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Social media has revolutionized the communications landscape worldwide. Businesses and consumers can interact with one another faster and more effectively than ever before. However, given the rapid growth of social media, it has also become harder for companies to reach their target audience and increase engagement among that audience.

That’s where social media contests come in. They are the easiest and most efficient way to skyrocket your brand’s engagement and online presence, and boost your brand’s revenue. And if you’re running low on content, then coordinating a user-generated contest will naturally build a library of original content to use for future communications.

According to Kontest, 34 percent of new fans are acquired with a social-media contest campaign. If you’re looking to host one, then follow these eight steps to gain maximum results: