Giveaways are a great way for an organization, blogger, influencer, or company to gain followers, boost engagement, and increase brand awareness.
They are generally cheap, and easy to run if your social media platforms are big enough, plus they can help you feature a new product or service.
But, what are the pros and cons of hosting a giveaway? What good and bad things happen when you run one?
Here is a list of pros and cons of hosting a giveaway.
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- Grow your following: Hosting a giveaway is a good way to build your social media following on sites like Facebook, Twitter and Instagram
- Save money: Hosting a giveaway can be inexpensive and a cost-effective marketing channel strategy.
- Gain exposure: Launching a new product with a giveaway can help generate buzz around your product and your brand.
- Save time & headaches: Compared to a lot of other marketing strategies, hosting a giveaway isn’t overly difficult
- Excite your followers: Hosting a giveaway can be a good way to get your followers excited about a new product, and can get them chatting and generating more interest.
- Earn increased sales: Hosting a giveaway can help attract loyal customers who will potentially buy your product, or at the least, interact with your content.
- Get to know your customers: What better way to find out what your followers are interested in or want than hosting a giveaway? It gives you the chance to see what types of giveaways are participating in and what strategies work the best.
- Bank of goodwill: Many people will be upset that they didn’t win, but you can guarantee that the winners will be excited to hear about their prize and will say great things about you for some time.
- Drama, drama, drama: There is always the potential to receive backlash from contestants that don’t win the giveaway. Be prepared for some backlash and be sure to respond to them in a kind and respectful way.
- Time and money: Though giveaways aren’t large marketing campaigns, they will require some time and money to properly execute them. Be sure you are aware of the costs and the time that it will take to plan it all.
- Frustration: There’s nothing worse than a perfectly planned strategy that doesn’t get off the ground like you hoped. If that’s the case, make sure you learn about what went wrong and improve on it in the future.
- Long-term following: The followers you gain from hosting a giveaway might not lead to the long-term following that you hope. You will see a boost in numbers initially, but that number may dwindle slightly over time.
What are some pros and cons of giveaways that you have experienced in the past? Let’s talk about them in the comments.