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Has Anyone Run a Contest for Advertising/Marketing?

Marketing, social media, advertising

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funkj25

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In short, I'm thinking about running a giveaway to try and gain exposure for my product. My idea consists of giving away a niche related product worth about $50 (Triathlon/Fitness in my case) and then having entries to the contest created for each person by having them share on facebook/twitter, etc. Go to the product page and pick their favorite product, sign up for the e-mail list (newsletter) and so on.

My main objectives for this would be to capture e-mails for future marketing and make people aware I have a product that they might want (leading to sales we'd hope).

The question I'm wondering is has anyone else done this before? Can you do it "from scratch" i.e. without a big e-mail list/constituency already or do you need one to start with and is it an effective form of advertising? Any logistical solutions would be great too, but just wanted the INSIDERS input before I continue pursuing this form of marketing.
 
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