How do I maximize ROI when running an online sweepstakes?
To answer this question, I am going to first ask you to image that you have agreed to volunteer to bake a cake for your child’s school bake sale to raise money for their upcoming class trip. Your goal with this task is to make the most appealing product that will fetch the most money possible, doing so all within a set budget for purchasing your ingredients. Why this exercise, you may ask? Because this scenario is very similar to the process of trying to maximize ROI when running an online sweepstakes. Below is the “recipe” for a successful sweepstakes campaign:
Identify your goals: The goal of the bake sale is to raise as much money with as little financial investment as possible. It’s a challenge because you don’t want to invest too much money towards creating the cake, but the product must still be appealing to fetch a decent price. Does that sound familiar? You want to run an online sweepstakes to reward your consumers and get your name out to the masses, but you have a limited budget. If money is an issue, you may want to consider running a simple social media initiative on Instagram or Twitter for example. These types of promotions are a cost-effective way to engage your consumers all while promoting your company and/or product. Here is an article on the benefits of running an Instagram sweepstakes: http://www.syncmarketing.net/benefits-runnings-instagram-promotion/#.VoR5y_9Iios
Know your Audience: It’s a bake sale that will be attended by other parents at the school who will be most likely be buying the cake to serve to their family that evening. A rum raisin cake might be your baking specialty, but based on the audience, it most likely will be passed up. The same goes for your online sweepstakes. If your core consumers are not on social media, it would make much more sense to host the sweepstakes on an iFrame on your website, or on a dedicated sweepstakes microsite. It may cost a bit more money, but the investment will pay off when you receive entries and email opt-ins. Identifying your audience and their habits is very important to maximizing your investment.
Quality of the Product: So you signed up to participate in the bake sale knowing that baking is not your forte and now you are nervous. Since you are not one to shirk responsibility, you whip up your best attempt at a chocolate cake, but it looks more like a hockey puck with frosting. You certainly get an “A” for effort, but unfortunately, no one is buying your cake. The same goes for a sweepstakes. The overall quality of a sweepstakes consists of many ingredients, so to speak. The design, value of the prizing, and overall user experience are very important to its success. The icing on the cake is having clearly outlined official rules. This is something a consumer really values because it’s the basic recipe to the promotion; it outlines the entry period, eligibility requirements, prize description and how they will be contacted if they win to, name a few. It also allows you to rest assured that you are running a legally compliant promotion. Here is an article outlining the benefits of hiring an agency like Sync to handle your legal needs for running a sweepstake or contest: http://www.syncmarketing.net/2014/07/#.VoVbSP9Iios
Product Display: You made the most perfectly delicious cake and you are so excited to bring it to the bake sale to hopefully fetch a handsome price. The problem is, you wrapped it in cellophane and it’s sitting on the back end of the table in the cold auditorium and it’s completely passed up. Don’t make the mistake of letting your perfectly constructed sweepstakes go unnoticed by hiding it in the clutter of the online world. Even with a small budget, you can promote your sweepstakes or contest on social media channels, by writing a blog post, or by calling it out on your website’s home page. You should also consider sending emails to your current subscribers. The more traffic, the more entries and the higher return on your investment.
For more information on building the perfect sweepstakes check out this article: http://www.syncmarketing.net/steps-take-run-successful-sweepstakes-contest/#.VoVhF_9Iios