Byline: Rotman School of Management
TORONTO, March 3 (AScribe Newswire) -- They win some, they lose some.
Trial and error is the method most companies use to decide the prize structure for promotional sweepstakes and contests - a marketing tool poised to cost North American firms nearly $2 billion this year.
But those companies have a better shot at hitting their marketing targets consistently thanks to findings in a new paper published in the Journal of Marketing Research.
Knowing which type of consumers a company is trying to target - current customers or potential new ones -- is key to deciding a contest's prize structure, says Mengze …
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