Continue with current browser

how about a quick update?

Like our philosophy at Sync Marketing,
we think a change will do you good.
Please take a few moments to update your browser
so you can view our site at its finest.

The design of our website shines on the newest browsers,
so please download the very latest versions
of Internet Explorer, Firefox, or Google Chrome
to view our site at its very best.

  1. Internet Explorer
    download
  2. FireFox
    download
  3. Google Chrome
    download

31 jan

Questions Regarding Taxes on Sweepstakes Prizing

By: Sync Marketing | In: Ask Sync, Ask Sync Marketing, Best Practices, Sweepstakes

February is the beginning of tax season so we thought it fitting to address some questions that we’ve received from winners and clients alike regarding paying taxes on sweepstakes prizing.

How will I know if I will have to pay taxes on a prize?

Any prizing that you win that totals over $600 in value will be reported to the IRS, and you will receive a 1099 for the tax year in which you accepted the prize. During the process of accepting a sweepstakes prize, you will be asked to fill out and sign a W9 form, so this will be your first indication that you will have to pay taxes on your prize. The amount of taxes that is paid is based on the individual, so it is recommended that you speak with a tax professional to determine what your taxes will be before you accept the prize.  Here is a good article about prizing and paying taxes: http://www.marketwatch.com/story/you-win-and-now-you-owe-taxes-2014-03-12

How do I determine the ARV on a prize for tax purposes when running a sweepstakes? 

We are often asked by our clients to determine the approximate retail value (ARV) of a prize for a sweepstakes. If the prize is an item that is sold by our client, that is the manufacturer’s suggested retail price, which we use to determine the ARV. If, however the prize is a service or trip, we do our due diligence to research the average price of the trip elements to ensure that the ARV is on target.  For more information, see our previous blog article about ARVs here.

What if I accept a prize such as a trip but end up canceling at the last minute? Do I still have to pay taxes on the prize?

Ultimately this is up to the sponsor of the sweepstakes. If the trip elements were already booked and paid for by the sponsor, they will submit a 1099 to the IRS for the advertised ARV.  However, if there are elements of the trip such as food or ground transportation at your destination that wasn’t pre-paid, you could dispute the ARV since those elements were never purchased by the sponsor. Here is an article about taxes on vacation prizes.  http://contests.about.com/od/vacationsweepstakes/f/Which-Taxes-Do-You-Pay-On-Vacation-Prizes.htm

If you are a client thinking of running a sweepstakes or if you have additional tax questions, please contact us at info@syncmarketing.net.   


18 jan

How Long Should I run a Sweepstakes?

By: Julie Link | In: Best Practices, Contests, Instagram, Marketing, Sweepstakes, User Generated Content

How long should I run a sweepstakes? Once a client determines the benefits of adding a sweepstakes or contest to their marketing plan, this if often the most common question they ask. There are a few important factors when determining the length of time that your sweepstakes or contest should run, so let’s get started.

1. What type of prize are you providing? If you want to provide smaller weekly prizes and a large grand prize, then running your sweepstakes or contest for a month to six weeks is a good amount of time. This way, consumers feel like they may have a chance to win a weekly prize and you will receive many entries because there is a large grand prize tied to the promotion.

2. What is your goal? If your goal is to create hype for a new product or service, then a really exciting short term sweepstakes before the launch of the product or service is the way to go. This way there are a couple weeks of build up (the sweepstakes), then the grand prize is selected on the day the product or service is launched leading to good PR opportunities along the way. The same goes for seasonal sweepstakes. If it’s a Valentine’s day sweepstakes, try to launch it towards the end of January so there is some build up. Then, close the sweepstakes a week before Valentine’s day so that hopefully the winner receives their prize in time for the big day.

3. Who is your target demographic? If you’re running a summer sweepstakes and your prize is a cruise, you want to obtain many email opt-ins, and are gearing it to an older demo, a longer sweepstakes should do the trick. If you’re targeting millennials or younger and are running a user- generated Instagram sweepstakes where you ask entrants to upload photos, then the shorter the better.

To sum it up, most sweepstakes run between 2-6 week, with four weeks being the sweet spot. This allows consumers to get excited and not feel like it’s so long that they don’t have a chance. There are always exceptions to this rule, so if you have any additional questions, please don’t hesitate to reach out to us.

 


08 jan

Sync Marketing’s Year In Review – 2015

By: Sync Marketing | In: Contests, Marketing, Sweepstakes

Just like that, another year has come and gone. However, last year seemed to pass faster than most. Perhaps a good reason for this was how busy Sync Marketing was throughout the year. Below is a recap of our best moments of 2015.

Judged in the 2015 Chief Marketer Pro Awards

In 2014 we were honored to take home Silver at the 2014 Pro Awards for our work on the Dodge Dart – Win a Dart. Date a Winner. Sweepstakes. In 2015 we saw another side of the awards when co-founder, Julie Link, was given the opportunity to judge the entries.

“It was an honor to be asked to be a judge in the 2015 Chief Marketer Pro Awards. It allowed me to gain a great perspective on the unique and creative work that other agencies are putting out there.” – Julie Link

Valued Clients Old & New

We were honored to continue our relationships with our clients in 2015 and create work for them that delivered great ROI. We were also fortunate to bring in many new clients in 2015, a 111% percent client gain from 2014. Some of our most recently obtained clients are American Eagle Outfitters and Crate & Barrel. Crate & Barrel’s latest sweepstakes with Sync can be found here.

2016 Chief Marketer Top Shop

We were humbled to be named among an exceptional group of agencies for the Chief Marketer 2016 PROMO Top Shops. The Top Shops is a listing of the Top 100 U.S. Promotional Marketing Agencies selected by the editors of Chief Marketer. It will be a goal of ours to continue to a part of this list every year.

Sync is NWBOC Certified

In 2015, Sync Marketing was also certified as a business owned and controlled by a woman by the National Women Business Owners Corporation (NWBOC), the first national certifier of Women Business Enterprises. The goal of the certification program is to streamline the certification process and increase the ability of women business owners to compete for contracts at a national level. To find out what Sync Marketing co-founder, Jennifer French said about the certification, click here.

We thank all of our clients, family and friends for their support and/or business. We hope to continue to offer our clients creative work, exceptional customer service and successful campaigns throughout 2016 and beyond.