The business world functions through value exchange. A simple example of this would be the transaction of money for goods and services. An advanced example of this would be the implementation of a loyalty program to incentivize re-engagement.
The premier example of value exchange, however, would be the marketing strategy that is a sweepstakes promotion: a back-and-forth, give-and-take relationship between customer and company where both benefit. In fact, ⅓ of contest entrants sign up to receive email updates from the brands they engage with.
An enter-to-win event is fundamentally beneficial to all parties involved. The customer participates in pursuit of a potential prize, and the company holding the sweepstakes can ultimately increase revenue and retention. Through strategic engagement, a conversation begins; from that conversation, a dialogue forms; and through that dialogue, customers develop a relationship with the brand. It’s cause and effect. Cause: sweepstakes promotion. Effect: short- and long-term profit.
To predict a rational concern: Why should I invest in an untraditional advertising strategy? What can I earn through a sweepstakes promotion that I can’t through the tried-and-true channels? While sweepstakes promotions do not explicitly sell a product, it sells an experience. Customers buy into the experience through their interaction and become involved. That involvement has a palpable payoff, with new campaigns seeing a 34% increase in audience acquisition.
The value exchange, at its core, is about people. And people, at their core, are social. Offer them an experience to talk about and share, and your strategy will pay dividends. Though it’s your customer’s prize, the real reward is the returns you’ll see. Trust a sweepstakes promotion to be your next winning campaign.
To start work on that campaign, get in touch with Realtime Media today. Our services include a turn-key, quick-to-market solution that’s live and ready to launch in as few as 5 days. PromoPick allows you to select from 7 creative layouts with all of the features of a full-fledged campaign — a cost-effective alternative that’s equally attractive, but twice as fast.
Our team of sweepstakes marketing promotion experts is here to meet your needs. Realtime Media is more than a source of information. We’re your partner in promotions.