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Promotional Insurance & Fixed Fee Introduction


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An introduction to Promotional Insurance & Fixed Fee with a selection of sales promotion case studies

Published in: Business, Economy & Finance
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Promotional Insurance & Fixed Fee Introduction

  1. 1. WorldWide Special RisksTel: +44 1727 843686 • • Chambers • 11-13 Verulam Road • St Albans • Herts • AL3 4DA • EnglandWorldWide Special Risks’ Promotional Insurance takes the risk out of an exciting promotional offer, ensuring that a great promotion, does notbecome a costly exercise.Our Promotional Insurance and Fixed Fee solutions enable brands to run sales promotions with an offer beyond that of the brands budget, forexample;• A skill based competition like the Ulster Bank Kick to Win a €250,000 mortgage• A Free Product Coupon as run by Colgate for National Oral Health Week• An Instant Win probability scratch card, with a large number of prizes as the case study enclosed for Russian Electronics retailer Eldorado• A Free Gift promotion, as wine brand Bella Vie ran giving all customers a free copy of OK! Magazine with purchase.Underwritten at Lloyd’s the world’s largest insurance market WSR is used to working with high profile, global brands managing promotional risk toensure that a successful promotion is not always a costly one.WorldWide Special Risks - Promotional Insurance
  2. 2. WorldWide Special RisksTel: +44 1727 843686 • • Chambers • 11-13 Verulam Road • St Albans • Herts • AL3 4DA • EnglandSponsors of the Six Nation’s in Ireland Ulster Bank were looking for a national campaign to leverage their association with the tournament.Working with WorldWide a national competition was launched to find four finalists that would be given the chance to win prizes including a€250,000 mortgage. Qualifying contests were run across radio, press, online and in-branch channels creating huge levels of publicawareness and valuable data capture from thousands of entrants.The finale was staged during half-time at the RBS Six Nations match between Ireland and France. The four finalists had one chance each tokick a rugby ball towards a branded target with an Ulster Bank House in the middle. A ball landing in the top of the house would have wonthe finalist €250,000. As happened nobody won the top prize on this occasion, but the forth contestant walked away with €15,000 Euros afterstriking the side of the house! In all the campaign created tremendous levels of PR prior to the event and a memorable, exciting attractionbefore a capacity crowd during the game.Promotional insurance from WSR ensured that had a contestant struck it lucky, the €250,000 prize would have been funded for a farreduce and capped insurance premium.Sports Marketing – Ulster Bank
  3. 3. WorldWide Special RisksTel: +44 1727 843686 • • Chambers • 11-13 Verulam Road • St Albans • Herts • AL3 4DA • EnglandTo promote National Oral Health Week and support the ‘Love YourMouth’ campaign Colgate gave away free tubes of toothpaste toevery reader of Woman’s Own magazine.Inside every copy of the weekly magazine was a voucher to beredeemed at any retailer that stocked Colgate’s 75ml tube of TotalAdvance.A full page dedicated to the voucher ensured coverage to themagazines 270,000 subscribers supported by a through the linecampaign for the household brand.WSR provided the over redemption cover for the vouchers. Thismeant Colgate could run the promotion with their financial liabilityfixed, in case the promotion redeemed at a higher level than whichthey had expected and budgeted.Free Product Voucher – Colgate & Woman’s Own
  4. 4. WorldWide Special RisksTel: +44 1727 843686 • • Chambers • 11-13 Verulam Road • St Albans • Herts • AL3 4DA • EnglandRetail Promotion - Eldorado €2.5 Billion Scratch CardEldorado, Russia’s largest chain of home appliances and electronics, wanted to celebrate their 10th birthday in style by giving theircustomers the chance to win life changing prizes.During a five week period Eldorado rewarded their customer’s purchase with a scratch card. In total, 2,000,000 cards were distributedthroughout 350 stores with a total prize pool of over €2.5 Billion.Each card had 4 winning prize symbols hidden behind 16 panels. Customers scratched 4 panels away of their choice and if they found thewinning