A Thought for Hump Day - Perceived Value in a Promotion

by Skip Cohen
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It's Hump Day, and here's a suggestion to keep in mind as you put together future promotions. I've heard so many stories from photographers over the years who put together what they considered a great promotion, but it failed with minimal response. Most often, it was because the perceived value of the promotion wasn't as strong as they thought it would be. Whatever you offer, it has to have VALUE.
 
Value-added marketing is defined as delivering more than your customers are expecting through content and experiences. https://blog.duda.co/

For example, if you've put together a promotion for free goods when a specific service or product is purchased, you've got to make sure your target audience understands the true value of the promotion. We all know when a company pitches us for something they're giving away that has a $299 retail value, you can buy the product for half that through regular retail.

Years ago, my daughter, as a fifth grader, wound up on a kid's TV gameshow and won $2000 in prizes, which were taxable at that amount. But the real value was, at best, around $800! It didn't change the fun or the value of the experience, but it does make a point about value.

Your challenge is to establish promotional value that exceeds customer expectations. They need to understand the offer, what the product or service does, and how it fulfills a need they have. This is why I love cross-promotions between non-competing companies.

A promotion between a wedding photographer and a florist, for example, both have products the client needs. They also have money to spend with both companies. Last but not least, the consumer understands both the florist's and photographer's product line and has a need for both.

Hey, it's Hump Day, and these posts are always meant to be short and easy to think about - and if you're stuck for promotional ideas, you know where to find me if I can help.

Happy Hump Day!