While anyone can run an online contest, not everyone’s
contest is successful. We’ve got the top seven tips for building a
better online contest at your credit union:
1. Make a Goal
In marketing, everything starts with a goal – and online
contests are no different. Why are you creating this contest and why do
you hope to achieve? Do you want to increase membership? Boost loan
volume? Whatever your goals are, make sure they’re specific and
measurable. Make sure you know what you’re measuring and what metrics
you’re using.
2. Budget Time
We realize your credit union’s marketing budget is only so
big, which makes it even more important to have a solid budget in place
before moving on to the next step. And be realistic when budgeting – you
know how expenses in any project tend to sneak up on you when you least
expect it!
3. Create a Stir
What’s the point of holding a contest if no one knows about
it or if they do – they don’t want to play. Get your most creative
credit union staff together to brainstorm, whether or not they’re
actually in your marketing department. You never know where the next
best idea is going to come from. Start by thinking big and then scaling
back to meet your budget.
User-generated content is usually the most affordable
kind of contest to run. Plus, they tend to get the best results and most
surprising input. Ask for videos, photos or essays that describe a
member experience. Have them design a new logo for your credit union or a
credit union event. The possibilities are literally endless.
Don’t forget the prize(s). What are your members going to
win if they play? While the solution should have been germinating since
you determined your budget, this is when you nail it all down.
4. Determine Proper Channels and Schedule
Once you have your budget and contest idea firmly in place,
it’s time to figure out the best way to execute it. Social media only?
Website, blog and Facebook? You may even want to create a microsite or
mobile app to support the contest. It’s up to you. Just refer back to
the goals you established at the beginning to make sure your credit
union is on the right track.
This is also the time to figure out the time. How long is
the contest going to run? When will the winner(s) be announced? When
will each contest action take place? Determine who is responsible for
each action as well.
Plus, don’t forget to establish a set of official rules,
including eligibility and any legal restrictions, for your contest and
have them listed online where participants can access them.
5. Go Live
This is the fun part. Everyone loves a good contest. And if
you’ve done your homework, yours will be a good contest. Follow your
schedule, keep your goals in mind and have fun with it!
Just make sure that everyone who needs to know about your
credit union’s contest actually knows about it. Send e-blasts, mention
it in your quarterly newsletter, tweet or post it often, have posters up
in your branches and make sure your staff is fully informed about it so
they can help spread the word.
If you’re running a user-generated content kind of
contest, have your entries up on your website for people to view – or
even vote on. And depending on what kind of contest you’re running, you
may want to offer online support via blog posts or FAQs on your site.
6. Happy Endings
Time’s up, contest is over. Now what? Figure out who won and
let everyone know, of course! Send out a press release to let the local
media know who the winner is. You could even do a presentation ceremony
at your credit union if the prize is a good one and invite the media to
attend. And use your social media and online channels to announce your
winner(s) as well. For those not lucky enough to win, email them a
conciliatory email thanking them for playing.
7. Measure Up
Just because the contest is over, it doesn’t mean the work
stops there. You need to see if it was all worth it. Is the ROI where
you want it to be? Did you get the number of participants you had hoped
for? Did you get the media coverage you planned?
If it was a success, you may want to fully review your
results, tweak what needs tweaking and have it become an annual contest
that your membership can look forward to. And who knows – after doing
this a couple of times you might be telling someone else the top tips
for running their own contest!
Does this all sound like too much to deal with, but you’d
still love to get a contest going for your credit union? CUSG has
experience running contests, both online and in-branch, and would love
to help –
just contact us to get started.
