A buddy and I started a saas company that helps people build their email lists. We have giveaways, contests and content upgrades.
We launched a new product and have been struggling to understand if people like it or not as we have had a lot of mixed feedback (so I turn to you guys for honesty and clarity).
The contest has a huge amount of value but people are constantly brining up the issue of “the winner is too far ahead so I am not going to bother try and win”. This is bad for the product as those people have to like, share and refer to get more points.
My question to you is: Are giveaways or contests better in your opinion? Which would you use for your business and why?
Giveaway = random winner drawn
Contest = the top place wins the prize.
Look forward to your feedback and please be as brutally honest as possible.
Many ppl don’t bother with giveaways either (tho maybe not as many), simply because they don’t think they’re lucky. Maybe make it a contest to keep things more interesting.
We actually made a hybrid of a contest and giveaway. This means that a entrant can either compete for the top prize or fall back onto the random draw prize.
I like that. Seems better than “either or” eg.
Two chances to Win. Prizes will be awarded to the top best three and three picked at random
I have personally seen giveaways working better simply because people much rather like to take a chance and not put any effort rather than making a lot of effort to only lose as they know the competition is fierce. But then, it also depends on what your company is exactly doing and what exactly are they competing for.
Contests are a good option in creating viral content. It help in engaging potential customers, Try searching for the case study of AirAsia on marketing on Facebook to understand in a better way.
Yeah we just released a case study on a leaderboard contest and it did pretty well - https://vyper.io/blog/case-study-using-viral-leaderboard-contests/
7k B2B leads that has a 44% email open rate!
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