May 6, 2023
Canmore, Canada

“None of those coupons ended up getting redeemed?!

(Can’t read the full email – click here for the online version.)

One of our good friends owns and operates a significant and long-standing business in our community. Not only do they produce an excellent product, but they also give generously to many local non-profit charities and causes.

A recent experience, however, may temper their generosity. 

Our friends’ company had donated some 150 lunches to a group they deemed worthy. 150 – that’s a significant cost to the business and a huge saving to the recipient. Like the smart business they are, they included in each package a 20% off coupon, both to entice the individuals receiving the gifts to visit their facility and get more business and to give those individuals a deal on future purchases.

A very good deal for the group and possibly for the business. 

But when none of the coupons were redeemed – the owner naturally was concerned. So she called the organizer and asked what had happened.

Turned out that the person in charge of distribution of the free gifts had made an executive decision to take all of the coupons out and throw them away. When asked why, she replied that they didn’t think they should include such a clear endorsement of the sponsoring company.

Say what!?

When you ask a company for free stuff for your group – there is an implied endorsement already – is there not? But such is the world we live in these days, that many people feel that successful firms should automatically just give away their product or service – with no reciprocity. 

Listen, donating to and sponsoring local groups can be a good way to promote your business. It can give you brand recognition at a lower cost than many other means. But you really need to think carefully about whom and with which groups. They had better share your values and understand that there should be something given back in return.

I like our friend’s idea of coupons attached with a gift. The recipient may use it, or they may not. There is no obligation. In fact, it is really another gift and so should be received warmly. 

The lesson for you is that sponsorship can be a great idea to promote your company. Just make sure you have a means of attracting business back to you and a way to track and measure sales from the sponsorship effort.

Until next week, 

Stay healthy and focus on profit! 

 - Hugh 
The “Profit Accelerator” Expert

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