Contrary to popular belief, the best prizes aren't always the one's with the largest monetary value. There are other factors that impact whether a prize will be attractive to your audience. In this post (the third post in our Video Contest series) we look at how to offer a killer prize that attracts attention without breaking your budget by breaking it down into three areas: The prize type, the prize value, and supplemental prizes.
Online Video Contest - Prize Type
Research shows that while big cash prizes can bring your contest a lot of attention and help you gain reach, it is often more niche prizes that get better results as they appeal to your target market and drive sales. Here are some thoughts to ponder:
Does the prize appeal to the target market?
In order to engage the people who will actually buy your product, make sure your prize is relevant to them. Big cash prizes tend to attract wider audiences, but a large portion of which may be people who have no interest in your product (especially if it has niche appeal) so try to offer prizes that will appeal primarily to your target market.
Is my prize unique & attractive?
More often than not, a unique and attractive prize will gain more attention than a big, cash prize. This is true not just for your target audience but for media coverage as well.
For instance, the famous 'Best Job in the World' campaign offered the winner a job as the 'caretaker of the great barrier reef', which essentially involved touring the Great Barrier Reef and it's associated island and blogging about it for a year. This unique prize not only attracted over 34,000 entries but also secured an estimated $400 million worth of media coverage, being picked up by CNN, Time and MSNBC just to name a few.
Online Video Contest - Prize Value
It goes without saying that the more valuable your prize is, the more attractive it will be to your audience and the more attention your contest will get. That said, prize value doesn't always relate to money. Here are some thoughts to ponder:
Is it valuable to my target audience?
Whilst cash prizes are valuable to everyone, you can often create a prize that is more valuable to your target market at a much lower cost simply by thinking outside the box.
For instance, a money can't buy experience such as meeting a celebrity, backstage passes or early release products can often be of more value to your target market than a large cash prize. Think about the resources you have available and how you could utilize them to create a unique experience.
Is it worth the users time and effort?
Consider whether the prize you are offering is worth the participant's time and effort. If you yourself wouldn't record a video and upload it to win the prize, ask yourself why other people would.
Online Video Contest - Supplementary or Shared Prizes
Supplementary or shared prizes are a great way of engaging people longer and encouraging their friends to take part as well. Consider these ideas:
Offer prizes for 2nd and 3rd place and tell participants to invite their friends to enter as well so they can win the minor
Offer the winning participant a major prize and some 'bonus prizes' and get them to invite the friends who they'd give the bonus prizes to if they were to win.
Random Draw Prizes
Conduct random draw prizes whereby you give a prize to random entrants throughout the contest. This helps break down the 'I'll never win' barrier that exists around contests and encourages more participants.
Reward participants who achieve certain milestones but who have not won a major prize. The Launchpad6 Video Contest Platform rewards users with Virtual Trophies for achieving milestones such as 10,000 video views and it can add extra incentive for users if you reward them with tangible prizes.
Reward all users with a participation prize to thank them for their engagement with your brand. It can be a good idea to utilize coupons or samples for this, as it helps put your product in the hands of users which can ultimately lead to loyalty sales.
Consider offering a prize that can be shared amongst friends such as multiple backstage passes, concert tickets, merchandise etc and tell participants to get their friend to vote on their video so they too can win the prize. This will give the participants friends & family extra incentive to visit the site & vote and will help drive traffic.