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How can running competitions boost your business?

Infographic Influencing Consumers through Competitions TAMBA (2)

There are a number of ways businesses can attempt to engage with consumers and one that is becoming increasingly popular, particularly on social media platforms, is through competitions.

Marketing agency Tamba has conducted research in this area, which has led to the publication of a white paper and infographic on the subject, aiming to dispel a number of myths perpetuated regarding giveaways and provide some useful insights into how they can be of use for your company – particularly as 75 per cent of respondents said a competition has influenced their purchasing decisions.

One of the main accusations levelled at businesses is that the winners are bloggers specifically chosen beforehand because they will then promote the product or service. However, the infographic shows that just five per cent of those who enter competitions possess or contribute to a blog.

Another incorrect assertion is that the vast majority of entrants are stay-at-home mums, with many firms dismissing competitions because they are not looking to appeal to this demographic.

Yet the research discovered the ‘typical’ person who enters competitions is in their thirties, with a full-time job and will more than likely not have any children.

If you are planning to run competitions for your business, it is important to consider where you will do so.

Just over four out of five (81 per cent) participants prefer to get involved through social media, while 80 per cent are also willing to enter via a company website. It seems the internet is a key factor in in participation, with 70 per cent entering competitions appearing in online magazines or communities.

On the other hand, giveaways appearing in print form – either newspaper or magazine – and those that require entry via postcard or phone are much less popular, recording participation rates of 29 per cent, 21 per cent and 11 per cent respectively.

Indeed, running competitions on social media can be a good way to boost long-term engagement, with 84.5 per cent of those who enter continuing to share content from the company in question even after the promotion ends.

infographic-influencing-through-competitions