One of the tried and trusted ways to promote a brand or drive engagement is a contest. From the chance to win prizes by collecting clues from cereal boxes to modern ones run on social media, the appeal of winning something by completing tasks has always been appealing. This is why contests should be leveraged for altcoin marketing at various levels.
At the same time, it is important to cover all your bases and properly plan any contests you want to run for your blockchain business to get the best results possible. Some of the things to keep in mind when running your altcoin marketing campaign are as follows:
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Proper Timing
Like everything else when it comes to altcoin marketing, timing is key. It is not enough to just run a contest; you have to make sure that it helps to achieve your marketing goals. This will require the contest to launch at the most beneficial time. Say your business is launching a new product or service, for example. The contest should be held either leading up to the launch or right after it happens.
This way, the engagement it generates will help to draw attention to it. A contest held too far before or after the launch will mean that people’s attention will not be on it and this is a waste of time and effort. With this in mind, make sure to plan your contest for a beneficial time and make it part of your wider promotional strategy. That way, it will launch alongside other promo efforts and help you reach your wider goals.
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Choose the Rules
After you’ve set a date for your contest, the next thing you’ll want to do is decide on the rules. These rules need to be structured in a way that will drive engagement from current customers while also bringing new ones in. For example, you can have your followers retweet, like, or otherwise engage with a post to get it more visibility, which benefits your business in the long run.
You should also consider having contestants engage with your new product or service to participate in the contest. Some examples include posting a review, sharing a photo, and so on. This puts them in the running for a prize but also means your business will be shown to more people, which can help to drive sales.
While you should chase engagement with your contest, you should also strike a balance in terms of what you require of participants. People are turned off from contests if the rules are too many or too complicated to follow. Make sure people can enter the contest in fewer than three steps, ideally completed on the same platform.
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Get More Than You Give
At the heart of every contest is the prize. This is what compels people to engage in the first place and can be the thing that makes or breaks the contest itself. To get the most benefit for your altcoin marketing, you need to strike a balance between a prize that benefits you and one that benefits contestants.
First, the prize needs to be something that people will really want to get their hands on, whether that’s free products, services, or even just fiat or cryptocurrency. It has to be valuable enough or easy enough to get that many people will want to fight to win. At the same time, it should be something that links back to your business. For example, you could give a 3-month free subscription to your business’ service as there is a chance that the winner will continue to patronize you after. If you are giving away money, it should be in the form of your native token. Even the process of winning the prize should generate more publicity for the business than the actual value of the prize itself. Either way, you need to make sure you and your contestants have something to gain.
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Communicate With Your Audience
Altcoin marketing, including through contests, will succeed if you consistently communicate with your audience and encourage them to engage. When you decide to launch the contest, make sure you announce it either shortly before or right as it begins to allow your contestants to prepare while also creating a sense of urgency around it. Make sure the rules of the contest are properly stated, including the platform it will take place on, the prize, how long the contest will last, and any relevant terms and conditions.
When a winner has been chosen, make sure you announce it promptly and show off whatever they won. The prize in question should be teased before, during, and after the contest so that people will be excited to participate in future contests.
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Keep Your Altcoin Marketing in Focus
At the end of the day, you are not running a contest for the sake of it. You’re doing so to push your altcoin marketing and this has to be kept in focus at every stage of the competition. Decide early on if you want to drive sales, publicity, generate goodwill, or all of the above. Make sure the rules, prizes, and overall setup of your contest are geared towards making sure your altcoin, product or service succeeds. This is key to making sure your altcoin marketing campaign is productive.
Once the contest is finished, review its performance and decide if it reached these goals or if changes will be made ahead of the next one.
Conclusion
A competition can be not just a way to connect with your audience but a way to supercharge your altcoin marketing strategy. If done well, a contest can see customers market your product or service to other people and indirectly support your ongoing campaigns.
But as we’ve pointed out in this article, you’ll need to make sure the contest is well-timed, the prize is one that benefits you as much as it does the winner, proper communication is prioritized, and your goals are always at the forefront of your activities. If you can do all of these, you can make the most of contests.
