“Last week Molly-Mae did an Instagram giveaway. She spent £8k on gifts. Her reward was 1M new followers and subscribers across Instagram and YouTube. That’s < 1p / new fan. Possibly the best ROI I’ve seen.”
Here is another post from Social Media Examiner that also talks about the potential loss of organic reach on Instagram from getting too many low-quality followers from giveaways and what to do about it.
John’s note: Giveaways can be a great way to get followers. I’ve used KingSumo to get tens of thousands of new subscribers for another business. I plan to do a giveaway for this newsletter in the spring.