By our very nature, humans are wired to be competitive. Competition is in almost every aspect of our lives, from sports and business, through to dating.
We’re surrounded by millions of brands, all asking us to ‘share to win’, ‘like to enter’, or ‘fill out this form for a chance to win’. With so many different competition ideas out there, if you’re not using them we understand if you think you’re missing out. Because you’re probably right!
If you’re stalling, and aren’t sure if competitions are for you, here are a few pros and cons to give you the inside track!
Pro: Generate brand awareness and engage with new customers
One of the biggest and most obvious benefits of running a competition is that it can generate a ton of new leads. After all, you’re tapping into our natural impulse. Everyone loves free stuff! For many this outweighs the potential barrier to entry that comes with sharing personal data.
Con: Some leads may only be interested in the prize
The caveat to generating new leads with your competitions is they may only be interested in winning. In reality, these are the “freebie hunters”. The people who have no interest in your brand, or purchasing from you. But the silver lining is running a competition offers you a way to make the freebie hunters work for you, and by leveraging competition mechanics – such as “share for increased chances of winning” – you can generate bucket loads of awareness through their networks and connections.
Pro: Improve SEO
One lesser known benefit of running online competitions is the impact it can have on SEO.
As you may know, a major aspect of SEO ranking is the number of genuine links that point toward your website. Asking entrants to share the competition on social media is a great way to increase the number of inbound links to your website.
Con: Rules and regulations
This is one of the biggest hurdles in running a competition. If this is a road you haven’t been down before, it can be a long process, and it is a bit of a minefield.
Knowing what is allowed, what is frowned upon, what is a breach of relevant state or international regulations, and getting it done quickly can be a bit of a headache.
Don’t worry though, all of this scary stuff can be easily taken care of by us here at Peazie!
Pro: Nurture your existing leads
Perhaps counter-intuitively, one of our favourite benefits of competitions is less about new lead generation and more about nurturing and converting existing leads.
We all have that percentage of our audience who don’t like filling out a form, avoid signing up to a newsletter, or might not be too keen on a white-paper. They are the little nuisances of our funnel who lurk in the shadows and consume, but are rarely engaging and are rarely converting. Cheeky little buggers!!
Running a competition is a great way to nurture and encourage stalled leads into action by appealing to their hard-wired competitive nature.
So if you haven’t run a competition yet, get in touch with us at Peazie! On your marks, get set, GO!