Contest marketing is an exhaustive marketing strategy that employs giveaways, contests, or quizzes to oil the wheels of brand awareness and engagement. What consumer does not like an occasional freebie coming their way? And what brand wouldn’t just love a great opportunity to engage both old and new consumers effectively? Contest marketing acts as a meeting point of both these very normal human tendencies.
No marketer is unbeknownst to how frequently can one spot some or the other form of contest marketing being employed. Sometimes, however, picking the right type of contest might be tricky. Here is a list comprising some of the most interesting contest marketing strategies.
Types of contest marketing strategies
Picking the right type of contest is what follows after you decide your goals and expectations. The following are some tried and tested strategies for you –
Giveaways are one of the easiest and most convenient contest marketing strategies. All you have to do is pick the occasion, choose a product that echoes the former, announce the contest with some necessary rules and select a winner through random selection. Be mindful of the rules you adjoin. They should serve your long-term marketing goals without banking a lot on your consumers’ efforts.
As the name suggests, a quiz will require you to ask a couple of questions and pick a winner on the basis of the correctness and the wholesomeness of their answers. A quiz needn’t necessarily involve questions based only on facts, it could involve questions based on your brand, products or your brand story.
3. Social Media Competitions
This is where contest marketing meets hashtag marketing. Social media competitions generally require brands to encourage their consumers to put up wholesome content on their respective social media accounts using the brand’s hashtags to facilitate visibility. The brand would then go through all the entries and pick a winner or multiple winners.
Benefits of contest marketing
Contests are famous for a lot of things, their affordability and efficiency certainly tops the list. Here are some of the other well-known benefits that will make you want to run a contest today!
1. Facilitates market research
The reception of your contest is solely based on what you are offering as a prize. A great response definitely means that the prize worked wonders and intrigued your consumers as you’d have expected. Sometimes when you choose to ask your consumers to choose the prize themselves as a term of the contest, you get a good insight into the products on your catalogue which are working the best for you. This is something that makes a contest a win-win.
2. Boosts engagement
A successful contest helps leave a good brand footprint and optimises your engagement. Contests thrive on consumers engaging with your brand. Contests also birth a good amount of user-generated content that works wonders for your engagement and serves the social media algorithms well.
3. Multiplies your consumer base
A good engagement is directly proportional to a multiplication of your consumer base. Contests involving people to share or tag people as a rule or otherwise lead your consumers to network your brand. Organic networking done that way increases your consumer or fan base. A base thus built is not only stable but extremely promising.
Guide to help you organise the perfect contest
A lot of planning goes behind a successful contest. From content calendars to comprehensive group discussions, an error-free contest requires all hands on deck and proper inputs from almost everyone in an organisation. We are here to help you make your way through the planning step by step.
Step 1: Define goals and set an aim
Be clear on what your brand needs the most out of a potential contest. Deploying the steps that will follow are based on what you need at the moment. From improving brand awareness, optimising engagement and increasing your followers to conducting market research, addressing an occasion or promoting a product, you have to pick your objectives before moving ahead.
Step 2: Pick a contest and the prize
Address your goals by picking a suitable type of contest. It could be anything – an event-based or a celebratory giveaway, a much-needed quiz to boost engagement or a competition to gain insights into your market – that matches your requirement and the occasion.
Step 3: Set a budget and formulate rules
Planning your finances is essential when it comes to planning a contest. You should know the money you are willing to put. The prize, employee resources and ad campaigns to promote the contest, all of these require you to set a budget.
Deciding rules for contestants to enter is a tedious task. The rules should involve consumers to engage with your brand in some way or the other. Build a database for future reference by storing necessary details. Collect data of the demographics and age groups that generated the most engagement.
You need to be mindful of not ending up making the rules too complex. This could act as a deterrent for consumers to not participate. Also, look out for various contest guidelines laid by renowned social media platforms. Violating them could spell trouble for your brand in a lot of ways. Read them here –
Step 4: Market
Besides marketing your contest, it is extremely important for you to market your brand. Marketers tend to place the latter on the back seat. Build an urgency by following up with what’s latest in terms of the number of applications received. Let the contestants be aware of their competition.
On the other hand, a contest should act as a smokescreen for you to imbibe your brand identity at large. The rules, the hashtags, the prize and the content, everything should scream lots about your brand.
A great way to make the most out of a contest besides the aforementioned benefits is to measure the response and the results.
You could also use the generated engagement to your benefit by launching a product or a discount scheme immediately after the contest ends as a consolation to all those who did not win.
A contest will tell you your most loyal and promising base of consumers and the product(s) that are loved by everyone. Feed the learnings to your marketing strategy for the long run.
The upcoming holiday season would be a great time to employ one or more contests to keep your brand’s visibility and engagement boosted. We hope that contest marketing as a strategy managed to appeal to your marketing senses given the benefits it enlists.
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