Comments on: How Many Winners Do You Really Need? http://pstblog.com/2009/04/how-many-winners-do-you-really-need/ Project Support Team Blog Sun, 05 Sep 2010 07:40:32 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Craig McDaniel http://pstblog.com/2009/04/how-many-winners-do-you-really-need/comment-page-1/#comment-43 Craig McDaniel Thu, 30 Apr 2009 19:27:02 +0000 http://pstblog.com/?p=22#comment-43 Having studied this questions for years and reviewing the entries patterns from over 100,000 members, I tend to see the best result come from the middle. I believe that having a good size Grand Prize is important. However if the budget is large enough, great results come when the first and or second prizes have a value over $1,000. For example, if you had a $25,000 prize budget, a $10,000 Grand Prize with one $5,000 First Prize and 10 $1,000 Second Prizes would be your best combination. The way my members would view this is they would have 12 chances of winning a big prize. The perceived odds of winning is what works with this combination. The other option would be to do what the Miller Beer did recently. They gave as prizes 7,000 $25.00 Visa Gift Cards. Again, the perception of winning a cash prize is what was appealing. The feeling here is the odds are very good that “I” was going to win “cash” is the reason this promotion did so well. Last, what really matters is the quality of the prize. Meaning that if you giveaway the same number of $15.00 valued t-shirts or $15.00 gift cards, the gift cards would receive 3 or more times the total entries if this was the only option for prizes. Bottom line, cash is king. Craig McDaniel aka – Mr. Sweepy™ Having studied this questions for years and reviewing the entries patterns from over 100,000 members, I tend to see the best result come from the middle. I believe that having a good size Grand Prize is important. However if the budget is large enough, great results come when the first and or second prizes have a value over $1,000. For example, if you had a $25,000 prize budget, a $10,000 Grand Prize with one $5,000 First Prize and 10 $1,000 Second Prizes would be your best combination. The way my members would view this is they would have 12 chances of winning a big prize. The perceived odds of winning is what works with this combination.

The other option would be to do what the Miller Beer did recently. They gave as prizes 7,000 $25.00 Visa Gift Cards. Again, the perception of winning a cash prize is what was appealing. The feeling here is the odds are very good that “I” was going to win “cash” is the reason this promotion did so well.

Last, what really matters is the quality of the prize. Meaning that if you giveaway the same number of $15.00 valued t-shirts or $15.00 gift cards, the gift cards would receive 3 or more times the total entries if this was the only option for prizes. Bottom line, cash is king.

Craig McDaniel
aka – Mr. Sweepy™

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