‘Contingency Insurance.’ The words sound about as boring as watching paint dry, don’t they? But, are you aware of how exciting contingency insurance can make your marketing?
Kristen Hansen, Social Media Marketing Assistant with Odds On, is here today to give you 3 examples of contingency insurance and how it can be used to insure a promotion, protect your marketing investment, or create an enticing marketing offer.
Let’s start with a definition … a contingency is a future event or circumstance that is possible, but cannot be predicted with certainty. Events that can be covered by contingency insurance are those which have a likelihood of occuring (or chance) that can be calculated. For example, the likelihood of an amateur making a hole in one while playing golf is 1 in 13,000.
Here are a few examples of how contingency insurance from Odds On Promotions can make your marketing more effective and exciting…
Example #1: “The Contingency Bowl”
Contingency prize insurance can be used to make any sports event a marketing opportunity. Take a football game for example; because the scores of the two teams are unbeknownst to anyone prior to the game, the event becomes insurable. With contingency insurance coverage from Odd On, you can offer a great grand prize, whether it be cash, a car or even an all-inclusive vacation to the next Super Bowl! In fact, you could create a football promotion where if your team shuts out their arch rival, your customers win a full rebate on their purchases.
Example #2: “One Cool Offer”
Are you a retailer located in a notoriously snowy area? How about giving your customers the chance to win a 50% rebate on their purchases… or better yet, be able to take them home absolutely free of cost? Good news — it’s completely doable! With weather coverage, another form of contingency insurance, retailers can offer up to a 100% rebate on all items purchased during a designated promotional period if a particular type (in this case, snow) and/or volume of weather occurs on a specific day. For example, you can set up the prize contingency insurance policy to state that if it snows more than 6″ at your location on x date, everyone who made a purchase at your store from x to y date gets their money back! Talk about exciting!
Example #3: “Tent Sale Mayhem”
Another use for contingency insurance is protecting an important marketing investment. For example, say you’ve invested a lot of money into an event – in this case, a Tent Sale – and an unexpected weather condition such as high-speed winds come ‘blowing’ into town. Suddenly, your event has to be cancelled and the money you invested is lost. Or is it? Event coverage is a form of contingency insurance that will cover you in case your event goes completely awry due to inclement weather or other unexpected peril. With this form of coverage, your organization won’t lose its marketing investment because contingency insurance eliminates the risk!
Have these three examples of contingency insurance managed to spark any ideas regarding your future promotions and/or events? Don’t hesitate to give us a call! Odds On Promotions can assist you in setting up any form of contingency prize insurance. Give us a call at 888-827-2249 or pricing information or email us if you have any other questions we can answer for you!