Using social competition, a successful contest marketing plan may raise brand awareness, promote your products and services, conduct market research, and add new leads to your pipeline.
Contests are a fresh and unique approach to interact with audiences and stand out in a digital landscape that is becoming more flooded by the day with different businesses seeking to market themselves.
How Contest Marketing Can Boost Your Brand
1. Improve Promotion
Promotional benefits are one of the most important advantages of contest marketing. According to a Buzzstream research, 45 percent of respondents stated they will unfollow firms on social media if they spend too much time marketing and talking about their products.
- Lower Marketing Costs
Contests provide a lot of value when compared to other marketing approaches. For the expense of a single reward and a little of your team’s work, they may typically increase brand awareness and value. That’s a modest price to pay for a lot of high-quality brand recognition.
At the same time, don’t expect every contest to be low-cost. Remember to consider how much time, effort, and money you’ll need to devote to the contest itself in terms of research, implementation, and promotion. Before you start, weigh the costs versus the expected advantages.
4. Boost Audience Engagement & Create a fan Base
According to HubSpot, brands that ran contest marketing campaigns gained an average of 34% new fans per campaign.
One of the characteristics that distinguish contests is their ability to captivate an audience. A contest is usually different from the usual material that brands produce. It encourages customers to interact with your brand because they expect to have fun and possibly win something valuable.
Contests also encourage and multiply user-generated content, which increases customer engagement and makes your business more recognisable to them and their networks.
