FairMarket Launches Promotional Auction Solution
Innovative Promotional Tool Plays Key Role in Successful Marketing Campaigns
Woburn, Mass. — April 30, 2001 — FairMarket, Inc. (Nasdaq: FAIM), a leading provider of e-business selling and marketing solutions incorporating dynamic pricing, today announced the launch of the company`s Promotional Auction solution. The solution leverages FairMarket`s understanding of dynamic pricing technology and consumer behavior to create brand-building online auctions that serve as stand-alone promotions or integrate into broader multi-channel marketing campaigns.
The FairMarket solution helps consumer goods brands, media companies and other businesses further interact with their existing and potential customers to generate customer loyalty, increase revenue and maximize customer lifetime value. In addition, these promotional auctions can pay for themselves and can become profit centers, while providing marketers with a rich consumer data stream to market and re-market to these consumers.
For example, long-time FairMarket client Playboy.com has an online auction that has offered one-of-kind items, such as party invites to the Playboy mansion, Vargas prints or authentic Playboy event memorabilia. Another customer, New Line Cinema, runs an online auction at www.newline.com where they have created special promotional sections around the release of movies like "Austin Powers: The Spy Who Shagged Me" or "Thirteen Days", which included movie premiere tickets, wardrobe items or authentic props.
"FairMarket`s expertise in creating brand-building auctions helped us create a fun and exciting experience for our customers while building a new profit center," said Nevin Shalit, vice president of New Media Projects for New Line Cinema. "These promotional auctions have helped drive repeat site traffic and increased awareness of our theatrical, video and DVD releases."
FairMarket has improved integration with loyalty programs and now supports direct access to existing points-based promotions. In addition, wireless notifications can now feature the voice of a star or celebrity to further reinforce participation for the audience. Promotional auctions can engage visitors in the 12-37 minute range and these new components are designed to further increase the level of exposure and brand interaction. Additionally, the FairMarket system can integrate with the clients` customer relationship management (CRM) systems.
With the success of brand promotional auctions by pioneering clients like the World Wresting Federation, New Line Cinema and Playboy, FairMarket has applied its experience to develop an auction solution to drive traffic to a site, extend average site visitation time, provide enhanced interaction with end-users and provide relevant demographic data and statistics, all while generating revenue and building greater brand loyalty. FairMarket`s Promotional Auction solution offers a unique team of site developers, e-marketers and merchandisers, and creative services. This mix of technology experts and creative minds works closely with marketing and advertising agencies to develop customized, turnkey private label auction sites.
"Brand promotional auctions can serve as a key element in successful marketing campaigns," said Eileen Rudden, president and chief executive officer of FairMarket. "Our Promotional Auction solution offers our clients a compelling way to engage site users and fans like never before, resulting in new revenue opportunities and greater brand awareness."
About FairMarket, Inc.
FairMarket develops and delivers e-business selling and marketing solutions for retailers, distributors and manufacturers. A recognized leader in dynamic pricing technology, FairMarket provides hosted and scalable solutions to help enable companies to maximize price yield and promote their brands. Major corporations including JCPenney, Dell Computer Corporation, CompUSA, New Line Cinema, Virgin.Net and MSN rely on FairMarket`s discount, clearance and promotional technologies and services. Headquartered in Woburn, Mass., FairMarket has offices in the U.K., Australia and Germany. The company can be reached at 800-531-7871 or on the Web at www.fairmarket.com.
This press release contains information about future expectations, plans and prospects of FairMarket, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including but not limited to market acceptance of FairMarket`s online auction and other e-commerce services; growth of the market for dynamic e-commerce services; the competitive nature of the online markets in which FairMarket operates; FairMarket`s ability to attract and retain qualified personnel; FairMarket`s ability to retain existing customers and to obtain new customers; the operation and capacity of FairMarket`s network system infrastructure; FairMarket`s ability to expand into new geographic markets and the currency, regulatory and other risks associated with expansion into international markets; FairMarket`s limited operating history; and the other risks and uncertainties discussed under the heading "Risk Factors" in FairMarket`s prospectus filed with the Securities and Exchange Commission on March 14, 2000 in connection with FairMarket`s initial public offering and the reports filed by FairMarket from time to time with the Securities and Exchange Commission. FairMarket assumes no obligation to update any of the information included in this press release.
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