There are many valuable benefits of creating and utilizing online contests:

-They help build an audience and increase page views and awareness.
-One can use them to generate sponsorship & ad revenues.
-It can help a business build user database for email marketing.
-They power your social and mobile strategy.

A Media Company's Agency Model

Facebook is an important core for an agency model. The difference between a contest on Facebook and an "agency model" contest is that the "agency model" Facebook contests will be more focused on the company, and put the advertiser in the center as opposed to the media company.

If the Media Company Does Not have an Agency

Facebook contests allow the company to offer a limited number of agency services easily and efficiently. They also allow the company to participate in an agency model without investing in other services.

Components of an "Agency Model" Contest:

-Objectives are all about the client.
-It runs on advertiser's Facebook page.
-It may run on the media company's page as well.
-It may include the advertiser paying for the media promotion.
-The media company can make it turnkey.
-Media company includes design services/help with rules.
-Prize corresponds with advertiser's brand.
-Email opt-in is for the advertiser.

Why Advertiser Facebook Contests?

For many advertisers, building social media audience is a primary marketing objective, and contests work. According to eMarketer, 57% of fans "like" a business based on an offer and 38% because of sweepstakes. However, often advertisers don't have the time, know-how, design skills or promotion ability to make contests successful on their own, while media companies are the experts in contests. Facebook has made contests viral, and they are a great opportunity for the advertiser to build more revenue and develop a deeper relationship with clients than if they simply bought media from the media company.

Prospects that media companies should consider to collaborate with on contests include restaurants, retail, hotel & travel, and local advertisers with good reputations and current social presence.

What should a Media Company include in a Sales Package?

In a sales package, a media company should include many different things, among them:
-Facebook contest
-Like Gate for Advertiser
-Online promotion on the media company's site
-Print/On-air promotion
-Social media mentions from the media company's Facebook and Twitter accounts
-Eblast to the media company's promotional database
-Email opt-in for the advertiser

What should a Media Company Charge for the Sales Package?

When determining what to charge for a contest sales package, a media company should look to the following:
-Consider the value of the package
-Consider the value of the email list
-Not a performance buy-base cost on promotional buy
-Large market: up to $20K
-Mid market: $5-$15k
-Small market: $300-$5k

How should a Media Company Promote?

A media company should promote contests in a multitude of ways, utilizing social media tools to raise awareness about the contest and encourage entries. One way to do this is to use featured "pinned" posts on the media company's page and, when posting, make sure the posts are engaging. On the advertiser's Facebook tags, it's important to ensure that the contests tab is one of the top 3 tabs and that the image is customized. To promote the contest, one should send an eblast to the media company's promotional data base, include promotional ads in the media company's print/on-air/online products, and promote a redirect.

Best Practices

The best strategy is to build the media company's fan base and email list first. Then, when approaching advertisers, ask them the question, "what is the value of a Facebook fan to the company?" The media company should point out that by using Facebook, the advertiser also gets a social database that can be re-marketed. One should always add "opt-ins" for the advertiser. When it comes to sign up, it's important to keep it simple. The easier it is, the more likely people will be to do it.

One should also use coupons or "mention Facebook to receive a discount" as part of ongoing promotions that convert fans to customers, and even consider proposing a multi-contest package for the advertiser. Finally it's important to include both structure and price as an integrated package.

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