The easier the participation...
The easier the participation, the higher the response and the number of registrants. The prize can be , a meeting with, for example, a famous football player or a gift certificate, but it primarily depends on the desired goals and target audience of each campaign.
Desirable item relevant to the brand's product or service
the key is to offer a desirable item relevant to the brand's product or service - as well as strike the right balance between price and the highest possible reward value experienced by the customer.
How much the participant values the prize
The value of the prize is not determined by money, but by how much the participant values it. The association of the award with the brand increases the value of the award and emphasizes the value of the brand.
Another important factor is the value of the prize. As for determining the prize fund, many companies work according to a pre-determined gap or according to the established rule "because that's how it used to be done". Of course, if the reward is something that participants can greatly benefit from, they are more likely to be motivated to participate. However, before deciding on values, campaign objectives should be clearly defined. Unfortunately, many miss the opportunity to be more attractive to their customers by setting a smarter, more appropriate reward.
Either the prize will be a new car, a celebrity meeting or a gift certificate, it will depend on the desired goals and target audience of each campaign. In any case, the key is to offer a desirable item relevant to the brand's product or service - as well as strike the right balance between price and the highest possible reward value.
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