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For engagement purposes, crowdsourcing \/ popular vote is the most commonly used way to select winners.<\/strong><\/p>\n\n\n\n These types of contests can be run through social media or physical votes can be cast at a central location. But these ways require a lot of administrative work and can bring scrutiny in contentious situations. <\/p>\n\n\n\n Using third-party technology can streamline the process, make it more engaging and lucrative.<\/p>\n\n\n\n What many people don\u2019t realize is that \u201cBest of\u201d contests can be excellent sources of revenue in the time leading up to the contest and often beyond its end. Here\u2019s how:<\/p>\n\n\n\n Ad sales bring in solid revenue for your event, but only if you have strong traffic and views. <\/strong><\/p>\n\n\n\n Whether you sell ads in a virtual or paper program, on a website, or on a landing page, potential advertisers all want to see numbers of \u201ceyes\u201d (or hits) before investing any money in an ad. <\/p>\n\n\n\n They\u2019ll expect to understand the audience demographic and exposure they will receive.<\/strong><\/p>\n\n\n\n That\u2019s why it\u2019s incredibly important if you want to attract large advertisers that you\u2019re able to offer them impressive traffic and the type of views that will translate into a strong return on their investment. <\/p>\n\n\n\n At VoterFly, for instance, we offer a high-traffic site providing businesses with a TON of visibility. <\/p>\n\n\n\n Even in small markets, it’s not uncommon to get 100K+ views in about 40 days. That\u2019s a great selling point for potential advertisers. To maximize your revenue from ad sales, you\u2019ll need to show them reliable and realistic numbers. If you don\u2019t have them, work with someone who can supply them for you.<\/p>\n\n\n\n Maybe you\u2019re wondering how much you can raise with ads and what you should be selling them for. There are a lot of variables on what you charge for ads including: <\/p>\n\n\n\n Knowing that there are several variables, let\u2019s explore an example of what you could raise:<\/strong><\/p>\n\n\n\n Let\u2019s imagine you had a \u201cBest of\u201d contest with 25 categories. You then sold ads in half of the categories, including 10 small ads at $40 each and 2 large ads at $60 each. Plus, you had a single all-category ad that you charged $750 for. <\/p>\n\n\n\n Your revenue from ad sales would be close to $1,300 before adding in sponsorships!<\/p>\n\n\n\n Also, \u201cBest of\u201d ads are often easier to sell (with higher conversion rates<\/em>) because they aren\u2019t the typical business card type of ads. Advertisers can exhibit a much more human side by congratulating nominees and \/ or giving viewers of the ad a special discount to try their goods and services.<\/p>\n\n\n\n If you want to estimate what you could raise with ads, consider the following:<\/strong> <\/p>\n\n\n\n If you\u2019re using software to run your contest, make sure all revenue is configurable through the system. You\u2019ll cut down on administrative challenges if you do.<\/p>\n\n\n\n Now that we\u2019ve covered ads, let\u2019s discuss another source of revenue for your contest: sponsorships<\/em>. <\/p>\n\n\n\n If you have a company that wants to sponsor (or partially sponsor) your event, you must provide them with a lot of exposure. If you don\u2019t, be assured they will only sponsor (you) once. Making sure your sponsors\u2019 logo is prominently displayed can be a lot of work. <\/p>\n\n\n\n You can sell sponsorships of the event as a whole or a particular category award. For instance, if you have a \u201cBest non-profit\u201d award, a business with a \u201cgive back\u201d culture, may want to sponsor the award. You could even sell naming rights sponsorships on some of the categories.<\/p>\n\n\n\n Finally, partner with a vendor that gives your sponsors good visibility. VoterFly allows sponsorships that display the logo on all pages and email communications ensuring your sponsors get the views they signed on for.<\/p>\n\n\n\n Speaking of visibility\u2026<\/p>\n\n\n\n Another way for chambers to increase revenue through \u201cBest of\u201d contests is through visibility. <\/p>\n\n\n\n When you host a contest, you not only get more visibility for nominees, advertisers, and sponsors, participants look at the chamber differently as well. They see the chamber as a community convener<\/em>, bringing together people in a happy celebration to honor \u201cthe best.