Nowadays, millions of people use Instagram every month, and millions more post to the network every day. Instagram is used by businesses and celebrities alike since it allows them to effortlessly connect with their followers and expand the fan bases.
Users frequently hold contests on Instagram in an effort to boost revenue and page views. Businesses need a metric for their online activity to ensure that it is productive. Some suggestions for maximising the return on investment (ROI) from Instagram contests for brands.
A definition of Return on Investment
Return on Investment (ROI) is a metric used to assess the efficacy of one’s advertising campaigns. Successful marketers know that they need to invest money into their campaigns if they want to see any kind of return on their efforts.
Return on Impression (ROI) refers to the amount of exposure your ad receives, regardless of whether or not it results in a sale. Making ensuring your advertisement can be seen online is also crucial to a successful marketing effort. More exposure means higher brand recognition, which in turn increases the likelihood that consumers will make a purchase in the future.
In what way do you determine the return on your investment?
You may make sure that the money you spend on promoting your items is less than the money you generate by measuring your Return on Investment. To do so, simply divide your total earnings (after deducting the cost of any investments made in the campaign) by the total cost of those investments.
Return on investment (ROI) measures how much money was made back from the initial sum spent on a marketing effort. A negative return on investment (ROI) suggests that your campaign design might use some tweaking in order to provide a positive return on investment (ROI) from your internet marketing efforts.
The question is whether or not a brand can benefit from holding a contest on Instagram
Instagram competitions might be viewed as pointless time and energy drains by some. Yet, contests may greatly accelerate a brand’s ability to connect with its target audience and boost the online visibility of its items.
Giving a potential buyer a free sample of a product is a great way to generate interest and excitement about that product. This increases the likelihood that new followers will explore both your Instagram and website content.
Hence, you may reach more prospective clients without breaking the bank on an extensive advertising effort. The following are some excellent suggestions that will assist you in doing so.
Give away of best-sellers from your shop
Choosing the correct things to give away in contests is the first step in maximising return on investment and, by extension, sales. You should focus on marketing higher-rated items, which will make your present customers and new followers eager to join in your event, rather than starting to give away things that may not be performing too well because you desire to enhance their visibility online.
If a potential consumer visits your Instagram or website to check out your wares, they will likely be interested in your best-selling items first. These items are what get people excited about your brand and make them want to check out the rest of your offerings.
Giveaways should be held regularly
Although the guidelines for holding a contest and a simple gift may differ, both are crucial to the process. If you run a giveaway, your followers will be incentivized to engage with your post and maybe become new likes and follows.
As an illustration, in order to participate in a giveaway on Instagram, a user must typically follow the account’s owner, like the giveaway post, tag friends, and sometimes even repost the contest on their own profile or stories.
These strategies allow the company guarantee that their article will be seen by many people without spending a lot of time or money on promotion. More than that, running giveaways on the regular will encourage your fans to follow your page and check it regularly to ensure they don’t miss any giveaway articles.
Collaborate with influential people
Instagram is the most popular social media network for influencers since it allows them to simply and quickly share content with their following, as well as communicate with other influencers, companies, and consumers. They are able to publish frequently and with little effort because the platform’s features are so intuitive.
Several companies have found that effective product promotion on Instagram requires partnering with influential users of the platform.
Anne Laro, social media manager at Studicus, says that influencers have widespread support from their audiences and that their views are often seen as trustworthy. Brands who collaborate with them benefit from a rapid boost in sales thanks to this.
If you want to work with an influencer, you need to figure out how much it will cost you to send them items for reviews and giveaways, as well as the monetary compensation you will be giving them for working with you. An increased return on investment (ROI) is possible if the end profit you generate from this partnership exceeds the money you have spent shaping it.