Frito-Lay
is partnering with Shark Tank on an
innovations contest for kids. Targeted
to kids seven and up, families can enter the "Dreamvention" contest
by coming up with a fun invention and submitting a drawing and explanation.
The
grand prize is $250,000. And the plan is
for the product development firm Mako + Invent to bring the winning idea to
life.
So
where does Shark Tank fit in? Robert
Herjavec kicked off the contest during a Frito-Lay "invent-athon" at
Google HQ.
Another
partner for the campaign is Young Minds
Inspired (YMI) which provides curriculum tools for more than 2 million
educators around the country. Selected
schools will be given a dreamvention-inspired curriculum, and the 10 schools
that submit the most ideas will be awarded $5,000 to support more in-class
science programs.
So
what do you think? Will this be an
effective way for Frito-Lay to increase sales?
What about Shark Tank? Will this
promotion raise ratings? And what about
YMI and Mako + Invent? Will this
increase their profile and make them more successful? How do you feel about contests in general? Do they engage you?
4 comments:
I think this contest will be effective for each company as below.
Frito-Lay:
This contest will be effective for them to show the positive image of making a social contribution. Even though chips is not so good for health, but they can claim that their products can make kids happy. Thus the positive image is crucial for their sales. Through this contest, they can establish the positive image of themselves to help kids. I think it worth paying money.
Shark tank:
Also they can make positive image, and possibly they can obtain their additional viewers. The concept of Shark tank is similar as this program to help people who have idea and ambition. Though the prime target of “Shark Tank” is adults who earn money, by involving kids through this event, they possibly could expand the viewer of young generation and their parents. They could raise rating and its sustainability.
Also, for other two companies, this contest is beneficial because they can promote themselves by collaborating with two famous players. They can use the names of “Frito-Lay” or “Shark Tank” as their partners in any situation. This will help them improve recognition.
I think that contests are effective ways for promotion for following two reasons. First, audiences tend to like to watch a drama without a set program. In general, competitions frequently show unexpected results which attract their viewers. Second, in the contest, the audience can watch the program with more subjective viewpoints because they also might be able to get on the stage. Arousing audience's sympathy of can be good promotion.
Wataru
I believe this idea to be a creative and socially responsible idea that will positively increase the brand perception and loyalty of Frito-Lay within its target audience generating more sales from new comers and maintaining a strong customer base.
This initiative will raise more awareness about the brand and I am sure will allow for some sampling possibilities and tasting which will also create a direct experience between he target and the brand. On another level, being a high profile effort and most probably a nationwide impact and communication given the partnership they have chosen Frito-Lay is positioning itself as a responsible company, who believes in the potential of youth, their importance in society, and who wants them to grow and achieve. This in my opinion will have a positive impact on the brand perception within target customer, will create more loyalty with its current audience, and will motivate people to try the product and stay loyal to it. This effort will also help the brand position itself as a top of mind brand when it comes to ships within its target audience given the innovative, personal, and socially responsible effort they did which created a special bond between the customer and the brand.
As for Shark Tank – I also believe this is a nice association they engaged in. Being entrepreneurs themselves, supporting new ideas and concepts, this positions them perfectly well to be partners. What I believe they will benefit mainly on the perception of the shark tank brand and the brand of each of the sharks. Being a socially responsible action it will directly benefit the latter and at the same time it will raise awareness on the importance of helping youth expand their potential and explore new grounds. Which I believe each shark believes in and cares for. They all came from struggling backgrounds and they were eager as young individuals to let their ideas be heard. This is a chance for each one of them to also give back to society by investing in its more important assets. The youth. They will probably not become more successful from a business perspective but they will surely benefit from more respect which will increase their profile nationwide as responsible business man who care about the person and not just about the money.
As for the other two brands I believe this idea falls directly in their line of work and objectives and it will surely increase their profile, awareness, and positioning in the market.
As for contests I believe they can be a very engaging tool to let customers engage with a certain brand. Having an incentive makes it an interesting action to consider. I personally never took part in a contest with brand and incentive related. And I believe if the incentive and/or the content proposed appeal to my objective in life and/ or are related to a brand I am interested it they will surely engage me to participate.
Nada
I think this could be considered relational marketing, when a company seeks to generate new channels of communication and interaction with its customers, seeking to stand out from its competitors and not necessarily for its products but for some type of campaign that integrates the final consumer.
I think that Frito Lay can increase sales because through Shark Tank they would be able to have a greater brand distribution and would be more well know through their appearance on national TV . Furthermore I think that Mako could benefit from the show in order to produce a winning idea. It is a strategic alliance between these three companies that they will be able to receive mutual benefits by developing an idea focused on the consumer.
Frito-Lay may benefit from the partnership. The Frito-Lay division, PepsiCo is the world's largest snack food company, controls almost 40% of the U.S. salty snack market. Nonetheless, the healthy snack market (e.g. meat snacks, snack bars, snack nuts and trail mixes with fewer ingredients and reduced sugar content) has been growing at an annual rate of 4.7% in both 2014 and 2015, Frito-Lay’s performance has been steady in the last few years. In its efforts to keep trend with the growing healthy snack market, Frito-Lay started transforming its snack portfolio by increasing the nutritional profile of their snacks. With this partnership, Frito-Lay would demonstrate their commitment to creativity amongst children, and establishing a relationship of trust with a young customer base; this should have a positive impact on sales in an important demographic.
The partnership may be also beneficial for Shark Tank in attracting a younger audience, and therefore increasing its viewers (in 2016, Shark Tank lost approximately 15% viewers compared to 2015). The innovation contest simulates the “Shark Tank” environment for a much younger audience; kids older than 7 years can submit their ideas, whereas Shark Tank is currently only accessible for teenagers older than 18. This partnership may increase ratings due to the fact that entrepreneurs' average age has decreased in the last few years. The show also may attract younger viewers after giving similar help and entrepreneurial advice to the campaign's contestants.
And what about YMI and Mako + Invent?
The partnership with MAKO Design + Invent would be expected to encourage the next generation’s exploration of innovation. YMI and Mako + Invent will benefit by partnering with well-established brands such as Shark Tank and Frito-Lay. YMI especially, will broaden their business, by adding in-school programs focused on invention. This should help YMI to be more socially-driven by helping children expand their mindsets into innovation, which is currently beyond the scope of its reach.
I feel contests in this framework will be effective with the young generation. It opens up an avenue to channel creativity and provide access to opportunities previously only provided to older candidates. Watching kids compete in this context would be engaging for me. I believe as a kid, I would be been interested in such a contest.
Post a Comment