On this week’s episode of David versus David podcast, we talk about competitions and how you can use it to promote your business and gain customers. With David P’s lovely time at Tiffany’s New York, the duo talk about how to properly use a 10,000-dollar diamond ring as an example of a competition prize to GAIN more for your business. What kind of competition would you want? A lucky draw? An impressive facebook giveaway? What does your business need? Join us this week in tackling the do’s and don’ts of competition and how to use it to your advantage.
In this Episode
00:53 Greetings from the UK and Tasmania!
01:37 This week, let’s talk about competitions (with a giveaway nature)
02:00 Doing a competition is great, but why are you doing it?
02:11 A competition is not a stand-alone type of advertising
02:55 What else could you have done with your prize to bring sales to your business?
03:09 Usually, there is something else going on when running a competition
04:04 One person is going to be really happy for winning, while the rest are left slightly disappointed
04:15 For those that did not win, you can offer them an option to buy the prize that they wanted (your product) over time
05:03 What percentage of the competition participants can you convert into an actual sale?
05:24 The participants may also be interested in products related to your prize (if your prize is a diamond ring, maybe some are interested in other diamond jewelry)
06:22 Perhaps there are different entry points that you can work your way through for them to be involved in your business
06:36 David P’s story about his visit to a Tiffany store in New York City
07:00 Product displays are different for each floor, each targeting a different customer
08:04 What do we do with our participants’ database?
08:50 Sort out those customer groups
09:24 Who is genuinely the target customer in the participant’s life? Spouse? Parents?
09:35 The next step is not always the call to action
10:24 In emails, or even mail, the minimum times you need to ask someone, is three
11:04 What is the buying cycle of your customer likely to be?
11:35 Have a strategy
11:51 What is your method for communicating that’s most likely to convert off this competition?
12:53 What is your strategy to extract the most out of the publicity of donating your product as a prize for their competition?
13:00 What is your competition’s purpose? What are you hoping to get from it?
13:10 When you’ve got what you want from it, what are you going to do with it?
13:17 Also consider, what are you giving away?
13:33 Should you only give away one thing?
13:42 It’s better to give away a lot of things of lower value that add up to the same amount of one expensive prize
14:32 Someone who wins will become an advocate for your business
15:18 An example: lottery and the ten-dollar winners
16:27 More prizes means more people are going to participate because there is a higher chance of winning
17:27 Don’t start with, “let’s do a competition”, but with “why are we doing a competition”?
18:30 Where would you run a competition?
18:38 An example with a jeweler and a Facebook competition
19:52 It can be cheaper than tv or radio commercials that run over a certain period of time
20:50 Who am I trying to reach? What am I trying to do?
22:24 Using apps and plugins for building your database via Facebook page
23:47 Be mindful of the regulations of your platform regarding competitions
24:52 At some places, you need to secure permits before you hold a competition if the price is over a certain value
25:27 Essay-type Facebook competitions are for determining keywords. This limits the amount of people that will enter. It also gives you a particular category of people that would enter
27:46 Again, don’t start with the competition, start with the strategy
28:30 Visit Tiffany’s and Cartier wearing your worst clothes. People will leave you alone and you can freely look at everything. (tongue-in-cheek)
29:03 Visit us at our website, www.davidversusdavid.com
29:30 Or our facebook page, www.facebook.com/davidversusdavid
29:36 Leave us a glowing six start on iTunes (if that is even possible)
29:41 You can also visit our personal sites. David Counsell’s www.infernopromotions.com.au and David Pritchards’ www.d10solutions.com