Personally, I'm on the fence about giveaways. I've seen one done that asked for only 6 people to comment, a small giveaway, but seemed like the type that could attract loyal followers. I've seen another one done on a page that had over 3000 followers that attracted a lot of what I call "professional giveaway hunters", people who just look for free stuff they can win. I've also read comments from friends who have had giveaways that ask for "likers" on Facebook or followers on Twitter and they have said that their followers and likers diminish after the giveaway. I'm thinking that the smaller giveaway would be the way to start.
Ovbiously, the idea is to "get yourself out there" and attract followers. The more successful bloggers I've seen, and I mostly could offer. I did join in one of them and while it was tiring, to visit all the blogs, I did find some that were really interesting and met some very cool people. This forum seems to be sort of like a blog hop thing.
Another thing I've seen is a "pin" party. You ask for a certain number of participants and on a set date or week, you all visit each other's blogs or shops and "pin" something from that shop. If we were doing it now, I would "pin" your bacon bourbon. WTH, maybe I'll do it anyhow. There are a few of my pinterest followers that I know would enjoy it.
Just thinkin out loud here.