Do you think hosting a contest to promote your story is a good idea?

I’ve never tried anything like that, but I have been considering doing a character contest for readers to appear in my story. I’m thinking of having all the readers that can figure what each chapter title is based on can have the chance to appear in my story… maybe 3-5 characters, or something like that. But I want to wait until I have more readers.

Have you ever hosted a contest to promote your story?
Would you ever consider it in the future?