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Figure 6 Screenshots from Coca Cola's, Starbucks's and Tiffany & Co.'s Instagram accounts (@tiffanyandco, @starbucks, @cocacola) 3.4.1 Instagram contests, coupons, and giveaways By giving discounts or even by giving away something for free is a great way for the com- pany to promote engagement on Instagram. This works in every industry and in various situations. Below is presented three very different monetization strategies for Instagram. (Miles 2014, 129.) Contests work well on Instagram and an effective contest is a great device to generate a stream of interest and enthusiasm. There are many types of contests for the company to choose from, and the company should consider the best one to support their brand. As Instagram is mainly based on the visual content also the contests focused on images are found the most effective. (Miles 2014, 134-135.) Another great way to enhance engagement are posting coupons on Instagram. Coupons usually include a special offer or a discount such as ”20 % off today only”. In addition a great form of special offer is to provide free shipping for limited time. (Miles 2014, 130, 134.) Another way to get attention are giveaways. This tool is not used as commonly as the other two but by offering giveaways the company can easily energise prospective as well as existing customers. There are different variations of this theme and the company needs to find the best one that fits to their business. (Miles 2014, 131.) 20PDF Image | Successful social media marketing on Instagram Minoshoes
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