How good is $500+ prized contest for marketing a blog?

I am on the verge of announcing a contest in which the prizes are worth more than $500+. Its for my Tech Blog.

I am just curious as to how much of a success it would turn out and what kind of contest I should hold. Any suggestions are welcome.

 

If 1 person hears about your content, it wont be successful.

If 1,000,000 hear about it, it may very will be successful.

If 1,000,000 hear about it, and only 100 go to your website and 7 apply, then it wont be successful.

 

$500+ worth of prizes are good enough to hold a contest if you know how to market and promote it. Also, don't ask the applicants to link back to you with 'same' anchor text as this can raise the flags. Holding the contest in rounds will help you to retain visitors. Just my 2cents

 

$500 is just the min i would like to give away, but I am looking more at 700-800$ atleast. Hope things go well..

 

Giving things away is a good idea, but really you'd get more traffic and users probably spending that money advertising and getting links on websites. It's not the most efficient method of obtaining traffic by just giving it away.

 

I think you would be better off spending the money on paid advertising, whether it's through ads or through paid posts about your blog on broker sites such as PayPerPost.

$500 for letting a few random people market your blog isn't a surefire way to increase traffic in the long term..

 

yup i think it enough for starts.

 

Actually the catch is the money is being sponsored by many different people, and its not my own. If it was my own then i would surely invest it on advertising etc.

 

http://forums.digitalpoint.com/showthread.php?t=868613

I have announced a contest here.....Hoping people from DP do participate....