9 minutes | Dec 6th 2017

225 Using Gamification To Grow Your Business

http://www.byroningraham.com/podcast/225-using-gamification-to-grow-your-business   Regardless of age, there is one common trait that everyone shares, the joy of winning.  In business, it is possible to utilize the euphoria experienced through winning to attract additional clients and customers.   From a very young age in life, a thrill is experienced when we win while playing a game or accomplish a major goal.  It is this feeling that compels people to play games, enter contests, or compete in tournaments.  In business, it has been used for ages to compel people to buy assorted products and services. A great example of a business utilizing gamification to drive purchases is McDonald's.  Each year they conduct their Monopoly contest where customers an win prizes from food all the way up to large cash prizes.  Most individuals who have played the game before increased the frequency of their purchases to obtain more game pieces, thusly improving their chances of winning. While most people who win, will only get a free food offering, it is the excitement experienced by people in the hopes of winning. Another example is to look at lottery ticket sales.  Even though the majority of people know the odds of winning are horrific at best, people still flock out in droves to play in the hopes of picking the right numbers.  As the size of the jackpot increases, the thrill of winning increases thus driving additional people to purchase tickets who normally do not participate. These same principles can be utilized by any business owner or entrepreneur to attract additional clients and customers. There are a few key principles that must be followed to make any contest a success. Prizes must be something people desire.  While most individuals will be happy winning anything, having prizes that have an emotional draw to them entices more people to be interested.  For example, offering a prize package of books might sound enticing to some people, but a romantic dinner for two at a restaurant will have a greater draw to individuals. Prizes must be buzzworthy.  Any prize utilized must be something people want to share and talk about on social media. The whole purpose of having prizes is to encourage individuals to share the contest with their sphere of influence. Must have value to the audience.  If McDonald's said to the masses the majority of people will only win a free drink, most people wouldn't play.  People are drawn to the idea of winning one of the larger prizes.  It is important for each business to utilize prizes that have a high enough relative value to their audience to encourage people to participate. When utilized properly, any business can attract additional clients and customers who will happily promote your offerings to their sphere of influence.
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