A lot of entertainment influencers on Instagram quickly build up their following by giving out all sorts of freebies or holding Instagram contests. The most common are Amazon gift certificates, but you’ve probably seen these personalities give away t-shirts, electronics and other types of swag. In fact, a lot of them even give away overseas trips. Sounds awesome, right? The million dollar question is given the fact that so many people are doing such giveaways, does hosting and Instagram giveaway still produce positive ROI?
You still have to focus on ROI even if you initially grew your engagement by buying insta likes from places like BuzzVoice.
Make no mistake, Instagram marketing, as fun and exciting as it is, is still governed by the basic rules of business. Whenever you’re doing anything in business you have to think of return on investment. If you don’t keep an eye on your ROI, chances are your business is going to go belly up. That’s the cold, hard reality that you have to contend with.
So with that in mind, here are some important information on whether it’s a good idea to do an Instagram giveaway. This info would also open your mind to other possible alternatives.
It All Boils Down to How Well You Know Your Audience
Instagram giveaways gain a lot of traction and gain a lot of buzz when they engage with the audience they are targeted to. That’s the long and short of it. You can be giving away a million dollars but if people aren’t really looking for a million dollars or they want to take the money but do nothing else, your promotion will go nowhere. In fact, it may well be the case that they’re not looking for money that if you were just giving away stickers you probably would’ve gotten better results. Can you imagine that? Stickers would’ve gotten better publicity than giving away a million dollars. I know it sounds crazy, but it’s true. It all boils down to how well you know your audience.
Don’t Automatically Assume That High Ticket Items Make the Best Giveaway
I know you’re probably thinking that you just need to throw money at this problem and it will go away. You’re probably thinking that if you just offer a free Mercedes or a BMW people would jump all over your brand. It doesn’t work that way because again, it all boils down to how well you know your audience. If they’re not into that kind of thing and they’re more into anime, Xbox or PlayStation, then all the Mercedes Benzes in the world are not going to help.
Be Clear About Your Objectives and Metrics for Success
It’s very easy to get drawn into the price tag of prices, it really is, but you have to pay attention to the objective that you want. What do you want ultimately to get out of this promotion?
Don’t Rule Out Symbolic Incentives
In many cases, symbolic incentives prizes or purely digital awards actually deliver better results. It all depends on the demographics of your audience and it all depends really on what their experiences and what their needs are.
Always Track Your Results
At the end of the day you’re trying to gain attention so people would do something that will eventually put money in your pockets. Always keep that in mind. And the way to be assured of that is to track your results and you keep fine-tuning your contest mechanics and rules until you get the results that you want.
Keep the tips above in mind if you still want to do an Instagram giveaway. They work, but you have to know what you’re doing.