Today’s article is How Profitable Prizes Can Explode Your List And Help It Grow. We’ve got to think about why people sign up to begin with. They want more of your valuable content. They want to have it delivered straight to them. But what if they’re new and haven’t read your content quite yet? Let’s say you have something in common like a product. Like for instance, me and you would have the same interest of building our email list. So an eBook, software, audio series would be quite valuable if it would help you grow your list.
Contest with a great prize (the bait) is a great way to build the list.
What makes contest go viral though?
It’s the bait. It’s something the contestant can’t live without. And for their email they can receive that very thing they desire. Then once they’re in, they will fall in love with your content and personality. If you’re sending something worthwhile that is. How To Find CONTENT For You To Write About is an article I wrote just in case you’re stuck.
What bait can you offer that would make them just drool? Think about it as I tell you a story.
I was walking in the mall this past week. Just enjoying the day off with my beautiful wife. We were looking for something to eat when I see people surrounding this four wheeler. Some company was giving it away. The expression they showed as they were signing up for this ATV was amazing. And guess what was probably required to be part of this amazing sweepstakes. You guessed it, your email. Why in the world would they be giving out a fourwheeler?! That’s a lot of money. They know the power of email.
You’d be amazed. I’ve heard people getting over 100k emails from a $70 software as the bait. Sometimes you must pay upfront to get more later. So bait is what make contest go viral.
When a product is being given away it shows many things.
1. The demographics of those who are interested in your product
2. How high is the demand of your product
3. That your product is worth the email (which is worth a lot)
4. It shows what product you sell is the hottest
The benefits are endless for these companies with these contest, but the main ones are the reach, the email list, free advertisement of your product, shows a display of how much people desire your product, and the free research of who your audience is.
All this happens by setting out your product in your local mall, on a squeeze page, or even a simple blog post. It’s simple, but in order to do this right, you wouldn’t want to do it all the time. A successful giveaway takes research, press, time, and money.
Also, it must have a count down. It makes the emotions kick in and they actually submit their email. People love getting something for nothing.
What Product Should You Offer:
1. Your product or someone else’s product that is within your niche
2. A Product that is high in demand
3. A Popular product
4. A Product that isn’t expensive to make (I’ll explain why later)
5. You can offer free software, eBook, audio series, free promo to app, checklist, free service of some kind, free live coaching, access to a community that’s usually not free, and etc.
Your goal is to simply attract potential customers to you and put them within your list. That is the goal. The bait you fish with determines the fish you catch. You could have a pond full of fish, but if you don’t fish with bait they love, you’re not catching them. You’re not going home with any, and mama won’t be happy.
So if you think by putting together this eBook that took 30 minutes to make is going to have them flooding in… I’m afraid it’s not going to work.
You want to offer a product that people would pay for.
How to Make Money With Contest
Remember I mentioned you should offer a product that isn’t expensive (in point #4) to make? I’ll explain why you should do this, if possible. Well let’s say 1,000 sign up for this product (the bait). They had their reasons for signing up to begin with, right? So doesn’t that mean they could be potential customers?
If you were collecting these emails in a giveaway, you could possibly turn this situation into profit. You do this by offering the other 999 “losers” a way to win. They can win with 50% off that product they wanted. You do this through email. Tell them they have 7 days or even 3 days before the product goes full price again. Let them know it’s exclusive to them. Make them feel like a winner. See if someone doesn’t buy.
So when choosing that bait, do some research. It must solve a problem. I think a product launch and giveaway would make a great combination also. Let this giveaway be an opportunity to advertise your product. The page should clearly explain what the product does and how they can get all these benefits free by simply signing up for a chance to win. Get them hyped up about these new thing that you have to offer.
You can do this and then use that list as your source of traffic to your blog, by doing the above, ever so often. I don’t like pitching products too much on the list, you never want to be seen as money machine through your email list’s eyes.
So go do some studying on that prize (bait). If you already have a list, do some research. Ask your list what is some struggles they face. Conduct a survey and put together what their biggest problem is. Then go find the solution. Buy, create, or find that solution and offer it as bait. If you have to create it, good chance this could be your next product you sell in your business.
“It’s easier to mold a product around people than to mold people around a product.” – Luke Guy
Why? The desire is already there. No convincing them that they need it. Their pain says they need it and that they must have it.
Hope you enjoyed the post today. What else makes a great bait to use in a contest?