Prizes for Contests

I am going to be starting a competition soon. It will basicaly be a random draw with the entrants being people who use a service of mine. So the entry is really easy.

I am looking at giving away around $100 a month but am unsure on the best way to do it.

Should I just give away $100 cash through Paypal or should I buy a piece of technology to give away (Like an iPod Shuffle)

What works best in contests and what suggestions do you have?

 

I believe giving away money in a competition will draw the most entries, but in an internet business giving away banner or text advertising will also be great.

Giving away gadgets seems nice but you'd have to send to over to that person and eventually when the gadget breaks down they will contact you about it.

 

My only hesitation is the "boring" factor. Sometimes people are drawn to really cool prizes. Like maybe a super powerball or something

 

True, money is a boring factor but the people who will join your competition are already customers of yours and will enjoy your services even more when having a lower price or getting the most out of their money spend.

But I see what you mean when giving a person a real gift the effect will be greater and they will remember it longer than money.

 

Why not give away a cool prize, but add in the option the take the cash value?

 

True, maybe a selection of prizes, one of which being cash

What would people consider "cool" prizes around $100

 

Any of the Star Trek season sets on DVD, at least I would. A good general prize could be an MP3 player.

 

I don't think Country specific prizes would work as it would be a worlwide contest.

Unless I had the prize dropshipped from the Amazon in their own country.

Then it starts to get complicated

 

How about a $100 credit to any credible ecommerce store? They get to choose whatever they want up to $100 shipped to wherever they live or last option for payout can be via PayPal.

 

I would suggest a $100 gift card from MC or Visa which can be used anywhere just like a debit/credit card (until it's all spent). This way, it can be used world wide and is much easier to handle vs. cash.

 

I've never seen one of those, Do they sell them on their main site?

 

I would give your users a choice of a) $100 gift certificate from Amazon (which carries electronics and iPods among other things) or b) $100 cash price sent via PayPal.

 

|I think that the idea above me is really good, and would draw me to a contest|

 

The Sharper Image gives both gift cards and on-line gift certificates. Thety have some really cool stuff. I would like an Amazon gift certificate of course, so this is just another option.

http://www.sharperimage.com/us/en/catalog/categoryview/catid=2012/pcatid=20

 

I just did a quick search and a ton of stuff came up. The bank of america is one I would trust just looking quickly.

search?q=visa+gift+card

 

I give away gift certs to amazon people like those Y

 

Every site gets a ton of pop ups for free stuff anymore. I'd be wary of giving away a product, as there is always a feeling of "what do I have to sign up for to get it" type thing. I think cash or a gift card is a lot better, personally.

 

And you don't have to deal with shipping worldwide which could be costly as well

 

And you won't get people who say, "I don't want XXX, even if its a free XXX"

Who is gonna turn down a c-note?

 

Lol...No matter what you offer people have issues. If its Paypal, its not available in their country...If its an Amazon card, they can't get stuff shipped to them.

But I may take all the idea and create a list they can choose from. It is true that 95% will seem to jump at the cash option