will help prove the concept to prospective clients and help drive the close of the sale. Create case studies of your internal successes, and utilize the case studies we provide here in the Lab!
As with any sales process, you may hear different objections when pitching to potential clients. Below, we’ve provided common objections and answers you can come ready to use to overcome them!
Remember, objections are buying signals. The client is asking for proof of ROI or to better understand the potential. This is where you can prepare and present them with the best answers and reassurance in their investment!