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.