The Secrets of Giveaways To Build Audiences

Giveaways are powerful audience builders, and the Marketing Experiments' "conversion formula" explains why:

C = 4m + 3v + 2(i-f) - 2a

(No need to solve this formula; it represents the factors influencing a conversion.)

What do the letters stand for?

C = Probability of conversion
m = Motivation of user
v = Clarity of the value proposition
i = Incentive to take action
f = Friction elements of process (long forms, UI and UX problems)
a = Anxiety about entering information (sensitive info, exposition)

The likelihood of conversion depends on the offer's fit with the user's motivation + the value proposition's clarity + (action incentives - friction) - anxiety. The numbers next to the characters indicate their importance.

Now let's apply this formula to one giveaway we're running right now:

• We're giving away an iPhone 13. People can join until tomorrow. (Btw, you can join it here: https://www.stackedmarketer.com/)

• Anyone who receives our newsletter can participate by referring a friend.

• To refer, you must grab your referral code from the newsletter and forward it to your friend. If he signs up, you win an entry.

• Each indicated sign-up increases your chances of winning the iPhone (10 nominations = 10 chances).

If we apply the conversion formula to it:

C = Probability of indication
m = Personal motivation to get an iPhone 13
v = Clarity on how to participate
i = Urgency (tomorrow is the deadline)
f = Grab referral code and forward to friends
a = Expose yourself to friends to be able to participate

With high motivation (thanks Apple), clear rules, a strong incentive, low friction, and low anxiety we have a high probability of people indicating others.

Change the giveaway rules and you're able to repeat the process in any social network, list, or base.

BUT! There is a very important but:

Any giveaway runs the risk of "dirtying" your audience; attracting people who are only interested in the prize and are not part of your target audience.

To avoid this - and here's the secret -, two points:

1st) Think about a prize that resonates with YOUR target audience. The less sense it makes to others, the better.

2nd) Ask people to indicate ONLY your target audience. While verifying if people followed this rule is difficult, it greatly improves the outcome.

And there you have a successful giveaway campaign.

Use ads as you wish to increase the campaign reachability.