Austin, TX (PRWEB) May 09, 2013
These days, most business owners are constantly looking to grow their online presence. Social media/Google/email marketing are effective forms of online promotion, but they are tactics that are still somewhat limited in the sense that they typically only market to those already stored as friends/followers/email addresses. That creates a conundrum: How does one market to new users using the same tools? One answer could come in the form of a contest. A well-run contest uses promotional techniques to entice new users into participation, which is a crucial attribute in the development of a healthy consumer/producer online relationship.
The promotional strategy process generally breaks down into three stages: building a team, choosing a promotion (and the details that go with it), and developing newfound interest into revenue.
Building a Team—The Necessities:
Choosing a Promotion
Many factors go into choosing a solid, worthwhile promotion. Most contest strategists start by looking at their environmental forces (time of year, target user demographics, promotional niche market) and look to run a contest that will be broad enough to generate user input that might not have previously existed (without diminishing the company’s core values). Once one decides on the actual promotion, the next step is deciding how long to run it (a shorter time might be seen as more exclusive, but one would lose in the number of overall viewers), and what price discount/prize the company should use to entice users.
How to Monetize Contests
One of the main things business owners need to consider when looking to capitalize as much as possible on their contests is running them through as many forms of media as possible. As a business, one’s success lies in the growth of either a system database or potential users of a product/service. Contest-savvy businesses (if possible) should look to employ a third-party form of traditional media to grow their audience, and then push new users towards their various new-media platforms (smartphone/laptop/tablet). One should remember that all growth leads to more. A small advertising premium could be the investment needed to build one's promotion to a level of reach previously unmatched. If one doesn't have the means to acquire advertising services, the discount/prize offered must be heavily considered (as that remains the main driving point for participants).
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