Cash Sweepstakes Promotes Fantasy Stock Speculation
Tomorrow The Street relaunches its Beat the Street stock game, which is essentially fantasy stocks with prize money. The game is geared to Wall Street newbs that want to learn how to "navigate the stock market and make strong trading picks."
Any one person can win $5K/week, up to $60,000. The game lasts 12 weeks.
Wow, imagine if the stock market actually worked this way. It would be economic anarchy, with little incentive to study companies and make stable investments. I get that The Street's trying to drum up enthusiasm about finance, but maybe all that zeal should be tempered with a little responsibility. Lottery winners -- the ultimate sweepstakes victims -- aren't exactly characterized by their investment savvy.
So yeah. "Pull together your investment strategy and ratchet up your game plan," whatever that means.
Comments
woo))oo! Thx for the post.
I'm in.
playing as adgoose
;)
I agree with your comments. They are using the sweepstakes as one of their marketing tools. Sweepstakes can be a very effective marketing tool if used correctly.
Sweepstakers like to enter sweepstakes as a hobby. They are also consumers, so they will probably buy much of what they own. For example, I too enter, but recently bought a new vaccumm when ours died. The advertising put forth to me when I was entering was effective. I became a customer. However, I am not sure this tactic will work with stocks. I wonder what their customer profile is and if it is the same as the average sweepstaker's.
As a marketer I can't help but think their database will be chock full of dead-end prospects. For their sake, I hope I am wrong.