Contests and giveaways are promotion tactics through which retailers can both acquire new customers and engage with existing customers, all while building brand awareness and growing your business — when done successfully.
But the benefits of contests and giveaways extend beyond the buzz around the event itself. They’re great for capturing consumer data, such as email addresses and demographics information, and can serve as the groundwork for building relationships with your customer base.
Contests and giveaways are so appealing to retailers because of their flexibility. You can spend as much or as little as you want, both on the prize itself and your marketing efforts behind it. Results vary, but when done right, they reap serious rewards.
This case study about Jewel Scent shares how a candle, bead, and soap retailer hit a revenue goal of $2 million in Q1, largely thanks to their promotions efforts. And these retailers grew their email subscription list by tens of thousands and experienced growing conversion rates.