By: Ed Trachier – April 1, 2014
By now, we all have heard about Warren Buffet's backing of the quest for a perfect, billion dollar bracket. The finance guru understands that the odds of guessing this bracket are estimated to be 1 in 9.2 quintillion. And yet, 15 million people logged in and filled one in! Why?
The contest plays to our basic instincts of greed (the largest reward must be better) instead of the realistic payoff. It also uses Buffett's name and stature to lure willing participants.
What I think is awesome is what Quicken Loans, the backer of this contest, gets in return.
For $10 million (paid to Buffet for "insurance" against the billion dollar payout), Quicken Loans receives access to 15 million prospects, replete with accurate and up-to-date contact information, plus the build-up in name recognition across the country, all while associating themselves with an immensely popular tournament and the billionaire Buffet.
Branding and contacts? Sounds like a great marketing campaign to me!
By Ed Trachier, Founder & CEO of OnTarget Partners, a B2B marketing, sales, and research solutions firm that provides Intelligence for Business. He can be reached at 469-200-4901 or at firstname.lastname@example.org