A successful competition marketing strategy can be very effective at generating new leads, engagement and overall awareness of your business. This may seem like an attractive and effective method of increasing awareness and leads but it must be carried out correctly in order to properly work. Key factors such as the ones found below must be considered if you are thinking about implementing a competition marketing strategy for your business.
- Choose wisely when it comes to competition Prize – Even though an IPad or the latest iPhone may seem like a great prize and a great incentive to enter your competition, prizes like this will not benefit your business in the long-term. Simple prizes like the ones previously mentioned are more likely to generate simple awareness rather than leads and sales for your business. Contestants chasing prizes like these are most likely not interested in the value your business can offer. So when it comes to the Prize, ensure to choose a product and/or service that is directly related to your business.
- Keep it simple – It’s common to see Facebook competitions instructing contestants to tag a friend, repost, like and share all at the same time; please steer clear from asking too much from your contestants. A simple “comment in our latest post” will get the job done and its simplicity is more likely to make it an attractive call to action.
- Bots – Think of Facebook Messenger Bots as your best friends when it comes to running an online competition. Not only will they provide tremendous help in identifying your market but Bots will also be able to capture leads from all the information entered by contestants.
- It’s all about “Shareability” – Even though this word might sound a bit unfamiliar it is the bedrock of ensuring your competitions is a success and it benefits your business. When the prize has a high degree of Shareability, the winner is going to instantly want to share with their friends or family that they have won the prize.
- Don’t forget about the unlucky contestants – Once a lucky winner is selected, don’t forget about the other contestants right away, they may be more valuable than you think. We suggest stimulating motivation among these unlucky contestants via a Runner-up prize. This runner-up prize can be tailored to aid the weak areas of your business. Such an example would be to make the Runner-up prize $1 Coffee on Tuesdays if Tuesday is the day with lowest amount of customers.
Remember to keep in mind the key factors previously discussed and don’t forget that every competition can be monetized in one way or another!
If you need marketing strategies for your business, our team at Your Social Voice can easily work with you through it.