As you know the greatest way to build any business is through the email list. With the highest conversion, and highest ROI, collecting emails is one of the most amazing ways to grow your business/brand. One of the quickest ways to do this is through giveaways with prizes that doesn’t necessarily have to hurt your wallet.
The open rates are higher among list which were initially started with contest also. I know mine did. I’ll explain what I mean. Let’s take a look at my email reports below. All the “X” marks show which list had a prize offered to that list initially. From there I just send them the regular emails (in which they agreed)
So by doing a contest and using that new list as part of the email campaign, those open rates will usually be higher. My click rate is usually a 20% among the list also, which I thank my giveaways for too. So contest are definitely a plus. You just need to make sure that one thing has been set in place with strategy: The Amazing Prize.
How to Pick Your Prize That Converts
There are so many prizes you can pick without killing the budget. I’ve heard of people buying 10 years’ worth of Lead Pages, or a years’ worth of Aweber. These are great, but not everyone can afford to do this. I mean 10 years’ worth of Lead Pages is a minimum of $3,000. Which may not fit into your budget right now, and no, more isn’t always better.
So how do you go about picking the perfect prize that fits into budget? It all begins with your audience that you have or want to have. Like for instance, let’s say your audience is a majority of gamers. You could buy the newest Xbox 360 game for $60 and give that away. By knowing your audience, you can pitch the perfect prize. I’ll give you a list of prize ideas based on category:
- Marketers/Entrepreneurs: Seth Godin’s Books ($60 for 4 books)
- Bloggers: The Perfect Theme ($50-$100)
- Cooks: A Cookbook (Newest Of Course)
- Bloggers: 1,000 photo stock images ($37 via inkydeals)
- Musicians: 10 free lessons via Google Hangouts (from you personally)
- Dieters: 100 recipes of Gluten Free Foods (Popular Of Course)
Whatever you’re giving away, make sure it’s a good one. You want to give something away that you know your audience is craving. You want something that doesn’t require shipping if possible. With so many digital products on high demand, I don’t see the point. It may be more beneficial in your case, but the main thing is to keep cost low. You could even get your prize free, I’ll explain later or read about my latest giveaway I did here.
How to Know if Prize is on High Demand
There are many ways to know if your product is on demand, but let’s break it down into that list I know you guys love. Here are ways to finding how demanding a prize is:
- High Twitter Following
- Listen to what your audience is talking about
- Look at the blog shares of the product’s blog
- The amount of years in business
- You hear about it podcast by famous bloggers
- It’s something you’ve always wanted
You want to make sure that all these apply to the next prize you offer. I will say that LeadPages was one of those products for my industry/niche. I heard it on podcast, the Twitter following was around 3,000 (great for a product page), the product was a needed one, and according to SimilarWeb, the traffic was amazing. See below:
So that’s why some people choose to go that route. I have not gone that route myself yet, because the prize hasn’t justified the price to me of $3,000. I’m sure it would do well, but I’d rather give something away that can guarantee me high ROI. I’d rather give away smaller products like new eBooks by a famous writer, or software that’s not quite as expensive without the monthly expense (such as Leadpages).
Just make sure you’ve done your research, because if that prize isn’t high in demand, you’re going to have to beg people to join. Which is a lot of work.
How to Get Prize Free
Not easy as it sounds, but I have found ways to get that prize free. Once you buy our plugin, you can find a product you’d more likely to get free. Like the newest eBook (by famous author) who’s wanting promotion, or an amazing software whose looking for exposure etc. People like this can afford to give away their product, because traffic is priceless. If you can offer good exposure, they might just go ahead and help you. If you have written for big bloggers this really helps also. Offer them some amazing benefits. Benefits Like:
- Exposure from your blog
- Exposure from your list
- Exposure from your podcast
- Exposure from guest post
- Exposure from the contest itself
Think about it. The product cost zero dollars to distribute and you’re doing the heavy work of promoting, guest posting, networking etc. It’s an even trade really. Like new books by famous writers, these guys are dying to get that thing out there, because they know the first 24 hours is crucial for the success of that book. So they’re pretty desperate. How to turn this into strategy:
- Make a list of 20 famous blogger that fit in your niche
- Examine their blogs
- Follow them on social media
- Favorite, and Retweet their stuff
- Listen for any product coming out
- Email them about offering that product in your contest
- See if you get any takes
- Rinse & Repeat until you get the results you want.
Final Note About Your Prize
Most important about your prize is that you want something that is related to your niche. When those people have join, you want them to know you are adding them to your email list. After the dust is settled with the contest, what makes them stay for the upcoming emails? It will be your relevant content that will actually help them down the road.
Like back to the gamer idea, if you’re a gamer and love keeping up with the latest game news, why wouldn’t you want to be updated via email about something you love? I sure would. This only happens by offering something that is related to something is passionate between you and the contestants. If you miss the mark, you will receive a lot of “unsubscribes” and possibly be shut down by Mailchimp or Aweber. Not a good day when that happens.