Its a relatively new market, but one that is growing rapidly managing prizes of behalf of other companies.
The days of companies managing their promotion prizes are well and truly numbered. I remember entering competitions on the radio and hearing them draw a winner out of a hat before passing it on to the office receptionist to deal with! Yes Chiltern Radio!
Its actually much more time consuming and specialised than people used to give credit for. The person managing it used to need to have skills that they werent necessarily employed for and if things did go wrong they were often blamed for the negative publicity and customer frustrations.
There are plenty of problems that could arise from winning say a holiday to the Rio Carnival, including bankrupt travel companies, forgetting to arrange connections or transport or even accommodation. That’s why its become a niche market for blue chip and medium size companies.
Nowadays big companies such as Coca Cola, Disney, Nestle and Bing outsource their prize fulfillment to prize management agencies such as Cloud Nine, the NDL Group and Black Tomato. These companies are able to offer guarantees such as ATOl and ABTA, so that companies know their customer will get the holiday they have been promised.
Obviously its not just holidays and trips that companies give away. A common prize is a car or cash prize, both of which need organisation, including transfer of ownership or bank account details.
If your company is considering offering a prize of some kind to the public, then make sure you don’t manage it in-house, get a professional prize management agency to do it instead.