This article will help you understand the basics of running a sweepstakes and will help you decide on the type of sweepstakes promotion that is right for you.
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What should be in your budget to run a sweepstakes?
Run a sweepstakes or contest requires proper planning. Sweepstakes and contests come with a lot of rules:
Do you need to register or bond your promotion? Just how many days can you afford to run your sweepstakes or contest for?
Many brands, especially consumer brands, are running sweepstakes regularly due to the fact that sweepstakes companies and other sweepstakes marketing tools are now readily available.
Running a sweepstakes or contest can generate viral traffic to your brand and deliver an increase in sales as a result.
Sweepstakes and contests deliver traffic.
Thus, the higher your budget, the more participants your sweepstakes or contest can have, and the more likely you are to attract paying customers.
What should be in your budget to run a sweepstakes or contest?
Did you know that sweepstakes and contests are becoming more cost-effective than ever?
Of of the main problems of ensuring that you can run a successful sweepstakes or contests the lack of in-house resources.
Most brands outsource sweepstakes administration to a sweepstakes company allowing them to free up in-house marketing resources and ensure that the promotion is being professionally managed.
Get a free sweepstakes quote now
Run a Sweepstakes Questions
IN THIS ARTICLE:
- What do you need to run a sweepstakes?
- What type of sweepstakes or contest is right for my brand?
- Sweepstakes Budget: Do I Need a Lot of Cash?
Types of sweepstakes and contests
There are many promotion options available for creating sweepstakes and contests, including full customization of your promotion.
Also Read: Running a CPG Brand Sweepstakes or Contest? Tips to Help You Get Started
When searching for a sweepstakes company to hire, keep in mind that some firms are designed to provide full-service sweepstakes manage, while other companies are designed for specific parts of a sweepstakes promotion, such as creating entry pages.
Sweepstakes and contests can be run annual, monthly or on a weekly basis.
Each type of sweepstakes or contest has it’s own benefits and drawbacks.
You can compare the types of sweepstakes and contests by reviewing promotions that have been previously run by the competitors of your industry.
While some brands may find that a sweepstakes budget is sufficient other brands may prefer to expand the reach of their promotions based on the initial rules.
A monthly sweepstakes is the best way to ensure that you get regular traffic and sales because customers will come to expect it.
Running a monthly sweepstakes is the most popular option for brands looking to give away small sweepstakes prizes on a regular basis.
Also Read: Sweepstakes Management 101: What You Should Know About Sweepstakes Planning
For brands, monthly sweepstakes guarantees that the costs of running a sweepstakes will require a consistent budget that brands can plan for.
One of the unique benefits of a monthly sweepstakes are that you won’t have to worry about figuring out how to comply with sweepstakes laws unless something changes.
Every time your promotion will be virtually the same except for your sweepstakes advertising and sweepstakes prizes.
A sweepstakes or contest that is run as a one-time promotion typically involves a large sweepstakes prize that is out of the ordinary for a brand.
This type of sweepstakes requires a larger budget than monthly sweepstakes with small prizes because of the extra costs and risks involved in prize fulfillment that may demand you to purchase prize indemnity insurance.
Budget to run a sweepstakes
Do you want to know everything that you need to consider in your budget to run a sweepstakes?
Then take these actions:
Plan your sweepstakes or contest, check out your options, shop around, and hire a professional sweepstakes company.
If you want to maximize your sweepstakes budget, it’s best to use a sweepstakes company that will walk you through all of the important steps.
Also Read: Legal Documents You Need to Run a Sweepstakes
They will help with drafting official rules, designing your promotion, and making sure your sweepstakes is registered and bonded where applicable.
A sweepstakes company will review your promotion, and the budget that you’ve determined, in order to see if it’s possible.
It can only help your chances if you start planning to run your sweepstakes as far in advance as possible.
Do you need to know what to consider in your budget to run a sweepstakes? Then take these actions: Plan your sweepstakes or contest, check out your options, shop around, and hire a professional sweepstakes company.