Competitions & The Economic Downturn

January 19, 2009 by admin  
Filed under Ask Prizetastic

There are many opinions being thrown around at the moment as to whether the worldwide economic downturn will affect competitions. I was asked if I think there will be more or less competitions due to the economic crisis worldwide?

It may seem crazy that to some, this would even BE a consideration, but like all keen hobbiests, compers are passionate about what they do!!

So will the economic downturn see a change in the competition, contests and sweepstakes market?

Well, who can be sure, but here are my predictions for the coming year…..

  • More competitions!! - It has been said that perhaps companies won’t be able to afford to run competitions if their bottom line profits become tight. BUT, my background in marketing tells me that cutting back on competitions won’t be the case for most companies.

You see, when money is tight in the economy, companies of all sizes are trying to find ways to stand out amongst their competitors. Many will resort to trying competitions and sweepstakes, and some will try this as a promotional method for the first time. Of course, we all know that competitions can be a huge flop and end up costing companies money for little return, but those who are smart and switched on with what consumers want will find themselves in a very successful position by attracting new and old customers with competitions and the lure of prizes!!

  • There will be more people entering! - OK this may sound like a bad thing, after all doesn’t more people entering mean it becomes harder to win? Well perhaps. But in reality everyone is going to feel a financial squeeze over the coming year or so, and many are feeling it already. SO what better way to give yourself a bit of hope then to start entering competitions.

Seasoned compers have some advantage when it comes to increased numbers of entrants. They tend to be more organised, realise the importance in keeping proof of purchase and know how to keep an eye out for competitions offering greater odds of winning. But overall people just entering the hobby have the chance to change their lives in the true sense by winning products and holidays that they may not otherwise be able to afford.

The benefit of having more people entering competitions is of course that companies and promoters see greater results for their effort meaning that they will continue to offer competitions and sweepstakes in order to boost sales and profits and we won’t be left scratching our heads trying to find a new hobby.

So REALLY, it is a win win for all and I am resting peacefully in the prediction that comping will stay as a positive and luctrative hobby for those who choose to get addicted to it in 2009 :)


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