The Biggest Losers (Financial, not fat)
American consumers have spent themselves into $2.42 trillion in debt. Many have been trying to dig out and now an online personal finance site is giving them a reason to continue to do so.
Mint.com has launched the Drop Your Debt Challenge as a way for people to join teams from their city to work together to reduce their debt. The team from the city that reduces its debt or increases savings the most will be rewarded. Four $1,200 prizes will be handed out and the first 200 people who signed up for those winning teams will each receive $100.
But the bigger prize, $5,000, comes to the person who refers the most people to the challenge. With any online program, marketers are including a viral component to extend the promotion as far as possible by consumers as the advocates. For example, the “Today Show” is running a contest that makes it very clear its wants players to pass the message along. The title of the contest is Today’s Viral Video Contest. Another example is Syfy’s “White Rabbit” campaign, which won a 2010 Pro Award in the Best Use of Viral Marketing in a Promotion Campaign category.
The Mint.com promotion, which ends April 4, 2011, is a way for Mint.com to increase its membership, which is free, and encourage existing members to take charge of their finances. Only members may enter. Non-members sign up on the entry form.
Participants in the challenge can share savings techniques and support each other. It also exposes them to Mint.com money management tools and advice, cash incentives, and way to connect with their community to learn real world tips, find local deals, and get support.
Another social component, Facebook, will provide updates on the teams’ progress and offers another venue for teams to share tips on financial responsible and debt reduction. People who enter the challenge can “like” Mint’s page as part of the entry process. Mint.com mobile apps for Android and iPhone users can track their individual progress and learn more about how their spending habits impact their debt and savings.
“Every day, competition motivates people to lose weight, win at sports, or grab a parking spot before the next guy. This is a chance to have a positive impact on your finances,” Aaron Patzer, the founder of Mint, said in a release. “Think about it as ‘The Biggest Loser’ for debt.”
The idea for the challenge came from town hall meetings held by Mint parent company Intuit where panelists discussed financial management openly and were eager to share what works.
ePrize is handling the promotion.
