The Effective Psychology behind Competitions & Deals

Everyone loves a good competition, especially when it is worth their while to enter and it requires little to no effort.

Implementing them as part of your marketing strategy can work wonders for business because of a number of reasons.

The publicity alone can be enough to create enough of a buzz to boost awareness of your company name by association, especially if the competition that you are running is unique enough. This is particularly great for startup companies who need to grow quickly.

Positive outcomes of competitions on businesses

There are a number of positive outcomes from engaging in competitions for businesses, especially if there is a call to action that they are prompted with. Typically, social media is a favourite place for companies to broadcast news about any competitions or deals that they run and there are several benefits:

Online engagement boost

With this being an era where consumers crave for deeper associations with brands that they love, competitions can hep to inspire your audience to take the first interaction to reach out and engage with your business.

Growth of your Email list

By using a competition as a hook to gather contact details, this is a very valuable way of building your email marketing list, though, having terms and conditions attached as well as an ‘opt out of marketing’ tick box will help to cover you against GDPR stipulations.

Motivate Virality

A competition with a strong attraction can help to increase likes, shares and positive comments among your target audience. With the popular culture age, everyone wants to be first to share something exciting, funny or cool among the friendship group, so ensuring your competition is any of those things will increase your chances of it going viral on social media.

How well do you know your target audience?

If you have done some research, you will know what your potential customers will appreciate from a competition.

Generally big ticket prizes usually get the most interest, though even better, if you can find a tie in between your product/service/business/philosophies and something that is happening in the news or is relevant, you may find the perfect prize that your entrants will relate with.

Understanding what certain demographics are interested in will also massively influence the number of entries as well.

Millennials for example, tend to be drawn towards music festivals and holidays (experiences) over physical possessions, according to Forbes.

Competition partnerships for brand growth

If possible, in order to attract more publicity for your competition, seek out partnerships with other companies (in different sectors). You may find that both your products and services are perfectly aligned and together could come up with the perfect prize.

In the past this tactic has worked powerfully for some big businesses, including the time when GoPro partnered with Red Bull and gained considerable publicity.

While this strategy is something that is yet to be executed as a giveaway or competition, it has huge potential to be successful, particularly if there is cohesion between two specific businesses.

Get the most out of your competitions

Ensuring your competitions are implemented correctly and have the best possible chance of succeeding is vital.

Having the right platform that is easy to navigate is just as important. That is why here at Snizl when our partners create a competition, they know they are going to get results. If that wasn’t enough, we are offering a month’s non-obligation free trial to get you started!

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