TommyCarey
Level X3
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When you want to boost your branding and also your traffic, there are few better ways than holding a ridiculous tournament to get noticed online. You can offer many rewards such as money, trips, or something more insane like a sports car. No matter what you offer though, you'll need to be strategic when running a contest like this, because you want to be as targeted as possible and actually bring in people that would be interested in your products or services.
A lot of companies go with affiliate marketing competitions, which will boost their own sales and then give the winners some extra commissions, but that only interests your current affiliates or people who know what they're doing online. Instead, run something that brings in your customers that might be interested in what you're giving away and make the competition fair enough so anyone can win.
Insane contests go viral pretty quickly
The best thing about running an insane contest is that you will likely see it go viral within a few days. TheHoth did a Tattoo contest where they rewarded someone with cash for whoever got the best tattoo, and it went viral almost instantly. I think there were around 50 submissions, all from people who got TheHoth logo tattooed on their bodies, and their branding, as well as traffic, was boosted indefinitely 
Make it easily accessible for everyone
Like I mentioned above, if you're running an affiliate marketing content, you'll only interest people who know a lot about affiliate marketing. Sure, you'll see a spike in sales, but you'll cut out the majority of people who could be pushing your business towards success.
Instead, run a contest that allows everyone to join in and have a fair chance of winning. I can't really tell you what type of contest to run, because that really depends on your niche, so you need to think outside of the box a bit on this one
You don't need a minimum amount of participants
Some people like to set their contests up so there must be a minimum of 100 or even 1,000 participants for the maximum prizes to be awarded. I'm here to tell you that if you do this, you won't get the same exposure, and your marketing skills need some work lol.
Instead, eliminate the minimum participant's requirement and you won't have a bunch of false accounts registering, which just inflates your own ego. Run some marketing campaigns and show the rewards to whoever wins, and that should be enough to create some buzz around your contest to bring in a massive amount of participants
Give away a relevant prize to acquire the right people
If you run a car dealership, give away a car, or at the very least give away some free oil changes lol. If you run an SEO company, give away a free year of SEO or consulting, you'd be amazed at how many people will come to participate.
The contest is up to you, but you need to make the prize relevant to what you actually do, or you could just give away a lot of money and see the same attention
In conclusion
Insane contests tend to get a lot of viewers, but fewer participants, so make sure your rewards are enough to entice everyone to sign up and try to win. If you can get just 20% of your participants to actually fight for the top spot, and you have 1,000 sign-ups, that means 200 people are doing marketing and branding for you in order to be the best and win the prize And that's not a bad thing at all
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Tommy Carey