When coming up with a marketing strategy, it helps to pursue a plan that has the most potential for the least cost. There are many proven strategies that are effective in capturing the interest of your target market with advertising and promotions. Some businesses are also in the market of holding business competitions, especially online contests.
Competitions are great at motivating people simply because they get a chance of winning something they would want, as well as receive positive feedback for something they worked hard on. If you’re having a photography contest, for example, the prize itself could be satisfying, but the recognition their photo would receive could be priceless. This motivation is something that contestants work hard for.
Although competitions may seem costly because of the logistics, prizes, and advertising involved, getting the word out isn’t always enough. To create a fan base, companies must look outside the box.
When you’ve decided to hold a contest, it should be something well-planned and well-executed. You should carefully think about the details like the instructions, who can join, and the prices. According to Yahoo.com contributor Ken Mueller:
“Your prize needs to be good enough to draw people in and make them want to enter. There is no formula for this as it will vary from business to business and location to location. But a $5 gift card might not be enough to get people to go to the effort of entering, and give you some of their personal information.”
While an enticing prize is something that contestants look forward to, Mueller also warns organizers not to go beyond what they could afford. He also says to “promote it early and often” as well as make it easy to share on social networking sites.
Contests may be challenging to manage because of all the details you need to iron out. Fortunately, there are business contest management experts like Skild that could provide effective, personalized software to help you run online competitions and guide you every step of the way. With a good contest, it’s a win-win situation for you and your consumers.