Kathy M.
Tradeshow Manager/Business Development Resource Manager, Salesforce.com Administrator at BlueSpire
Are you more likely to respond to a giveaway if there is only one large prize or multiple smaller prizes? Ex: One $500 gift card or five $100 gift cards.
Answers (12)
I would go for smaller prizes. Chances would increase
Sandy B.
"Sharing Powerful Proven Methods To Measurably Market Almost Anything Without Investing A Dime More Than You Are Today”
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Why not offer both. That way there is one big winner and a few smaller winners and I'd also offer 25 $25 gift cards and a few other smaller gifts that have a high perceived value and a low cost. Why, everyone wins something and it shows your appreciation. Think of all the contests, raffles and 50/50's you've entered... How did it feel to not win anything.
Links:
Dave M.
Professional trade show booth traffic builder and party entertainer. Corporate and private sector events.
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I like Sandy's answer... makes the odds of winning better for all involved...
Fred M.
Experienced Cross-Functional Business Professional
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It doesn't affect the probability at all, and the odds increase only slightly. If I were interested in the prize, it wouldn't matter which one was offered to me, the large one or various small ones.
That's me. Most people think that with more prizes they've got a better chance of winning. So I guess the answer to your question is, who are you targeting? If they're mathematically inclined (accountants, financial experts, engineers) then it won't matter, just offer a compelling prize.
Vincent V.
Breakthrough Coach | Global Ambassador at Shaklee Independent Distributor
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I'd be more likely to respond to the smaller prizes Kathy. No point in trying to get the big prize - one's chances of losing are much greater.
Rob D.
Speaker, Author, Actor, Innovation Catalyst
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I like more prizes. A 5-3-1-1-1 type of split works well.
Judy B. M.
Business WRITER | Editor | Blogger | Strategic MARKETING COMMUNICATIONS | B2B | Web Content Creator | BusDev
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Most contests I see offer both. The more chances to win, the better.
Tina A.
Freelance copywriter, editor and proofreader Hampshire/Dorset
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I'd say it depends on whether you want many low-quality leads or fewer good-quality ones. The bigger the prize, the more people you're likely to attract, but it's a scatter-gun approach, because a good proportion of those will be compers who are there just to enter the competition.
Chaim J.
Owner - The Calendar Warehouse - Promotional Calendars for Business
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Kathy -
It seems to me that your question is suspended in a vacuum. It sounds like you have a burning desire in the pit of your stomach to hand out a prize to anyone who sticks their hand (or business card) out.
What interaction/qualification have you done with the attendee to determine whether they are a potential client ?
What action (listen to sales info/ fill out requirements form, etc.) have they completed to QUALIFY for the drawing.
What other materials might they have been given that would maintain THEIR interest and THEIR follow up when they are ready to buy ?
Just collecting unqualified and random business cards doesn't justify the expense of the giveaway, let alone the trade show.
Carson T.
Creating memorable experiences and positive outcomes.
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Psychologically it is not about the number of prizes that attracts entrants it is the probability of winning. We have created a number of interactive immersions and found what works best in our formula is something that is sustained, fun and creates a behavioral anchor.
With this in mind how would you think a contest with a prize being awarded every day for two weeks sound to you versus we are giving a way ten prizes? There is no difference in the number of prizes but it chunks down in the sub conscious mind you have a better chance of winning if there are two weeks your number is being drawn to win one of ten prizes.
Keep the creativity flowing and the wow going..
Carson Tang,
Carson Worldwide
www.carsonworldwide.com
Ben B.
Branding and Promotional Marketing- We are here to Get YOU Noticed!
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Kathy:
It really depends on your objectives. What are you trying to achieve?
Giving away smaller, less relevant prizes, not aimed and the wants and needs of those you are trying to attract will do nothing but get you ignored.
However, a single large prize does not always bring in the right type of prospect either.
The trick is to understand who you are trying to motivate and why? Why do you want them to enter your contest, what information do you want from them and who really is a potential end client?
With these questions answered you have a much better chance of developing a campaign that will achieve your objectives.
Regards;
Ben Baker, President
www.cmyksolutions.ca
Getting YOU Noticed!
Mads Christian B.
Leisure Management: Events, Marketing, Innovation & Sports | Personal Trainer
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I would go for the smaller prizes. For me the chance of winning is more important than the size of the prize.
