Co-Sponsor Contests

Co-sponsoring a contest is an idea every business can use, regardless of the industry, and yes, some affiliations may seem far more obvious than others, but all it takes is a little brain-storming with your team, and you'll create a long list of complementary businesses you should connect with and create co-sponsored contests.  

For example, a podiatry business can co-sponsor a contest with a local sports store, shoe retailer, or another health professional. A Lawyer can co-sponsor a contest with an accounting business, financial planner and mortgage broker, but if you think outside the box, they can both connect with the local hairdresser, health food shop, and coffee shop. 

The Prize

A podiatrist and a lawyer could also co-sponsor a contest. The prize doesn't have to be a service you provide; it could be something unrelated to either of your businesses. A weekend away, a gift basket, or maybe pampering at a local spa. 

By doing this, you can also bring a third-party business into your co-sponsored contest. Will the hotel or motel give you the accommodation for free, or at a significantly reduced price, because you're giving their business exposure? I think most third-party business would, all you need to do is ask and show them the potential exposure their business will get. 

Must Have An Active Database

The key to co-sponsoring contests is the other business must have an active database, and they need to have a way of communicating with them. It could be a weekly or monthly newsletter or an email marketing strategy. If they have no database, you're wasting your time, and you should look for another business. 

It's important to remember the other business is not giving you access to their database details, they are merely exposing your business as a co-sponsor of the contest and in return, their audience may decide to do business with you at some stage in the future. 

Must Be Worthwhile

If you're going to go to all the effort of putting together a co-sponsored contest, make sure the prize or giveaway is worthwhile; otherwise, it will reflect poorly on both businesses. You've got to follow the same rules as you would with any newsletters or mass email, the content must be worthwhile; otherwise, you're wasting everyone's time. 

The best thing about this marketing strategy is it costs you almost nothing to implement, yet your returns can be massive, and when you compare this marketing strategy to what it costs you to market in other places, I think you'll see the benefits. 

If you have any questions, please email me at email/tf)(tysonfranklin.com and if you want weekly inspiration and business education, please check out my podcast, It's No Secret with Dr T. 

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