Cash/Prize Contests - Prize Amount vs. Time Limit

Discussion in 'Increasing Traffic' started by Staxed, May 2, 2011.

  1. Staxed

    Staxed Staxalicious

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    I'm currently working on a new community that I hope to release by the end of the month. As a "Grand Opening" marketing technique, I plan to have a few cash contests.

    I know I will be offering a $100 contest with a month long period, but I'm also kicking around the idea of a $1000 contest with either a 6 month/12 month period.

    What are you opinions on longer contests like that. I know if it was $100 for a year long contest, most people might not care (I know I wouldn't...that's less than $10 a month really). But where do you think it becomes worth it to people?

    In my opinion, the possibility to win $1000, even if I have to wait a year to find out I won would be worth it.

    What would you suggest amount/time/interest wise?
     
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  2. Sharpie

    Sharpie Aspirant

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    I believe that to be a good idea, so long as the competition is something that people can be interested in. So, if it was, get the most reputation on a site all about graphics, and the person is an artist then they would be interested in the competition. On the other hand, a financial advisor would not be so interested :p. So my recommendation would be to have the competition based on something general, to try to interest many different types of people.
     
  3. Staxed

    Staxed Staxalicious

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    Thanks for the response, though it doesn't really have anything to do with the question I asked, lol.

    These contests will be targetted at a specific group of people due to my forum being made for a specific group of people.

    But who to aim the contest at isn't what I'm seeking opinions on, I'm seek peoples thoughts on what they think is a good prize to time limit ratio that would get somone interested in a contests.

    I.E...

    The person with the most posts in the next year wins $5! (this is too little)

    Top poster of the week wins $2500! (this is too much)...

    Where do most people think the middile ground is that would give you the most bang for your buck?
     
  4. tbofram

    tbofram That cool member

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    well what i have done in the past is set up a contest for say $100 and just let it run for a month or so. but say your doing a big one like $2500 i think 6 months or so is alright. but your right about having to wait a whole year for just ten $$$ is not going to attract much people. if i noticed someone giving away $2500 for being really active on a forum for the next 6 months i think i would go there and try. but if you have the money then even 3 months would bring alot more people. if in this 3 months the people notice the forum is really good they will probs stay even after the contest as they will have made new freinds and they will want to see the next contest
     
  5. Sharpie

    Sharpie Aspirant

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    I see what you mean, I would go for something like a prize of $5 per week, as although this doesn't compare to the $100 dollars per month, the short time period is quite appealing, with a chance to win some money quickly. The longer you go with the competition the more you are going to have to increase by, so the graph would look something like this:

    [​IMG]

    Lol pro paint skills
     
  6. tbofram

    tbofram That cool member

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    lol did you make that ?
     
  7. Sharpie

    Sharpie Aspirant

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    I copied an image off google and the wrote in my own info :biglaugh:
     
  8. cpvr

    cpvr Tazmanian Master

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    Usually when I do competitions - I run them for a week or two, and its very effective. Members join up for the contests, then they stick around and such. I ran a $100 posting competion on my community, it went well.
     
  9. Staxed

    Staxed Staxalicious

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    That's normally what I do wtih established communities as well. Smaller $25-$100 monthly contests (which I plan to do also). But for a beginning community with no content, I don't think a $100 weekly contest would really produce any longtime members since there wouldn't be much content to keep them interested, which is why I'm looking at longer term ideas.
     
  10. cpvr

    cpvr Tazmanian Master

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    Well - it depends on your community - I ran a $100 posting contests in the beginning of my communites time - and plus, you have to go about promoting the contest on the web - that way you can increase your chances of new members, thus, making the competition very worthy.

    Two weeks sounds like a great time frame though. A month? Eh, I think users would be active for a little bit, then forget.
     
  11. Staxed

    Staxed Staxalicious

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    If it was just a one time contest, yeah I'd think 2 weeks would be good. But these will be ongoing contests, held every month (or other timeframe) on a continuing basis.
     
  12. SEOWarrior

    SEOWarrior Enthusiast

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    ya i'm trying to debate myself welcome to the club. Im thinking either a 100 for a month ongin or 100 every two weeks just depends.. Then i go into the debate do i offer some for seond and third.. and mabey do a signup contest as well or somehow roll them all into one lol Definately hard to decide let me know how it goes.
     
  13. Staxed

    Staxed Staxalicious

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    In the end, I couldn't decide what I wanted to do, so I've decided to go with a raffle system.

    People will earn points for posts/referrals, and there will be weekly, biweekly, monthly, and a longer term raffle available. They can then choose which one to spend their points on to buy raffle tickets.
     
  14. SEOWarrior

    SEOWarrior Enthusiast

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    Me i think i'm going to go with the 100 posting contest every two weeks. I want to install a few mods first though. And put a few more threads in least 50 in each section make it easier when the posting comes up. Right know i'm getting between 2-3 signups a day though with little advertising just minly forum comments on this and another forum. so all and all pretty good for my first forum.
     
  15. Staxed

    Staxed Staxalicious

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    yeah, I've got a while to go before I release mine, hoping 1 Jun :D That's the goal at least.
     
  16. TheREALLegacY

    TheREALLegacY Aspirant

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    I would say 20 bucks a week for most posts may be enough.. maybe use a point system like my site rather than real money that can be used to buy things, etc
     
  17. SEOWarrior

    SEOWarrior Enthusiast

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    well i'm going to do 100 to get it started getting closer and will last every too weeks if we get good results.