In this podcast episode from FI GROW Solutions, CEO Meredith Olmstead and Senior Vice President of Marketing Nida Ajaz discuss the comparative effectiveness of contests versus surveys for engaging clients. They share results from a recent test involving the same audience and prize but with different formats: a simple contest and a more detailed survey. The results highlight how surveys can significantly enhance engagement over contests by providing value through participants' opinions.
Key Takeaways:
- Effectiveness of Surveys Over Contests: Surveys tend to engage a larger number of participants compared to contests, even when both are offered to the same audience with the same rewards.
- Strategic Integration of Marketing Insights: The data collected from surveys can be strategically used for more than just engagement. It provides valuable insights into the customer base, which can aid in product development, targeted marketing, and overall improvement of services.
- Leveraging Small Incentives for Big Results: Even nominal prizes can significantly increase participation rates in surveys and contests. Highlighting these incentives effectively, such as in email subject lines, can attract more attention and participation, demonstrating that minor tweaks in marketing tactics can lead to substantially better outcomes.
