Top 3 Instagram Contest Ideas that Work Well for Banks & Credit Unions

Maybe your Credit Union or Bank has been on Instagram now for a few months, or maybe even a year... and you're ready to have your first successful Instagram contest! But often Financial Institution staff don't know where to start. Well, we've taken care of the guesswork for you, and have identified the top 3 Instagram contest ideas that work well with social media marketing for Financial Institutions.

We've also included a list of MUST haves in any Instagram contest rules, so read on...

Top 3 Instagram Contest Ideas:

1. Partner with a popular local business

This is one of our favorite contests to increase your FI's followers and also engage with your local community.  Find a popular local business (that is ON Instagram already with a decent following and engagement) in your city or local community, and ask them if they would like to partner with your Financial Institution for a giveaway contest. Possible local businesses could include a bookstore, restaurant or fresh juice bar, or local coffee shop. 

Assuming they agree, all you'll need to do is coordinate your giveaway with each other and announce it on your Instagram account. Including all of the following steps:

• Tagging the local business 
• Include instructions for how to enter to win:  (with Meta updating their terms and conditions and constantly changing their guidelines, try to keep the submission instructions as easy as possible and make sure to check the current guidelines before posting the contest instructions) The last thing you would ever want is to get flagged by your social media platform. 

2. Comment to Win

This is probably the easiest contest for people to enter because all they need to do is answer a question or comment on a contest post to be entered to win a prize!  An example would be to ask "What is your favorite summer activity in <location of your FI>?".  Enter to win a $50 Visa gift card by answering this question in a comment below! 

Then select a random winner the following business day and announce him/her on Instagram.

3. Photo Hashtag Contest

We all know Instagram is built on hashtags. For this kind of contest, create a hashtag that is unique to your institution's contest (i.e. #<CU/Bank>selfiecontest2018), then ask people to enter by using the hashtag in their photo entry.  

At the end of the contest dates you will then just need to search for the hashtag to see all the entries, select a winner, and announce him/her on Instagram with instructions about how to claim their prize.

One important key ingredient to running a successful Instagram contest is to make sure your contest rules are simple and straightforward. The contest also does better if it is easy for people to enter (not asking your audience to do too much to submit an entry).  Just remember...keep it simple!

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If you're wondering what to include for official contest rules, here's a good list to follow:

• Start and end dates of the contest (i.e. March 12th & 13th)
• How many winners will be chosen?
• When will the winners be announced and how? (i.e. March 15th, on CU Instagram account)
• What will the winner receive? (i.e. $200 Visa Gift Card)
• All entrants must be a US Resident.
• You do not need to be a <CU Name> Credit Union Member to enter.
• <CU Name> Credit Union employees and their immediate families are not eligible to enter.
• Winners will be chosen at random.
• This is a <i.e. comment to win> contest.
• Please DO NOT include any personal contact information in your entry post. We will provide the winner with instructions on how to claim their prize.

Instagram contests can help your Credit Union or Bank engage new customers and generate leads with serious potential to drive top-of-mind brand awareness.   Please email us today if you'd like some help engaging current or potential new members for your CU!