Contests – An Effective Marketing Tool To Maximize Your Returns
Holding contests among almost anyone creates interest and develops the enthusiastic feeling of showing how well one can perform. Similarly, they have been proved to be the most effective marketing tool in order to increase the profits of an organization. Contests are not only great ways to engage your customers but they also generate buzz for your products. Take a look at the following few things that show how competitions help in increasing your revenues:
- Enjoy Greater Demand For Your Product
When you tie sales of your product to an entry in a contest, you are helping to promote your own sales. You are also helping to create a feel-good moment for your customers, and this will help to generate more word of mouth publicity for your brand and your products.
- Contests Encourage Better CRM
Contests and sweepstakes can offer you great advantages when it comes to collecting data regarding your customers. When customers sign up for a contest, they are generally willing to share contact details as well as other information regarding their product usage habits. Your company can collect this data and use it to provide its customers with a better product and service experience. Just remember to keep your questions in line with what you are offering, and make sure that you do not to bore your customer by asking too many questions.
- More Social Media Engagement
Even if you are doing something as simple as promoting dissertation writers at dissertation corp, a contest can help to create more customer interest and engagement for your products and services if you are using social media. This engagement will help to boost your social media following in the form of your Facebook fans, YouTube viewers or your Twitter followers. This in turn will ultimately provide you with a larger audience to whom you can pitch your products later.
- More Customer Engagement
Contests that ask participants to share videos, photos or write-ups help them to feel more involved with you and your brand. Contests tap into your customers’ desire for freebies or even for their desire to win 5 minutes of fame. This, in turn, builds their interest more in your product and thus, increases the overall revenues of the organization.
- Contests Offer You Free Publicity
When your customers share their “good news” on their own social networks, they are indirectly offering you free publicity. For example, if your contest involves polling of any sort, participants will be likely to share it on their social media walls in order to generate more votes. This allows you to automatically become visible to everyone on their social media feeds, who might even be encouraged to participate in the contest, generating even more publicity for you.
- Contests Are Very Cost-Efficient
You may spend time, efforts and even money when you organize a contest but when your customers are spreading the word for you, they are helping you generate more eyeballs for you without you having to spend anything. This helps to minimize your cost per participant, ultimately maximizing your return on investment.
Remember though that a contest is only effective if it is run properly and if it is in good taste. A contest that offends people in some way will only hurt your brand, and it will go viral to such an extent that you may not even be able to contain the damage. You also need to remember to adhere to all the laws of the jurisdiction in which you operate when you run your contest.
