January 16, 2015 Michael Bickerton
Contest marketing helps brands in a variety of ways, there are FIVE great benefits in addition to building brand awareness and favourable impression. Keep your eye on the prize!
Contest Marketing is a tool to increase your Social Currency (explained as your social reputation). Sharing useful information, finding a special deal, or assisting someone with any kind of information increases your points, builds equity and can put you in someone’s favor. Sharing, therefore, acts as a form of currency.
It’s critical to remember that 83% trust the referral of a friend, while only 13% trust advertising. As such, social sharing is the perfect referral vehicle for marketers. Determining those that influence your product and brand is critical to your future success. Contest marketing is “word of mouth advertising” and builds your social reputation.
Social sharing is the broadcasting of our thoughts and activities. It’s a sociological phenomenon and it’s continuing to develop. Knowing what people are doing, where they are shopping, with whom they are interacting with, and knowing how much they are willing to spend are all great marketing opportunities. Marketers need to be aware of fans but more importantly influencers.
As a marketer, your social media presence should be established and if it’s not, you’re behind in the communications race. Get up to speed, Keep your eye on the prize!
Michael Bickerton, Raven5 Ltd. January 2015