If you're looking for ways to build your business, then holding a competition or a prize draw can be an effective marketing tool. It gets your company's message out to the public and usually offers a really good rate of return on investment. Competitions are a unique opportunity to stand out from the crowd and attract new clients without blowing your marketing budget.
There are a number of reasons to hold a competition. You might have a new product to launch, so having a giveaway of samples of promotional products as prizes can be an effective way of creating a buzz. Maybe you are striving to increase your customer base, so are looking for ways to attract new clients. Offering giveaways to existing customers will make them feel rewarded and valued for using your goods and services, ensuring they remain loyal to your brand. Alternatively, you might just want to show off your company's generosity – which will in turn hopefully raise your brand's image.
The most effective competitions will tie in with your company's image and products. For example, if you make kitchenware, a competition for the best biscuit recipe will be appealing to the type of people who are most likely to use your products. When advertising your competition, choose promotional channels that are relevant to the result you hope to achieve. For example, a contest advertised on a social networking site may not be very effective in boosting your number of clients in the 65+ age group.
There are several guidelines you must adhere to guarantee your competition is run fairly and doesn't fall foul of the CAP code enforced by the Advertising Standards Agency. Make sure you have clearly set out the terms and conditions of your competition and ensure that all entrants have confirmed that they have read them. There must be an advertised date after which no entries can be accepted. Remember that if you are picking winners randomly from a pool of entrants, this is a game of chance and so should be referred to as a draw or giveaway. If there is an element of skill, such as answering a question or submitting a picture to be judged, then this would be a competition.
Giving away promotional products that advertise your company is a great way to win new business by creating excitement about your brand and attracting more clients.