Contests and Giveaways Can Increase Online and Offline Customer Traffic
Contests and giveaways are tools you can use to increase online and offline traffic. On the other hand, by giving away prize money and free gifts you may also attract an audience of consumers who’d rather stand in line for long hours to get a free gadget than plop down $10 or less for your latest product.
To attract visitors to your website or brick and mortar business who are genuinely interested in your products and services consider including contest instructions inside product wrappings. If you choose this route, also make it possible for people to participate in the contests if they don’t purchase your products to remain compliant with Federal Trade Commission (FTC) regulations.
Create Annual Essay Contests and Giveaway Prizes
You can also create annual essay contests and giveaway prizes to winners. Focus the essay topics on issues that pertain to the industry your creative business operates in. For example, if you operate an arts supply store, you could ask contests entrants to write essays about the benefits of drawing.
Consider posting winning entries in a prime location at your business to encourage increased participation in upcoming contests and giveaways. Also send press releases to the media to gain more exposure for your contests and giveaways.
Announce Contests and Giveaways on Local Radio Stations
By announcing upcoming contests or giveaways on your local radio station and in local newspapers you can increase interest in the winnings. Rather than giving away money, consider giving away a select few number of your latest or most popular products. For example, if you’re a book writer, you could give away the three copies of your latest mystery novel. If the value of your prizes reaches $600, use 1099-MISC form to report the prize giveaway to the Internal Revenue Service (IRS). Winners of prizes of $600 or greater are also required to report their winnings to the IRS.
As with other business initiatives, measure the results of your contests and giveaways. Also consider distributing press releases to the media, alerting them about the launch of your new contest or giveaway. You can gain additional media traction if you send press releases that announce winners in your contests and giveaways. Include your company name, website URL and social media network accounts like Twitter, Facebook and LinkedIn in the press release.
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Sources:
http://www.ftc.gov/bcp/edu/pubs/consumer/telemarketing/tel17.shtm (Federal Trade Commission: Prize Offers: You Don’t Have to Pay to Play)
