More folks will enter a contest with an extremely cool prize that’s worth, say, $500 or $5,000, than in the event that you simply made the prize $500 or $5,000 in cash.
We used to speak about why this is. Maybe it’s that some people like money, section of the fun is imagining having a particular need or want satisfied.
- In the event that you tell someone you’ll provide them with $3,000, maybe they start considering how they’d settle payments or save or invest, or find yourself frittering it away. But in the event that you provide a $2,500 Caribbean vacation, maybe they imagine themselves leaving their cares behind for a couple days on a beach.
- Likewise, an estimate from the couple of years ago was that new parents spend the average ofabout $900 each year to buydiapers for every young child. However when we ran contests for a parenting brand, we’d have more entries by offering “Free Diapers for per year!” than simply by supplying a $1,000 cash prize.
I considered all this when I heard that the Raising Cane’s, the Louisiana-based chicken finger chain restaurant, had spent $100,000 to get 50,000 tickets in this week’s $810 million Mega Millions lottery jackpot, with the promise that the chain’s 50,000 employees would split any winnings.
Let’s call this “the $2 Truth:”
Simply giving $2 to each employee wouldn’t did very much. But rather, creating a big, fun deal concerning the idea, sharing that it took eight hours of standing in a set of 7-Eleven stores and printing 50,000 tickets (bought with cash incidentally), and announcing everything to the planet, got the chain much more bang for his or her two bucks.
“Buying 50,000 lottery tickets is harder than you imagine!,” the business’s CEO, Todd Graves, wrote on Twitter. “Hoping to talk about the winning jackpot with this 50,000 @RaisingCanes Crew.”
As you may know, nobody won the Mega Millions drawing another night. But, let’s look at what Raising Cane’s got using this whole operation:
- A great deal of media coverage.
- Positive feedback from employees, in accordance with company spokesperson Julia Doyle. (She forwarded messages from the business’s internal app: “Love this. Even though we don’t win just what a company and Todd to get this done. Exciting,” and “What fun Aj thanks Todd most of us can’t wait. ALL THE BEST TO EVERYONE.”)
- And, we need to assume: A lot more than $2 worth of dreaming, joking, and considering what they’d do should they won.
Now, I must acknowledge a couple of things:
First, despite having a $1 billion Mega Millions prize, when you have to share it among 50,000 people, the takeawaycomes out to only $20,000 each.
Not that I’d say no to $20,000, but it isn’t the life-changing, family-defining amount that winning the whole lot yourself will be.
And second, I know of the irony that the lottery itself offers cash, instead of whatever creative $1 billion prize they could develop.
Maybe that is the “$1 Billion Exception” to the “$2 Truth.”
Or possibly we should explain that math is challenging for a lot of, which leadsmany to take lottery prizes as annual installments, which will tend to be worth less overall, rather than giant lump sum.
But, I believe there’s something worth learning here. It is a reminder that whether you’re selling something or rewarding a team, people choose the benefit, not the feature. And here, the power may be the dream.
They be prepared to be treated well and compensated fairly. However when you can include a dose of creativity to prizes, awards, and discounts, it is possible to sometimes reach an emotional level that prompts a much greater reaction.
The only real problem — or possibly I will say, the chance — is that whenever we’re discussing something similar to lottery tickets, the truth that nobody won the roughly $800 million jackpot earlier this week implies that there’s now another drawing, having an estimated $1 billion or even more prize.
So, does which means that that the people from Raising Cane’s will undoubtedly be spending eight more time standing in 7-Eleven, buying another 50,000 tickets for Friday’s drawing to accomplish everything overagain?
“We have been,” Doyle explained in a note yesterday evening. “Chicken fingers crossed.”