One of the most important aspects of executing your next contest is picking the right prize. While there are many nuances, there are a few major attributes that will help determine what prize you want to give out. In this article we’ll go over the 3 main attributes of a great prize.
Attribute #1: Purchase intent.
Purchase intent is essentially how relevant the prize is for your target audience. The more targeted the prize, the higher the purchase intent will be. Think, if my ideal customer covets THIS prize, he will definitely also want my product.
Example: If someone wants my prize, a lifetime supply of dog food, then he’s probably a dog owner, my ideal customer. BUT if he wants a Macbook Air, he may or may not be a dog owner.
Remember that just because your prize is related to your business, doesn’t mean it has high purchase intent. For example, if you were giving away a trip for 2 to Hawaii and your blog is about travel, you’ll end up attracting a lot of people who don’t care at all about travel but just want the free trip to Hawaii.
High purchase intent is great for improving the quality of your leads. If your goal is for quality, then choose a prize that has extremely high purchase intent.
When you’re trying to execute an Evergreen Contest Funnel, purchase intent should be your #1 decision factor.
Attribute #2: Share-ability
In 2015, Amped Asia gave away a date with porn star Lana Violet. While the contest attracted about 10,000 contestants, the goal was actually to get around 100,000 (because costs for the contest were high). The main reason it failed? Share-ability of the contest just wasn’t great. Guys who wanted to win the contest didn’t want to tell people they were trying to win a date with a porn star because it was a little taboo.
People share things because it makes them look good and it is valuable to their audience. If your prize is valuable to their audience, then they will share it. Remember that with VYPER, contestants get extra entries when sharing.
Attribute #3: Wow Factor
Dropbox for Life was a great prize because it just sounded awesome, even though truthfully, it doesn’t even cost AppSumo that much to give out the lifetime account ($99 a year or so).
Awesome prizes like these generate much more buzz and sharing because people are much more desperate to win.
When you’re looking to do a high-ticket funnel, the wow factor should be your #1 decision factor.
The reality of these 3 attributes
The reality is that it’s hard to hit all 3 of these attributes.
Generic “big” prizes like a Macbook Air, Dropbox for Life, or a Ferrari have amazing wow factor, but they generally don’t have high purchase intent. Anyone could potentially want any of these prizes, so you’ll attract a large amount of emails that aren’t qualified for your list.
On the other hand products that have extremely high purchase intent may not be that shareable or have a great wow factor. For example, if you were a business coach who gave out a free private session, it’s unlikely that a random Joe Schmo would want your prize unless they’ve already heard about you. However, the contestants that do want this prize generally would know who you are and would definitely be your ideal customer.
At the end of the day, you have to find a prize that is a happy medium between being extremely “wowing” and having high purchase intent.