Looking Beyond the Bracket for a Unique Sports Promotion
Prize Indemnity Insurance from PPI makes it easy to create attention-grabbing promotions for the brands that you work with.
Popular sporting events, like say, the men’s college basketball tournament that’s about to get started are a great platform for successful promotions. These sporting events garner a good deal of the public’s attention anyway and promotions that are associated with them are a great way for brands to capture some of that attention and build their own exposure.
The most common college basketball tournament promotion is offering an insured mega prize to anyone who can pick the perfect bracket – correctly predict the winner of all sixty-three games. Of course, this is extremely difficult to do. That fact makes it an easily insurable risk. In addition, the concept of the perfect bracket is easy for the consumer to understand.
But there are downsides
One considerable downside of the perfect bracket promotion is that it has been done dozens, if not hundreds, of times over the past 20+ years.
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PPI has insured many perfect bracket promotions each year and we have never paid a claim on this type of policy. To our knowledge, no one has ever won a prize for accomplishing this feat.
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So how do you break out of the bracket?
If you ask us, rather than running another perfect bracket promotion, perhaps it is time to create a new concept. Maybe the large insured prize is offered to one contestant if a real long shot (13 seed or higher?) is one of the last four teams standing.
Perhaps the contestants who picked the most winners in the earlier rounds have the opportunity to win an insured prize if they can correctly predict the score of the final game.
The bottom line is that brands can stand out from the crowd by offering promotions with large insured prizes. PPI has the experience and creativity to help you produce successful and memorable promotions for the brands you work with. If it’s not college basketball, maybe it’s a NASCAR promotion or a pro football promotion.
My customers aren’t really sports people …
And if sports don’t work for your brand, there are plenty of creative ways to weave the excitement of a huge insured prize into whatever theme fits. The Oscars? Game of Thrones? We have a lot of ideas that we’re happy to share with you. We can help you create a compelling and exciting promotion that utilizes Prize Indemnity coverage that also fits the constraints of the brand’s budget.
Contact PPI at 888-407-5841, email us, or fill out our quick quote request to let us know what you’re interested in doing. We can help you make it happen.
Huge $1-$10M Fantasy Sports Prizes Can Be Much More Affordable than You Imagined
Huge $1-$10M Fantasy Sports Prizes Can Be Much More Affordable than You Imagined
By Jack Woodbury
As you may have noticed, interest in fantasy sports has exploded over the past ten years. And it seems there’s no end in sight – recently the fantasy sports industry was estimated to be worth over $7 billion.
However, as more and more states move to legalize sports betting and more fantasy sports sites enter the picture, the playing field just gets more competitive.
What does this mean for those trying to come into this lucrative market? Well, for most start-up fantasy sports sites, it means they’ll need to work overtime to create the kind of buzz that leads to capturing market share. If you find yourself in this position, here’s a promotion we’ve found to be simple and effective: offer your members a chance at a $1M to $10M prize. Sound expensive? It doesn’t have to be, as long as it is insured.
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You may be surprised to learn that huge prizes can be within reach for nearly any budget.
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You may be surprised to learn that huge prizes can be within reach for nearly any budget. By transferring the risk of the big prize payout to the insurer (that’s us), Prize Indemnity Insurance allows a policyholder to gain from the marketing impact of the mega prize without worrying about the financial impact of paying it out.
Those of you who have been in the fantasy sports industry for a while and want to promote a site that’s already got a good track record can take advantage of this strategy, too. Big dollar promotions with large insured prizes can be perfect for established sites that want to hold on to their members, or seek to draw players away from other sites.
The universal appeal of a multi-million dollar jackpot can’t be overstated, but insured prize promotions are an especially great fit for fantasy sports. Score prediction contests, statistical prediction contests, or the challenge of picking the perfect fantasy lineup for a game or series of games all play into the competitive nature of the fantasy sports player.
Fantasy sports promotions also have the advantage of bringing in business virtually year-round. Between just the top three revenue-generating fantasy sports – football , baseball, and auto racing – you can plan your giveaway for any time of year. Insured contests can run for a month or for a whole season.
Underwriters like me can also use our experience in the industry to help you to craft a unique promotion that hasn’t been done before and is sure to be attention-grabbing. Another service we offer is creating and insuring multi-part promotions where a series of smaller prizes eventually leads up to a single large payout – just the thing to attract new members and keep them coming back week after week.
It may be called “fantasy” sports, but when done right, there’s nothing made-up about the potential for real profit and success. Let me know if you’d like to toss around some ideas for capturing a bigger piece of the market for your business.
Contact PPI at 888-407-5841, email us, or fill out our quick quote request to let us know what you’re interested in doing. We can help you make it happen.
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