Tuesday, February 22, 2011

How elegant is your math?

Every so often you may want to start a promotion of sorts. Or a discount. Or a contest. Thing is, before you do this, pull out that calculator and knock those numbers out. What is your objective for doing that contest? How much do you have? What can you achieve? What is the participation rate?

You laugh thinking this is not you. But walk around the hypermarket today or drop by the nearest 7-11, look at the contests out there. They offer prizes so tiny it is not even worth an iota of effort for consumers to fill in the forms. They are so tiny, the printing costs probably outweighs the total value of contest prizes.

If you are going to spend energy and effort to run a contest, at least give it some money muscle so it can get you that 2% return rate. At least, when you work out the cost of capturing the data, assuming there are no duplicates it’s worth it.

It’s the same for other things you are doing for your business. Whether it is the free spots the media owner is giving you or the actual sales you plan to achieve in a year.

Math is very elegant. It’s scientific art, it’s artistic science. If you work it, it can show you magic.

What numbers have you juiced today?

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