Nowadays, just about every business has at least one social media account. Most have several.
It makes perfect sense too: today’s most popular social media networks have billions of active users, which makes social media marketing be too good of an opportunity to pass up.
Everyone wants to get traffic and leads through social media.
The question is “How?”
Well, there are tons of methods but throughout this MasterClass, we will focus on just one.
And that is social media giveaways.
You see, people follow businesses on social media for many reasons, but one of the biggest reasons is the chance to get free stuff.
Awesome gifs are cool but what the audience really wants is awesome gifts!
Let’s be honest; most people love getting things for free, and that’s one of the main reasons why social media giveaways work so well.
The other one is that everyone wants to be a winner, and giveaways make people feel like winners.
Some of you may be thinking this right now:
“But that’s just a waste of money!”
Well, as it turns out, giving people free stuff is actually a good way of making money.
Let’s talk about that for a minute by taking a look at three main psychological factors that come into play when a company organizes a social media giveaway.
1. The Reciprocity Principle
When somebody does us a favor, we feel obligated to pay that person back somehow.
It doesn’t matter if we asked for the service or not. It’s not even a conscious thing. Our brains are just hard-wired that way.
The reciprocity principle is one of the basic laws of social psychology.
And it doesn’t just work for interhuman interaction.
It also works between people and businesses as well. And how do you repay a favor done by a business?
You purchase some of their products or services, spread the word, and praise that company every chance you get.
2. People Can’t Put a Price on Free Items
Let’s say that your local supermarket has a sale on your favorite brand of milk.
You might think that it’s about to expire, that they just want to get rid of the milk. You’d assume that the lower price equals lower quality.
How do people assess the quality of something that was offered for free, though?
It’s easy to put a price on a thing that already has one (i.e. the discount value). But when there is no price to judge by, the mind starts squirming for answers.
The most common answer that people usually come up with is this:
“Hey, if it’s a prize in a contest, then it must be valuable!”
After all, who would offer worthless stuff?
3. Most People Want More Stuff, Not a Discount
Let’s say two bakeries sell the same cake for the same price.
The first one starts offering you 40% more cake, while the second one cuts the price by 40%.
Where do you buy your cake from?
If you picked the first one, you just lost the chance to get almost two times the cake for almost the same price.
The second offer gave you a better cake/money ratio.
When faced with a decision, people often don’t take the time to think it through mathematically.
We just base the decision on our primal instinct of “more is better.”
The same principle applies to getting free (i.e. more) stuff.
Bonus: Word of Mouth Still Works
Who doesn’t like to talk about receiving free gifts or getting a good deal?
Most people even like to brag about receiving something for 10% off!
Even though we’re in the digital age, don’t underestimate the power of “word of mouth” marketing.
A social media giveaway will get people talking about your company. It’s a great way to generate buzz and get your name out there.
But we’ll talk more about the major gains that you can enjoy by organizing a successful social media giveaway in the next lesson.
Awesome Job! You’ve Just Crossed the Start Line
Ok, that’s enough psychology for one lesson.
The next lesson will be all about the main benefits that you can get by successfully organizing a social media giveaway.
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