\u201d This improves morale and introduces (or reinvigorates) fond feelings for the voice of business.<\/p>\n\n\n\n Often, that means an increase in new membership when contests are run, better retention numbers, and possibly the return of lapsed members. <\/p>\n\n\n\n Most organizers also experience an increase in social media followers and names on email lists. When these tools are leveraged properly, it is possible to turn those followers and list names into future members through smart nurture campaigns and digital marketing.<\/p>\n\n\n\n This is a question we\u2019re often asked at VoterFly – should we host a contest for the whole community or just a \u201cBest of\u201d for our members? While this is entirely up to you, there are advantages to allowing any business in your community to be nominated. <\/p>\n\n\n\n First, you can acquire new members from non-Chamber members that are nominated or doing the nominating. It will also feel like a much more connected and inclusive contest.<\/p>\n\n\n\n If you make membership a requirement to be nominated, you could have fewer categories or not as much competition. However, a membership requirement may inspire someone to join. You just need to be careful that the contest doesn\u2019t look \u201cfixed\u201d to favor those who do or make anyone feel tricked if they join and don\u2019t win.<\/p>\n\n\n\n Some chamber professionals offer bonuses if they require membership to participate. In those cases, they may require an entry fee to be nominated that comes with free chamber membership. Including the membership in the fee then gives the chamber a year to show the business value. Hopefully, they\u2019ll renew the following year.<\/p>\n\n\n\n In addition to future revenue from dues, there are a few other downstream revenue sources that are worth mentioning:<\/p>\n\n\n\n Every \u201cBest of\u201d contest stirs the community and most chambers receive unexpected connections and communications from local and neighboring businesses. Plus, when sponsors and advertisers receive referrals and increased revenue, they\u2019re likely to want to work with you again through future events. They will begin to see your operations as a good return on their investment.<\/p>\n\n\n\n Your \u201cBest of\u201d contest doesn\u2019t need to end in an event \/ awards ceremony or unveiling on social media. You could create a city guide<\/a> with a \u201cBest of\u201d listing \/ section for additional revenue opportunities.<\/p>\n\n\n\n Another option is to sell window decals, banners, video \/ photos, and other promotional opportunities to \u201cBest of\u201d winners and \/ or nominees. Sure, they\u2019ll receive a lot of free marketing and bragging rights, but you can also offer additional high-profile paid advertising for winners.<\/p>\n\n\n\n If you\u2019ve added up the costs to host a \u201cBest of\u201d contest and you\u2019re wondering if it can work in your budget, don\u2019t worry. Contests needn\u2019t be a loss leader to get member engagement. There are many ways you can use these types of contests to improve your revenue streams and bolster your chamber budget.<\/p>\n\n\n\nPossible Revenue Streams for \u201cBest of\u201d Contests<\/h2>\n\n\n\n
Ad Sales<\/h3>\n\n\n\n
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<\/figure>\n\n\n\n![\"\"](\"https:\/\/www.voterfly.com\/blog\/wp-content\/uploads\/2022\/04\/Best-of-Orangevale-Stats-Small-1024x651.jpg\")
<\/figure>\n\n\n\nCost of Ads<\/h4>\n\n\n\n
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Sponsorships<\/h3>\n\n\n\n
![\"\"](\"https:\/\/www.voterfly.com\/blog\/wp-content\/uploads\/2022\/04\/sponsor-inscription-2021-11-25-19-50-43-utc0-sm-1024x554.jpg\")
<\/figure>\n\n\n\nNew Chamber Memberships<\/h3>\n\n\n\n
Members Versus Non-members<\/h4>\n\n\n\n
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<\/figure>\n\n\n\nDownstream \/ Future Revenue<\/h3>\n\n\n\n
![\"\"](\"https:\/\/www.voterfly.com\/blog\/wp-content\/uploads\/2021\/12\/MG_4382-1024x683.jpg\")
<\/figure>\n\n\n\nEvents<\/h4>\n\n\n\n
City Guide<\/h4>\n\n\n\n
Marketing<\/h4>\n\n\n\n
In summary…<\/h2>\n\n\n\n