Whether you were a big company, a startup, an NGO, or even a governmental entity, competitions can be extremely valuable. They open the door to innovation inside your organization and they help you find the remarkable talent outside of it.
Here is a list of the top 7 reasons why you should organize a competition right away:
1) Boost your marketing and engage with your audience:
Many big companies include competitions in their marketing strategy. Involving your audience in a challenge to solve by contributing ideas in return for public acknowledgement or valuable prizes can make lots of people interact with your entity and spread the word about your brand. People will feel connected to you since they feel that their input is being valued. It’s a great way to build your fan base.
You can also gather valuable information and insights about your customers such as their demographics, how they heard about the competition or what they like and dislike about your products and services.
2) Discover startups:
If you are an incubator, an accelerator, or a venture capital firm, then you must have organized a competition before to call for the new innovative startups to apply so you can support or invest in the best ones.
If you are a company looking for outside solutions, and haven’t considered startup competitions, you could be missing out on the answer to your challenges. Partnering with a startup that provides the solution you are looking for, can definitely be an answer, and organizing the perfect competition can help you spot the right startup that matches your specific needs.
Untap helps you organize the right competition for finding the best startups, and streamline the process of receiving and judging applications so you can focus on the things that matter, rather than hectic admin workd.
3) Collaborative innovation:
If you are facing some challenges in your business or if you are an organization that wants to solve a challenge to make people’s lives better, a great way to tackle this challenge innivately would be holding an innovation competition where participants from outside the boundraies of your organization can contribute ideas to solve this particular problem or challenge. Which helps you gather multiple perspectives on how to approach this challenge with feasible solutions.
4) Test your product:
You can hold a competition that requires the participants to use your own product in order to achieve a certain task. This helps you create awareness about your products and services, while also gather valuable insights and feedback from the participants about their experience.
5) Employees engagement:
Competitions engage your employees in the strategy of your company and help increase their satisfaction at work.
You can organize a competition between your employees to solve a certain problem within the company or set a new policy. You will be surprised by the innovative ideas.
If you are a company that just adopted new technology and wants to train your employees on how to use it, then you can organize a competition between your employees to achieve a certain task using this new piece of technology.
If you are an educational entity and want your students to master something that they learned, then holding a competition between your students on the new concept they learned is also a good choice.
7) Innovative Recruitment:
A competition can attract the top talents and test them so that you can select the best to hire. Instead of just judging based on education and past experience, you can test their creativity and problem-solving skills with a set of challenges inside a competition.
Thinking about running a competition, an award program, or a call for applications? We’d love to help! Chat with us now and let’s brainstorm your upcoming initiative.