Can It Solve U.S. Economic Woes?
Coupons, sweepstakes, contests, rebates are promotion techniques for changing behavior. Short term, they can change the economic outlooks of brands and the customers who buy them. But we’ve never thought of promotion marketing tactics as a way to change the economic outlook of nations – until now. Yes, Promotion Could Change Nations. From the Harvard Business Review we learned about a real life promotion experiment run by Michigan credit unions. It offered “entrants” one entry to win $100, 000 for each $25 they saved. (That’s $25 they kept for themselves and earned interest on, not “$25 they spent” or “$25 worth of product they purchased.”) Could this be the answer to some of the current U.S. economic woes? • Because for the nation as a whole, more savings = less imported capital = more economic independence (from debt to China, for example). • And less money devoted to debt service means more money for expanding businesses, hiring employees, buying houses and cars, and so forth. The S
