As an entrepreneur, you know that there’s more to a business than just getting it started. Once you’ve gotten your business off the ground, you need to think about growth. Many of our Rainmaker families have had amazing success with scaling up their Amazon FBA businesses. When you’re crushing your sales goals and wanting to take that growth even further, it’s time to take your brand and expand it.
Fulfillment by Amazon is just the start— when you diversify your brand with social media and email marketing, you can grow to new heights. But how do you get your customers to follow you?
One way is through the viral giveaway sales strategy. Everybody loves giveaways! When you’re launching a product on Amazon or growing your brand, giveaways are a great way to get your audience excited about your brand.
How To Run A Giveaway
There are plenty of websites and internet tools out there to run giveaways. Two of the best and easiest to use are UpViral and Gleam. Using these tools makes it easier to run your giveaway— running giveaways “on platform” is a common mistake that people make. In fact, when you tell people to like, share, or take some other kind of action to enter your giveaway, you might actually be breaking the platform’s terms of service.
Instead, the smart way to run your giveaway is to run ads that lead to a landing page that uses a tool to collect email addresses and other information. You can set your giveaway up so that your audience can earn extra tickets by engaging with your sales page and marketing information.
Once they enter, keep them interested with emails until it’s time to draw the giveaway. Then, after the giveaway, run a flash sale for two or three days on your products. This is a way to engage those people who were maybe just interested in a freebie at first, and creates a great opportunity for potential conversions.
What Should You Give Away?
There is an element of strategy to choosing the prize for your giveaway. If you give away an item like an iPad or cash, you’ll get a lot of entries from all kinds of different sectors— not necessarily your target audience. But at the same time, it’s helpful to give away more than just your product. Instead, tuck your product into the giveaway, but branch out a bit.
For example, if you’re a supplement company and one of the supplements you make targets arthritis, you could put together an arthritis kit for your giveaway that includes several things that help with arthritis… including your company’s product. Overall, keep your giveaway in the realm of the product you want to sell so that the leads you generate will be useful and possibly turn into sales down the line.
Why Giveaways Are Better Than Ads
Giveaways are a great way to get qualified leads and to get people to sign up for your email list. They are a great way to build your email list, even if you’re starting from scratch. This is because people love the idea of winning something, and will opt in with their emails more readily than they will when they’re responding to an ad.
Amazon FBA sellers in particular need interest and product sales volume when a product is first launched to get that product ranked. Giveaways essentially let you stack the deck in your favor.
Another major advantage of running a viral giveaway is the type of referrals and additional leads you can generate without paying extra. When you let your audience earn extra entries by sharing with their friends, that viral element will bring in more entries— and that means more interest in your brand.
The Data Behind Giveaways
When your potential customers enter a giveaway, they’re giving you something, too: their consent and information for your email list. And this might just be the top reason that giveaways are so amazing for your business, because email is huge. Email will typically represent 20-50% of your overall revenue depending on the time of year. When you get towards the end of the year, 40-50% of your revenue will likely come from email if you’re doing it right.
And the size of that list is important. Many businesses see an average of $1-$4 in sales per entry on their mailing list, and so if you have a thousand people on that list, you can see anywhere from $1,000-$4,000 per month in sales from email alone. Giveaways are more cost-effective and more enticing than most ad campaigns; they’re often the perfect boost for your business.
If you’re interested in starting a business or if you have a business and want to take it to the next level, you’ll find tons of advice and a supportive community with our Rainmaker families! Join our Rainmaker family challenge to learn more about starting and scaling your business today.
