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Promotion Creates Bull Market For Palm Restaurants
Every time they dined at The Palm, customers received a random selection of three "steak certificates" for a specific number of shares in a company listed on the New York Stock Exchange (NYSE). Diners could open an account, make deposits, and receive dividends as they built their "portfolios." The accounts were identified by home telephone numbers. Customers could accumulate certificates and mail them in at the end of the promotion or deposit them when leaving the restaurant.
A select group of loyal customers was invited to a Trader's Dinner to launch the promotion. To enhance the stock market theme, all restaurant locations featured a stock ticker-tape machine.
At the end of the promotion, the customer with the highest value "steak-certificate" portfolio won the $20,000 grand prize (values were based on that day's closing prices on the NYSE).
Partners in the promotion included American Express, Money magazine, and Seagram's. "The Steak Market Game" was promoted through direct mail, neighborhood marketing, and advertising. In addition, everyone in the Money magazine database received a mailing with a starter gift of 10 shares of Seagram's stock to encourage participation.
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