As social media has continued to grow, companies are figuring out new ways to use social media to market themselves. One of the most popular and successful ways brands use to engage with customers is through social media promotions, such as sweepstakes, contests, giveaways, and more. While these promotions may seem fairly simple to set up and run, there are lots of important details you shouldn’t miss. It’s also crucial to make sure that you’re not losing sight of your objectives. To that end, we have three simple steps to make sure that you’re measuring and maximizing the ROI of your Facebook promotions in your quest to win fans and influence people, as outlined in the infographic below.

Measure and Maximize ROI of Facebook Promotions

Seeking the best possible results from your Facebook promotion? Marketing Resources is your guide to maximizing returns on your next social media campaign.

Step One: Set Your KPIs

Before you start a new promotion, you need to take a few minutes to nail down your Key Performance Indicators (KPIs), which you’ll later use to measure your Return on Investment (ROI) of your social promotion.

For Facebook specifically, some potential KPIs include distribution (such as total reach), interaction (shares or comments), influence (share of voice or brand sentiment), lead generation (email subscriptions), and conversion (lead conversion rate). Note what wasn’t listed just now: “likes.” Tony Bloomberg of Bloomberg Marketing recommends putting more stock in lead generation, increased website traffic, email list subscribers, and sales conversions instead of Facebook likes.

 

Step Two: Measure Your Efforts

To make measurement easier, Greg Macek, Marketing Resources’ VP of Digital Strategy, advises adding the Facebook Ad Conversion Pixel to your site; this helps e-commerce stores get a clearer picture of the success of their Facebook ad efforts.

For e-commerce company Shoes of Prey, a $500 sweepstakes prize and $6,300 spent in Facebook ads yielded some impressive numbers. Their sweepstakes promotion resulted in 17,680 likes driven by contest ads (coming out to a cost of 38 cents per like), 4,000 new email subscribers (for a cost of $1.70 per subscriber), and $3,250 in sales assisted by Facebook ads. Not bad, right?

 

Step Three: Maximize Your Return

First, pick your prize. A larger prize means that you can ask participants to follow more steps to enter the sweepstakes or contest, and an image of the prize will boost engagement and visibility. Make sure that your prize is relevant to your business; for example, give away an iPad if you’re a tech company, but not if you’re a local stand at the farmer’s market.

Next, keep your post simple. Include the prize and its value in the title of your post, and explain how to enter using simple bullet points. Official rules can be placed on your website and linked to in the contest post. Use Facebook Connect for people entering your giveaway; this can give you access to their email, name, age, city, and the pages they like on Facebook.

Finally, promote your sweepstakes or contest. Yes, you’ll use Facebook, but also use your other social media channels, your website, and any industry influencers you can connect with. Facebook Ads will help you further target locations and groups that are interested in your business. Make sure that you choose your words carefully when promoting your contest; favor softer sell keywords in your posts or ads like winner, winning, win, and events in favor of more aggressive words like contest, promotion, sweepstakes, and coupon.

 

Social media contests and giveaways are a fun, exciting way to engage your customers and create buzz surrounding your business. By accurately measuring and maximizing your ROI, your brand will be a winner too.