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How Planning Contests Annually Benefits Your Business

Most of us have entered an online contest in our lifetime. Whether you wanted to win a new coffee maker or a new deck, the idea of that prize tempted you into filling out a simple form and submitting your information. If you’re one of the lucky few, maybe you even won! 

As a consumer, a contest is an exciting opportunity to win a prize. For a business, though, running a contest is an incredible marketing opportunity that can be even more valuable than the prize you’re giving away.

Let’s discuss the benefits of using contests and how you can make the most of them by planning your contests on an annual basis.

The Benefits of Using Contests

Contests are exciting for consumers — but that’s not the only reason your business should host a contest.

Increase Your Reach and Brand Awareness

There aren’t many people in the world who don’t love the chance at a free gift. If you promote your contest correctly and distribute it effectively, you’ll see a rise in brand reach and awareness alike. 

First-Party Data Collection

With the possibility of a prize, consumers are more willing to share their personal information with you

When you acquire something as simple as a customer’s email address, you can store it in your email database or CRM to use in the future for marketing communication. By including other questions in your contest form, you have the ability to find out other helpful information like your customers’ favorite products, their age range, their household income, and much more. This valuable first-party data can help you learn more about your customers and their wants and needs. You can then use that first-party data to strategize your marketing campaigns, market directly to consumers based on their specific interests, and build audiences for your targeted display and video ads.

Audience Engagement

Contests provide an opportunity for you to deepen the relationship with your audience. Contests where you encourage consumers to share a photo like pet costumes, cute babies, and family portraits create a bond between you and your customers and encourage them to do the contest marketing for you. After all, they’ll want to advertise their own photo in hopes of winning, which in turn advertises your contest and your business. 

Even without a photo submission, a standard contest entry can encourage consumers to spread the word about your business if you offer bonus entries for sharing the contest. 

Plan Contests On An Annual Basis

Contests are much more than a ‘one and done’ deal. To get the most out of this marketing tactic, you should plan them on a quarterly or bimonthly basis. That way, you can target different facets of your audience and collect a wide range of information – much more than you’d get by only holding a contest once a year. 

Holding multiple contests throughout the year also helps to keep your business top of mind. If your business is seasonal and you depend on a lot of patronage during a specific part of the year, we recommend running a contest during your slow season. Why? Well, that amps up customer engagement during a slow period, which can keep your business top of mind and drive sales throughout the year.

Above anything else, you must be proactive. When you plan your contests in advance, you have the space to be strategic and align them with your business trends and goals throughout the year. 

Your Business Contests for Next Year

If you haven’t implemented contests into your marketing strategy yet, now is the perfect time to get started. Let Federated Media help you make next year the year that contests give your business a boost. Get in touch with us today to get started!

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Written by Federated Media