Giveaway Prizes vs. The Barrier to Entry

Giveaway Prizes vs. The Barrier to Entry

Giveaways are the perfect way to get your product into the hands of your consumers.  But sometimes, we as marketers tend to get a little too ambitious with our out-of-the-box amazing ideas.  Somehow, that crazy giveaway seems like a phenomenal idea at first. You know, the one that requires the consumer to go out and buy a hula-hoop, make a video of themselves doing the “craziest” tricks ever (like jumping through it while it’s on fire – backwards), post it on Facebook, and tag 400 people, all just to get a coupon for 10 cents off. And when our giveaway only resulted in two entries, we wonder why everyone didn’t enter because it was such a creative idea. Turns out that the simplest ideas are the best ones.

Whether a client’s goals are product awareness or trial stimulation, giveaways are a one of a kind way to get the word out about something. But if we’re going to ask the consumer to “jump through a hoop” (get it?), it better be well worth it.  Marketers have to look at two things – the barrier to entry (number of steps the consumer has to take to enter) and the value of the reward. The key to a successful giveaway is to create a balance between the two, but also keeping in mind that the consumer likes to feel that they are getting the better end of the deal. If you want consumers to put some time in, you better come strong with an AMAZING incentive. And these incentives don’t always have to be huge, they just have to be something of value to the consumer – a coupon, exclusive deal, or even providing a head start on getting the latest concert ticket.

Next time you are planning a giveaway, remember that the more you can make the value of the prize outweigh the barrier to entry, the more successful you are going to be. And the happier your consumers are that they’ve gotten something pretty sweet.

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