Maximize Your Brand’s Value With This Easy Social Hack
Sweepstakes can be a powerful tool to drive customer acquisition and build brand recognition, not only because they make building an email distribution list easier than ever, but because sweepstakes can have a meaningful impact on your brand’s social media presence and visibility. DojoMojo allows hosts to create a share function on their sweepstakes' post-entry page. Users are given extra entries into the sweepstakes if they share a link to the landing page on Twitter or Facebook. Besides driving additional entrants into the sweepstakes, these shares constitute social media advertising for the brands involved. We took a look to see if hosts should prioritize adding social sharing to their post entry pages.
In order to calculate the value of impressions on Facebook and Twitter, we did some research and found out that the average Twitter user has 208 followers and the average Facebook user has 225 followers. On sweepstakes hosted on DojoMojo that use the share function on the post entry page, the average landing page link is shared 613 times on Twitter and 720 times on Facebook.
We calculated the value of impressions using the CPM metric, which calculates the price paid for 1000 impressions. For each platform, we multiplied the number of shares by the platform’s average followers per user. Divide that number by a thousand and multiply by the CPM, $1.00 on FB (there is a spectrum of costs per 1000 impressions on FB, ranging from $0.15 to over $5.00. To provide a conservative estimate, we used a $1.00 CPM) and $10.26 on Twitter, to arrive at the final monetary value. By doing these calculations for Facebook and Twitter, we discovered that the added value of the share function came out to $1,470. Now this is obviously a sum we calculated from a set of averages, but it does show the power of the share function.
Maximize the value your brand gets from the share link function by coordinating with your social media team to make sure they are actively promoting the sweepstakes on your social channels. Retweet and like share links to encourage users to enter the sweepstakes and interact with your brand. A holistic approach that connects social media to sweepstakes can create additional user engagement and potentially drive more traffic towards your brand’s website or app.