As I wrap up my study of ePrize, I wanted to share more from my interview with Josh Linkner, CEO and founder of ePrize. I was impressed by his dedication to finding new innovations. The company is leaps and bounds ahead of its closest competitors, but instead of resting on its laurels, ePrize management makes sure it’s always trying to change the industry. Listen to my interview with Linkner to better understand what makes ePrize so unique.
Coordinate the uncoordinated
Power comes from coordination, not from assets. This principle gave us Wal-Mart and is helping companies like Wikipedia, Linux, and Facebook grow. ePrize leverages this principle by coordinating its clients in a fascinating program called Caffeine.
This platform puts several of ePrize’s clients into one impressive promotional campaign. First it gathers one large pot of money, say $50,000, and then it syndicates access to this pot to a group of clients. ePrize allows them to buy in access to this pot of money. That way, when clients run promotional programs with e-Prize, they can then offer a much larger grand prize.
This spreads the cost of the promotion across several non-competing companies. Each client can offer the value of this prize in the form of their choosing that best represents their product – a car, free Coke for life, tickets to the Super Bowl, etc.
As the promotions proceed, consumers will sign up for the chance to win several prizes. The winner is then chosen from the entire pool of players. Only one company, the one whose player got the winning ticket, gets the pot of money. The odds are clearly laid out for all participants, but Linkner said he has found that "people care about the chance to win, not the odds."
Looking at your client bases, you may be able to see a common thread or goal. Ask yourself these three questions to gain increased strength in numbers.
- How can I connect my clients?
- What do they have in common?
- Can we coordinate them to create more power?