Pretty Clever Promotion Concept

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Ciaran J

Guest
Has anyone came accross this type of promotion before. If so i would love to hear of it => Minimal spend (apart from trying cash up and taking the inflation hit) .. perfect for startups offering a feasible vein of products / services.

**NEW** Take out your car or home insurance with One Direct today and receive EUR50 worth of Prize Bonds free! You will be entitled to any prizewinnings on the Bonds, eight in total, for the duration of the policy period*. So you get the opportunity to win up to EUR150,000 each and every
month of your policy. For more information about this offer, call 1890 22 22 22 quoting your Group Scheme number 10085. *The Prize Bonds remain the property of One Direct at all times.

(Disclaimer: I do not have anything to do with One Direct. However i am a business owner hoping to launch pretty soon and as a result i'm currently investigating promotional concepts / ideas)

Thanks and Regards
Ciaran
 

Brendan Burgess

Founder
Messages
40,246
I would guess that there would be a fair amount of administration for a small business.

I would also guess that customers who make a decision on this basis might cause hassle - looking for details of their bonds and accusing you of not passing over the winnings.

There might be tax implications.

Brendan
 
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Roger

Guest
My mother had a policy with Irish Life many years ago and the policy number was the same as a Prize Bond owned by Irish Life. I think it is still a clever idea.
Roger
 
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Tommy

Guest
Given that Prize Bond purchases can now only be made on production of the owner's ID (which presumably means the beneficial owner), in compliance with anti-money laundering legislation, I doubt if this scheme is feasible for a small business.
 
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rainyday

Guest
Hi Tommy - How do they enforce this ID requirement for online purchases?
 
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Tommy

Guest
Dunno - the requirement for the Prize Bond company to implement AML legislation is brand new and has been covered in recent newspapers. If you now buy a prize bond for a relative, you have to provide their ID! Guess it could kill off prize bond online sales??
 
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OWNERSHIP

Guest
.

ID point irrelevant because One Direct retains ownership. All they are guaranteeing to do is pass on any winnings.
 
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Red

Guest
*

Rainyday.
Please note postng guidelines:
15) Please don't address specific queries directly to individual moderators or other contributors.
Rgds
Red
 
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Tommy

Guest
Re: *

ID point irrelevant because One Direct retains ownership
Obviously any small business owner thinking of implementing a similar scheme would be wise to research this matter fully before doing so.
 
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