These days, it seems like every business out there is giving something away on a Facebook promotion. Whether it’s an iPad or a trip to the Bahamas, there are tons of enticing contests and sweepstakes being advertised on the social media giant, and it’s no wonder why. Over 1 billion people have a Facebook account; if you’re reading this blog, chances are you do too! This is a HUGE potential market for companies, not only for visibility, but also for engagement and sales conversions.

According to the chart below, 87% of people like brands on Facebook, and the biggest motivator for doing so is for obtaining discounts and promotions, as well as free giveaways. This is fantastic news for businesses, but it begs the question: what are the best ways of running promotions on Facebook to get the best ROI? This week’s Vonazon blog answers that question.

One of the best forms of promotion is a Facebook contest. Before you get started on your contest, it’s important to outline your goals. What kind of contest you run is dependent on the outcome you desire. For instance, contests that require content submission, such as video or photo contests, are require more effort to enter versus a simple sweepstakes that only requires a name and email address. On the other hand, there are more opportunities to engage with your audience by fostering creativity, not to mention their submissions just might inspire you for future marketing campaigns.

In terms of the prize, you can make it a physical item or service, or a discount coupon. Remember what we said earlier—35% of people who like brands on Facebook do it for a discount on something! If you choose to go with a physical item, think about having it branded with your logo to maximize your visibility!

Whether you choose to run a contest or a sweepstakes, remember to promote your activity through effective wall posts. By effective, we mean keep it short (under 100 characters), and always include a call-to-action, such as “enter to win.” Don’t forget to include nice pictures of the prize item to add visual appeal, and don’t bombard your Facebook wall with too many posts.

When you select a winner, keep in mind that you’ll need to contact them via email, not Facebook, but feel free to post about the winner and show your fans that ordinary people do win prizes.