Question

Sum:
For example someone is selling 50 giving away 50 earphones and the more tickets you buy more entry you get there are total of 860000, I have 45 entries what are the chances of me winning this giveaway?. please give answer in percentage
please also give explanation ​

Answer 1

Answer:

If you’ve created a giveaway or contests for marketing purposes, you’re part of a long tradition of “prize marketing,” which uses the incentive of a prize to reward people who participate in a sweepstakes, giveaway or contest. And over time, strategies of what prizes work best have evolved. A prize is a vital component of a successful sweepstakes, but there’s not a one-size-fits-all approach.

In The History of Sweepstakes, authors Lawrence Curtin and Karen Bernardo explore the fascinating culture of sweepstakes, which dates back to ancient times. Originally, a sweepstakes or a raffle was intended to engage communities and rally people together for a common cause. All members of society participated in giveaways during holidays or times of celebration. Merchants in medieval Italy were the first to employ prize drawings as a sales promotion.

These days, the purpose of running a giveaway is threefold: to create awareness of your brand; to generate engagement among your target audience; and to gather leads that have a high chance of converting. The prize is the catalyst for this. Using a prize in a giveaway, contest or sweepstakes motivates people to participate. This drives many social media marketing efforts, including crowdfunding, in which those who contribute receive something in return besides the product to which they’ve contributed.

To determine which prizes work best, we’ve been conducting an ongoing study about what types of prizes motivate the most participation and engagement in ShortStack Campaigns. For the past four years, we’ve tracked notable Campaigns from small and large brands alike, and we’ve identified several best practices for integrating prizes into a marketing strategy.