symbols, the prize was theirs!With four levels of cards, the customers spend determined which prize they got to play for. Supported by an unmissble marketing campaignwith a strong above the line campaign including nationwide coverage on Billboards, Television and Internet consumers were made fullyaware of the promotion and enticed into their local stores.Winners were advertised daily on Eldorado’s website with a brief interview asking them what they were planning to do with their prize.WSR arranged a fixed feed solution for the prizes and limited Eldorado’s liability for the €2.5Billion exposure, in addition to sourcing thescratch cards and advising on the terms and conditions and most importantly the security logistics for such a huge promotion.
  5. 5. WorldWide Special RisksTel: +44 1727 843686 • • Chambers • 11-13 Verulam Road • St Albans • Herts • AL3 4DA • EnglandOn-Pack Sales Incentive – Bella VieThe promotion was part of an integrated marketing campaign including PR, socialmedia and Bella Vie branded taxis in cities across the UK. The campaign ensuredmaximum visibility throughout the promotional period in the eyes of Bella Vie’starget consumer.Working with the agency WorldWide Special Risks were able to fix the cost of theredemptions, just in case the promotion was too successful.Over redemption insurance is a great tool for managing a brand or agenciesexposure during a promotion. This ensures that far more attractive offers can beused to draw maximum return on the marketing budget and impact on pack.Drinks brand Bella Vie created an incentiveto reward loyal consumers with an on-packpromotion.Each bottle contained a promotional neckcollar with a hidden unique reference code.After purchase the code could then beredeemed online by the customer to collect afree copy of OK! Magazine.
  6. 6. WorldWide Special RisksTel: +44 1727 843686 • • Chambers • 11-13 Verulam Road • St Albans • Herts • AL3 4DA • EnglandRetailer Promotion - Kraft Saamies Winning MomentsConfectionary giant Kraft foods wanted to reward their loyal customers with a prize competition in Finland.Kraft customers were asked to redeem their purchase details (Date, Time and Location) online any time they purchased aproduct from a participating retailer.For each day of the 56 day promotional period ‘Winning Moments’ were selected. 4100 stores participated in the campaign andeach day a time and location was chosen at random.If a customers purchase details matched the pre-selected ‘Winning Moment’ they won a €10,000 holiday.A large in-store and online marketing presence ensured the promotions dedicated website received 1000’s of customer hits andentries. Kraft additionally drew a person at random for each day of the promotion to receive an ancillary prize of a suitcase set.Promotional Insurance from WSR was used to take on the €560,000 exposure of a 56 daily prizes, for a far reduce andimportantly fixed budget.
  7. 7. WorldWide Special RisksTel: +44 1727 843686 • • Chambers • 11-13 Verulam Road • St Albans • Herts • AL3 4DA • EnglandEvent Marketing – Uncle Ben’s RiceUncle Bens Rice gave customers in London’s Leicester Square 20,000 reasons to sample their product. The safe crack promotion was rolledout at London’s premier location to help promote the brand. Shoppers were given the chance to win one of three £20,000 gold bars on offerby cracking the 4-digit safe code during the one day event. Product samples were handed out to the crowds throughout the event, wherealmost 2,000 people attempt to win the Gold Bars. In fact at the end of the day, one lucky contestant was selected at random and awarded agold bar as a guaranteed prize.Pre-event press releases ensured great media interest providing pre and post event publicity for the brand. WorldWide’s services includedinsurance for multiple winners and provision of the touch screen safe, which was used to great effect during the promotion. Securityguards were of course in attendance to protect the real gold on display in the glass safe cubical. It was of course resting safely on a bed ofrice.Set-up, 7am, Leicester Square! On-Guard… In full flow, contestants queue up to try and win!
  8. 8. WorldWide Special RisksTel: +44 1727 843686 • • Chambers • 11-13 Verulam Road • St Albans • Herts • AL3 4DA • EnglandWorldWide Special RisksAbbey Chambers, 11-13 Verulam RoadSt Albans, Hertfordshire, AL3 4DATel: 01727 843686Fax: 01727 us for ideas, or a quotation…