Right now, I wish I lived in San Francisco instead of Sydney. There’s a mysterious ‘benefactor’ dropping hidden cash up to $100 all around the Bay city. Hints and pictures are posted on @HiddenCash twitter account. The lucky cashed up guy/gal is encouraged to take a selfie with their newfound cash and post it on social media.
With only 175 tweets since it started on Twitter last week and less than $17,500 cash so far, @HiddenCash has gained an amazing 229k followers. That’s just 76c per follower! It’s no secret that people love the idea of anonymous benefactor doing good and the possibility of finding some cash.
There’s plenty of free giveaway promotions in retail as well. But does it work? Sure it’s a quick and easy way to draw your customers’ attention, but how long will it stay with them. Giving freebies can mean a loss to your investment, as it doesn’t necessarily generate customer loyalty or repeat purchase.
If it’s customer loyalty that you’re looking for, you’re better off improving your communications strategy with your customers. Sure promos definitely can have a place in the mix, but it’s all about balanced approach and ensuring more than just the short-term win.
In the meantime, can we encourage some rich Sydneysiders to hide cash around Sydney for fun?