You have a limited contest budget. It’s imperative to get the best bang for your buck. How will you spend that money to get the most value? There’s no doubt that the prize offered affects the response rate. But what is the best strategy? Is it better to have more winners at a lower incentive value or fewer winners of a larger prize offer?
In this article, I share research findings and insights into how the prize offer affects response in radio contests. Including:
- Is cash still the best prize offer?
- The power of choice in prize offers.
- How to maximize the prize offer.
- Tiers of prizes that impact results most.