Thinking of running a contest? Crunch the numbers first.
Before you dive
into launching a promotion or discount, take a moment to do some
number-crunching. It's not just about having a contest; it's about knowing what
you want to achieve.
Check out the
contests at your local hypermarket or convenience store. Often, the prizes are
so small that they don't motivate anyone to participate. The irony? The cost of
printing those contest entries might be more than what you spend on the prizes
themselves.
Here's a
checklist before running a contest:
- Objective: What do you hope to achieve? More
customers, brand awareness, or something else?
- Budget: How much can you realistically invest
in the contest?
- Participation Rate: What's your projected participation
rate? Are the prizes enough to draw interest?
When you're
investing time and resources into a contest, make sure it has some weight
behind it. A solid return rate, even if it's just 2%, means your contest has
done its job.
And remember,
the worth of the data collected should match the effort. No duplicates, no
pointless entries—just valuable insights you can use.
So next time,
before you roll out that contest, make sure your calculator's by your side.
Is your math elegant?
Let us help. Call us now at +60378901079 or visit us at roar-point.com
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