Understand Your Buyer > How To Convert > The Prize Draw Effect
What is it?
The Prize Draw Effect occurs when offering the chance to win something encourages more people to buy.
Why does it work?
It works because we love to get “more than we bargained for” which is a mixture of The Abundance Effect and The Free Gift Effect. Potential buyers who are undecided can be moved towards conversion with the promise of (potentially) extra value and deliverables. If you were looking to buy something and nearly decided, a prize draw can help to seal the deal and also make the purchase a “no brainer” – not only do you get the product/service – you might also win a trip to see Willy Wonka!
How can you use it?
If appropriate to your offering, you can offer a prize to those purchasing your product/service within a given timeframe. The prize doesn’t need to be relevant to your offering; the more attractive and universally appealing the prize, the more likely a prospect will buy.
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