Prize sourcing FAQS

In this blog, which is part of our somewhat ad hoc new series of posts about various different aspects of prize promotions (see also our FAQs on winner management), I’d like to talk about prize sourcing. I’ve chosen this partly because it’s at the centre of prize promotions – what is a prize draw or competition without a prize? What indeed! But also, because getting prize sourcing spot on is key to successful prize promotions.

What is prize sourcing?

So, let’s start with what prize sourcing actually means. At first glance the answer is self-evident. It means finding the prizes for your promotion, of course, but it’s easier said than done. At Prizeology we usually work to a budget, but we don’t just go down to Argos and load up. Oh no – glorious as the selection of potential prizes available at Argos is. We have a wide range of contacts in all sorts of sectors and some finely honed negotiating skills, so we can make that budget go a lot further than you might think.

But what’s crucial is making sure that you obtain the right prizes; the prizes that your audience want to win; the prizes that promote your brand; and that play to and support the theme of your promotion. Not to put too fine a point on it, but if your prizes aren’t attractive, you won’t maximise entries or, to put it even more bluntly, no one will enter.

What is the key to getting price sourcing right?

It’s not just how attractive your prizes are that will determine the success of your prize promotions, but how many of them you offer at what value. Of course, a promotion with a single mega prize – traditionally that would be a car or a holiday – can be very successful, but experiences, technology, vouchers, beauty products are always popular and can be a very effective way of spreading the love. Fundamentally, though, the prizes you offer should depend on your original objectives and how you are measuring the success of your promotion.

Sometimes this can require some creative thinking, but at Prizeology we specialise in that, because we make the effort to understand your customers and what you want to achieve, and if you’re in the early stages of developing your promotional strategy we can help you with that too.

As an example, Prizeology recently worked on a substantial prize promotion for HARIBO, which gives consumers who buy bags of Starmix the opportunity to win a prize every hour, every day, for several months. In total, there are 4,200 prizes available and the concept was ‘playful’, so these include Xbox games consoles, activity tickets and board games, plus one grand prize of a 10-night holiday to Florida (for more on clients we work with take a look at the recently added Case studies section of our website).

Prize sourcing is one of the services that Prizeology offers and we pride ourselves on our ability to source the perfect prizes for your promotion. If you’d like to discuss how we can help with your prize sourcing, do give us a call on 020 7856 0402 or drop us an email.

Sophie Robertson is Prizeology’s Senior Project manager.

© Prizeology and The Prizeologist Blog, 2020. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited.



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