Secure contests sponsors with either exclusive or multiple-sponsor contracts
A successful contest generates revenue, drives traffic and builds your email database. Today we we are going to discuss how you can secure sponsors to generate revenue for your contests. I’ve broken down the top items that your advertisers are looking for and how you can successfully market your contest to them.
But you’re probably asking yourself, “How much can I charge for a contest in my market?” I get this question all the time. Before asking advertisers to sponsor your contest, know what advertising methods work best in your market and know what promotional items you are going to offer. That will help determine the value of your contest and how much you can charge for it. In the past, I’ve seen a 100K circulation paper make $100,000 with a 21-week football contest, a 63 DMA TV station make $40,000 with a 4-week basketball contest and a 7K circulation paper make $10,000 with a six-week cutest kids contest. What did they all have in common? Integrated campaigns!
Here are some popular sponsorship options you can offer for your advertisers.
- Exclusive Sponsor. Targeting an exclusive sponsor is ideal if the advertiser wants to be the center of the contest or if they can afford the exclusivity. Markets large and small can sell exclusive sponsorships. Facebook sweepstakes, season-long sports contests and contests targeted to niche audiences like tattoo, weather and hunting/fishing all work for exclusive sponsors. The key to exclusive sponsorships is offering a package that allows your advertiser to shine.
- Category Exclusive Sponsors. Another approach to make the offer appealing to your advertisers is to have category exclusive sponsorship, where you only have one sponsor in each category. This is a great approach for kids, pet, Mother’s and Father’s day contests. For example, if you were running a cutest pet contest, a category exclusive sponsorship would have only one groomer, one breeder, and one veterinarian.
- Multiple Sponsors. Targeting multiple sponsors allows you to build relationships with several advertisers. This approach works in markets both small and large. Targeting multiple advertisers, which allows businesses that can’t afford to sponsor the entire contest to participate can result in driving a large amount of revenue for your media property.
Once you determine how many sponsors you will secure for your contest, you need to have a detailed promotional package for them. Advertisers like having options, so be sure to offer different sponsorship tiers they can choose. Remember, you have the potential to sell more than an online banner ad on your contest. Consider having sponsors advertise in contest promotional emails, on air spots, prints ads, rich media and ROS online ads. Plus, add contests to the Facebook Pages of your media company and your advertiser with a like-gate to increase your Facebook presence. Your advertisers will want to know exactly what promotional assets they are getting for sponsoring your contest, plus it helps to determine the value of the advertising package.
Other tips to keep in mind:
- Ask your sponsor(s) what they are trying to accomplish and cater your promotional offerings to meet their goals. Do they want foot traffic? Offer to include an in-store coupon if they purchase an e-blast.
- Advertisers are willing to spend money to reach their target audience. Develop contests that speak to that audience.
- Every contest might not be a great fit for every advertiser, but the right contest can help them reach the exact audience they are trying to reach.
- Be sure to include offerings across multiple platforms: social media, on-air, website, email and print.
- Remember to target your sponsors according to the theme of your contest. For example, if you are running a “Cutest Kids Competition,” secure a children’s clothing shop, toy store or a family-friendly restaurant.