We often get asked that question and the answer isn’t a simple one. Among other factors, prize selection most definitely impacts the success of a contest.
Here are a few key success factors to contemplate when deciding upon prizing:
1. Relevance to your target audience.
For example, if your target is action sports-oriented twenty-somethings, you might want to consider a snowboard prize, rather than a set of pots and pans.
2. The ‘cool’ factor.
Leading edge consumer electronics like iPods and Motorola RAZR mobile phones will readily capture consumers’ attention.
3. The ‘aspirational’ factor.
Luxury products like jewelry, watches or luxury experiences are things that most consumers would like to have, but wouldn’t necessarily buy for themselves. You do have to be careful–although most consumers recognize the Rolex brand, not many would know what to do with a Panerai.
If you’ve run out of creativity, there are many reasons why cars, cash and trips work, so many marketers use these prizes in their contests. As a result, you also run the risk of not capturing consumers’ attention, since every other contest is giving away cars, cash and trips!