The premier use of contests for a customer in my view is to buy naming creativity and amass a list of options. To do this at an early stage is ridiculously undervalued. Sometimes they find something for cheap - good. Other times they get hooked on a more premium name - good. If Squadhelp contest holders primarily are cheapos, that would be an area of development, because there is no way that the service is not great value for ANY business. The ones perusing branding agencies and legal expertise for naming/branding etcetera would be saving heaps of cash and headache by just starting with a load of a v a i l a b l e options.
That businesses have not learned to see this is the #1 ignorance on the buyer side AND the #1 opportunity on the seller/investor side (when it comes to domain names).