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Entries in Sales Bait (1)

Wednesday
May302018

The Economy of Insects

Recently I was strolling through Martin Place, Sydney, and I come across a stand promoting subscriptions to The Economist magazine. The publishing industry is well known for their Gift With Purchase offers, but this one seemed to be really well thought out on multiple levels.

To be successful; a Gift For Purchase program needs to encourage the potential client to signup up/ buy immediately. The process needs to be simple, quick,no hassle and and have a low entry point limiting any barriers to buying. The gift needs to be something that attracts the interests of the consumer and also hits in at the their interests. Knowledge of  your target market is important here.

Here is what The Economist did well -

  • The promotion was set up in a busy  downtown Sydney in Martin PLace - known as the civic heart of Sydney, the centre for business and finance

    • The people who work in this area are prime targets for The Economist readership

  • Ice Cream - everyone loves ice cream, by giving away ice cream samples it attracted crowdswhich
     attract interest

  • Surprise factor - by promoting that the ice cream has insects included as source of protein elevated interest in the stand and created an I dare you factor to it

  • Linking the insect back to an article gave a quick look at what you can expect as a reader of the magazine

  • By having an initial low sign up fee (introductory pricing), price was taken out of the equation

  • The gifting of the book - 20 Megachange 50 - The World in 2050

    • A book on the trends that are transforming the world is spot on with their target market

    • The book was available immediately on signing up - instant gratification is a powerful motivator

Every product and market has different motivating forces, find out what motivates your target market to take action is critical to business success.

You can watch the youtube link on Eating Insects here