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Many companies use contests to drive sales during lean periods, promote a product during competitor launches or expand their customer base. Investments in these contests range widely across companies and across industries. However, when it comes to measuring the impact of the contest on the business, not many companies have a structured approach. Most companies limit themselves to conducting a financial ROI analysis, rather than looking into other metrics that could suggest a positive impact even though the measured ROI may be negative. In the absence of such structured measurement data, the design of future contests would not be well-informed, leading to sub-optimal outcomes.
