tl;dr: A month ago I spent $26.60 Twitter Ads are boring, so I did a "cash" giveaway based on retweets. It's 2/3 days in and I'm at 116+ retweets and have gained about 50 followers*.
EDIT: It finished with 237 retweets and 62,000 impressions, followers closer to 80.
While I've been writing a free newsletter on Tech ETFs in the stock market at FinLister, I'm launching a tool in the fintech space in a month, so I wanted to do some marketing warm-up for that.
About a month ago, I did a small paid ads campaign for $30. I ran 2 ads based on a lookalike audience of one of my readers who was popular on Twitter.
The campaigns sucked.
Essentially, I ad recieved 880 impressions and I got a few clicks and 1 like, but nothing crazy.
This cost me $0.03 per impression and no meaningful subscribers or followers came out as a result.
I have actually run a similar experiment in the past with Facebook ads (in 2014) and wrote about that on Medium, which received about 20k views.
which you can check out here
I thought I would switch the game up and offer a more relevant giveaway to drive engagement (which might be against Twitter ToS...but move fast and break things for now).
Given I write for people interested in the stock market, I knew there was an IPO for a tech company called Snowflake coming up on Wednesday the 16th which was garnering a lot of hype on Twitter.
I made a giveway saying that you would win a cash equivalent prize of the closing price of Snowflake on the first day of trading if you gave this tweet a retweet.
It took just over 12 hours to get 10 retweets.
24 hours after that it was at 65 retweets.
Now, I'm at 117 and there is about 14 hours to go.
Right now, its at around 15,587 impressions...well above the 500 or so I generally get from a single tweet.
Given the winner recieves a cash prize equivalent to the price of the stock at the end of first day of trading, I'm not sure how much it will cost me. It may cost anyway from $120-$250 but this is very hard to tell based on the hype around the stock.
At $120 cost, I've paid $0.007/impression
At $250 cost, I've paid $0.016/impression
These are both well under the $0.03/impression I paid with Twitter ads.
Addtionally, I've grown from around 650 subscribers or so to about 710. But I did get a random retweet from the CEO of popular newsletter MorningBrew which may have added some followers (but most of them came the day after this.)
So you could say it cost $2-$4 per follower.
I also got a couple of subscribers to my newsletter which I could attribute to this tweet.
Take aways -----------------------------
This was very relevant to most of my existing followers.
It was timely to a real event.
I only required a retweet to enter. Not to follow me, and you didn't have to comment. My goal was to make it as frictionless as possible.
Additionally, there was some mystery to it given the prize corresponds to a stock price.
Anyway, the giveaway is still live, so these numbers may change.
I'm thinking of running another giveaway which is tied closer to my newsletter list, but not sure exactly.
I did see some this giveaway from BuyMeACoffee which offered $150 cash prize and got 800+ retweets, but that has 39k followers and 150,000 creators on their platform.
So I'm pumped to see what I was able to achieve given I had 650 followers when starting this.
Like I said, this might be against Twitters terms of service so replicate with caution, but I learned something here so thought I would share it and hopefully you found something useful in all of this.