Why You Should Think Beyond Conversions in 2019
Social media contests can be a fun and effective way to build brand awareness and attract business, but running them takes time and money.
So, it’s important to determine if your contests are generating a good ROI.
There’s no magic formula for calculating ROI because every business has different goals for their contests. You may want to generate leads, increase social media followers, get people to sign up for a newsletter, or direct people to an online sale. Once you set your goals, you can keep ROI in mind to help you judge the success of your contests. You can do this by comparing the amount of time and money you put into them versus what you’ve gotten in return.
Over time, you can get more and more ROI out of your contests by honing in on what helps you achieve your goals and avoiding what doesn’t.
Running contests can be legally complicated, so you may want to consult your lawyer or legal department before you get started. You certainly won’t get any ROI from your contest if it gets shut down.
When you think about the ROI of your social media contests, focus on quality over quantity.
Getting a lot of entries for your contests is exciting, but finding people who are actually interested in your brand is what drives ROI. 5 leads who give you business are more valuable than 100 entries who were only in your contest for the prize.
One good way to increase your chances of generating high-quality leads is to ask for user-generated content. For example, you could ask people to upload videos of themselves using the product in interesting places as part of the contest. Photos, videos, and other media that people contribute can then be used as future content that can be shared and create even more buzz for your business and your contests.
To attract quality leads, make sure your prize is relevant to your business. Example “ giving away coffee beans will likely attract her target audience of coffee drinkers. It wouldn’t make sense for her to give away something unrelated like a set of steak knives’.
A good way to determine if you’re getting quality leads is to track conversions.
Conversions are when people take an action that leads to becoming a customer.
For example, you got 2,000 entries in your contest and 500 newsletter subscribers. The subscribers are more likely to become customers than people who only entered the contest but didn’t engage further.
You can monitor which clicks and contestants lead to conversions by using web analytics platforms like Google Analytics or Mailchimp to create coded, trackable links. These will show you which posts lead to the most traffic.
While conversions are a good measure of your contest’s ROI, you should also think beyond conversions.
Other important measurements could be: how many people share your contest, how many pieces of user information you gather (names, emails, locations, etc.), or how many new social media followers you attract.
For example, let’s say your contest goal isn’t just to get a lot of entries and increase brand awareness, but also to substantially increase your social media followers.
To calculate ROI, we should divide how much money you spent on the contest (taking into account the time managing it) by how many new followers we received. This will allow us to figure out how much we spent for each new follower.
Imagine that John spent $600 on his contest and got 200 new followers. That’s $3 per new follower. John can use this number as a benchmark for future contests and try to achieve a better ROI next time.
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Now that you’re thinking about ROI, let’s help you choose a potential goal for your next social media contest.
Choose your goal to start:
Increase in Revenue
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