Is it better to give ONE BIG grand prize or MANY smaller prizes?

Discussion in 'Growing and Managing a Business' started by mikewelsh, Jul 13, 2011.

  1. mikewelsh

    mikewelsh
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    We have limited budget to offer cash prizes for a competition. So should be just giving 1 HUGE cash prize for the grand winner or smaller prizes for 1st, 2nd, 3rd winners?

    What's your experience in users' response in this 2 scenarios?
     
  2. Jerlene

    Jerlene
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    Both are good but I've always given out more than one prize to bring in more participants.
    Sometimes people will join in in the middle of the contest and see that there are people who are quite active and they'll think they can't beat them so they don't participate.
     
  3. James Greg

    James Greg
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    I agree with Jerlene. If you offer more prizes more participants would step in and you will have a better competition. Giving away just one huge grand prize will restrict to participants with truly high confidence in their skills and that might be just a very few.
     
  4. Bliss Elliosn

    Bliss Elliosn
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    Absolutely, agreed too.
    having prizes for 2nd and 3rd positions would encourage more people to participate whereas one prize, irrespective of its worth, for the 1st position holder wont appeal more people to come.
    Prizes for 2nd and 3rd position holders would be a token of appreciation for their efforts and participation.
     
  5. terry98stone

    terry98stone
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    One is better than many. You can set a huge prize and much more smaller and smaller prize. To get all of visiters keep in joining you!
     
  6. Jerlene

    Jerlene
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    Well yes, one big prize along with a few smaller prizes are always better.
     
  7. Fergal

    Fergal
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    I previously asked BAF members for feedback relating to prizes for our contest and they gave some replies that you might find helpful, the majority of members appeared to favour a large amount of smaller prizes. You can view the thread at Feedback and suggestions for our next contest please?
     
  8. GekiDan

    GekiDan
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    I agree with everything that's been said here. I prefer to have many smaller prizes compared to a one big prize.
     
  9. sigma

    sigma
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    Depend on your status now. If your site is mature and big enough, you shall go to big price to attract the public focus. However, for the small or new site, better go for many small prize, more prize receiver will give more positive feedback to your site and encourage member to be more active and attract pontential member to join
     

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