Digitally driven contests are an effective online marketing tactic. They are quick and easy to organize, and if implemented correctly, they can score their sponsors valuable exposure.
While organizing a contest is simple, selecting the right prize often is not. Prizes draw potential entrants not only to the contest, but to the sponsor. For that reason, you must remain diligent when choosing a prize for your digitally driven contest. Below are five points to consider when selecting a prize:
- Consumers Want A Great Value Your contest’s prize has to be of great perceived value. The greater the perceived value, the greater the intrigue. Consumers ignore contests for which the prizes are everyday items. After all, if the prize can be easily accessed in a store or online, then what’s the point of trying to win it?
- Consumers Value Experiences Over Items Big-ticket items such as brand-new vehicles or high-end equipment are effective attention-grabbers. However, if you really want to capture consumers’ attention, an experience-based prize is the way to go. Items can be useful, but experiences are always memorable. Long after an item has broken, been sold, or been given away, memories of a great experience linger with consumers. Spa days, concerts, and cruises are examples of great experience-based prizes.
- Social Influencers’ Endorsement Is A Key Tactic Social influencer marketing is a hot online marketing strategy. Social influencers’ popularity, knowledge of their niche, and easy accessibility through trending social media channels make them a valuable resource for exposure. The prize that you select should be one that your social influencer of choice can quickly and easily endorse via photos, videos, and social media posts. For example, if you are giving away a vehicle, you can have your social influencer take a selfie with the keys in hand. To build even more brand awareness, you can attach a keychain featuring your brand’s logo to the keys so consumers can see your brand in the photo.
- Tiered Prizes Generate More Intrigue—And Interaction Many contests offer only one grand prize to one lucky winner. The odds of winning are next to zero, so some consumers don’t bother entering. To alleviate consumer discouragement, you should offer more than one prize: a grand prize, and a select number of smaller entry prizes. The inclusion of entry prizes means more chances to win. Even if consumers win something of lesser value than the grand prize, they are always happy to win something.
- Providing Your Own Prize Saves Resources Brands must set aside a budget to fund prizes for their digitally driven contests. You can save money by offering your brand’s own products or services as the prizes. By doing so, you’ll lose only the products’ or services’ wholesale value, not their market value. Choosing your brand’s offerings instead of those belonging to another brand also means you’ll increase brand awareness.
Even the most phenomenal marketing campaign can’t save a contest with an unattractive prize. Unattractive prizes result in lost effort, time, and marketing resources. Exercise diligence and follow this guide to ensure your brand chooses the right prize!