The Pros of Fixed-Fee Promotions
Fixed-Fee promotions are quickly becoming the chosen way to run your promotion. They provide a whole host of perks that will help upscale your promotion and ensure you’re getting the most under your budget. Explore all of the pros that come with running a fixed-fee promotion.
1. It’s a Fixed-Fee Promotion:
The most important and obvious perk that comes with fixed-fee promotions. With the whole promotion contained within a single cost you remove any budget concerns and the possibility of over spending.
With fixed-fee promotions you know the cost of your promotion before it starts. This cost includes your prizes, admin, fulfilment, development, design and everything else.
2. Never Break your budget
Avoiding any chance of going over budget is one of the greatest perks of fixed-fee promotions. This means you can better allocate your overall marketing budget in confidence. Keeping within your budget is not only great for finances, it’s also a great way to guarantee budget to other campaigns, marketing or services.
3. Get More In your budget
With fixed-fee promotions you can upscale your promotion without eating into your budget. EMIRAT are able to provide promotion cover and packages that help you offer more. For example, you have a budget enough to giveaway 4 free holidays. With a fixed-fee promotion EMIRAT could potentially cover a further 4 holidays regardless of your budget restriction.
How is this possible? Fixed-Fee promotions are able to offer you more within your budget by utilising the ‘chance to win’ technique. Chance to win allows more control over how and when your customers win whilst still maintaining a fair promotion. Interested in a Chance to win promotion? Read more here
4. More Hands on Deck
A fixed-fee promotion allows you to spend more time on the promotion itself rather than the costs associated with it. This means more hands on deck and a smoother, easier and more effective promotion. With the promotion covered it could also allow your team to move onto your next project and help move through tasks faster.
5. Working With the Experts
Fixed-Fee promotions are managed by professionals with years of experience working with promotions of all types and sizes. With this in mind you can be more confident in the success of your promotion and those running it.
The Cons of Fixed-Fee Promotions
Although there are many amazing perks that come with running a fixed-fee promotion, these also come with some negative factors that may mean a different promotion service may be a better option for your business.
1. Reduced Freedom
When running a fixed-fee promotion all factors of the promotion must be decided and agreed on at the start. This is what allows a fixed quote to be provided. The result of being contracted under those agreements means that if you wish to make changes during the promotion, these changes must all be discussed with the promotional agency beforehand.
2. Cover Can be Invalidated
Due to the agreements and arrangements discussed in the previous paragraph, changes to factors that effect the promotion which have not been agreed on can invalidate your insurance. The result of cover invalidation leaves your business vulnerable to any unexpected costs, winners, cheaters etc… Avoiding invalidation is easy if the promotion remains completely undisclosed to the promotion agency and only vital changes are made and discussed during the promotion.
3. Fixed-Fee Promotions Work Both Ways
The promotion is provided at a fixed-fee that is signed off before the promotion begins. This means an unsuccessful promotion could leave you out of pocket, having paid for more than the promotion actually provided. The agreement between you and the promotion agency works both ways in this sense. You can ensure your best chances by working closely with the agency at the start to ensure your promotion has the best chances of being a success. It’s worth noting that an unsuccessful promotion isn’t necessarily a promotion with a low entry rate. Sales figures are also a huge sign of how successful a promotion has been at getting products off the shelves, online sales or services sold.