Prize Promotions You Can Run as a Business

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If you run a business then you need to make sure that you are always marketing your company. One of the best ways for you to do this would be for you to run a prize promotion. This can be either in the form of a prize pool, or a competition. Either way, strategies like this are often the best way for you to gain the edge on social media, while pushing your lead generation campaign forward.

Prize Draws and Raffles

Numerous businesses have hosted prize draws and raffles in the past, and it’s very easy for you to take advantage of them. Halifax is a great example. If you have a mortgage with them, you can give your consent to be entered into a draw, with a lucky winner having their mortgage paid in full. You can also utilize prize pools, similar to those commonly found in entertainment such as the Age of the Gods casino game. In this game, there’s a Mystery Jackpot that accumulates player bets, amongst all casinos that offer the game online. As players contribute to the prize, this strategy can provide you with a unique opportunity when building buzz for your brand.

Another example of a prize pool would be Omaze. You pay to enter a raffle, with the winner being given the keys to a luxurious property. The money contributed by the people playing helps to pay for the prize.

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Of course, there are simpler ways to adopt a prize promotion. Take Nandos for example. The Peri-Perks mobile application can be used to earn bonus points, so you can win free Nando’s for a year. Promotions like this have helped Nandos become so popular in the UK in particular, solidifying their presence in a crowded market. The scope of possibility is endless here, but it does go to show how you can change your offering to coincide with your business model.

A World of Opportunity for Businesses

When you take into account how popular prize draws and prize pools are with customers, and you look at the leads they can generate, it’s not hard to see how your business can benefit. The buzz you gain from advertising your prize on social media can lead to genuine sales for your business. You also have the emails and names of your customers that you’ll gather during the sign-up process. With consent, you can then use this to market to them later down the line, as direct leads who have an existing interest in your offerings. Lastly, you have the repeat value. If someone enters a competition once, they’ll likely enter it again, tagging friends and family or even spreading the news about their win to work colleagues.

Again, depending on your business, this can open you up to organic leads that self-generate, which more than covers the initial cost of your prize. Before implementing any kind of prize pool, it's wise for you to try to adopt some kind of data collection platform. This will tell you what results you’re getting from the prize promotion, such as indirect leads or mentions, as well as help you to know which platforms are helping to generate the most buzz for your upcoming promotion. Things like this are integral to the success of your prize pool.