Lynchburg Business Magazine: Growth Through Giveaways

It may seem counter-intuitive to increase your income by giving items away, but giveaways are an extremely effective form of relationship marketing. They produce a feeling of goodwill between you, your customers and even potential customers which has a direct correlation to how they perceive the brand.

People are way more likely to invest dollars and rave about a company that has previously given to them. However, there is a downside to this strategy. If not executed correctly, giveaways can manufacture a vapid social following or email list filled with people who never intended on purchasing from your business. You’ll see this occur frequently after trade shows and expos where vendors ask for a person’s name and email address in exchange for a chance to win a prize. But if you focus giveaways on your ideal customer, you can increase the conversion rate and benefit your company greatly.

Four local entrepreneurs have offered up their advice to help you reframe your thinking about growth through giveaways. Which approach will you take in 2019?