Incentive: Cause marketing generates 7x more revenue than price discounts for toy manufacturer

Tweet Black Friday. Cyber Monday. At the end of the year, holiday marketing related press releases are flying fast and furiously across my desk (by which I mean, inbox). But one branded marketing day had my special attention this year — Giving Tuesday — because of the copywriting contest we’re now running with a nonprofit organization, Consumer Reports. For the uninitiated, Giving Tuesday is the Tuesday after Thanksgiving, a promo/hashtag/branded day/whatever that started in 2012 as a backlash against the commercialization and consumerism of Black Friday and Cyber Monday. And Giving Tuesday raises an essential question that marketers can leverage year-round …   Does cause marketing provide a more effective incentive than offering discounts? If you’re familiar with the MECLABS Conversion Sequence, a heuristic patented by MarketingExperiments’ parent company MECLABS Institute, the “I” stands for “incentive (additional) to take action” and is a positive element that, when used just right, can give that little extra nudge that tips the cost/value calculation the customer is making in their mind to the value side, thus ensuring a conversion. The problem is, many marketers abuse incentives. And they become a margin killer. But with cause marketing, you’re not devaluing your product with a discount. In fact, if anything, you’re adding a little extra shine to your brand. And, hey, we’re all humans too and not just marketers — with cause marketing, you’re doing a little good in the world.   But would customers want to help others more than keeping a little extra money in their…
Source: Marketing Experiments
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