Selection of the prize is very important for a successful contest. The number of participants, their motivation to fulfil the task, interest of other websites and mass-media which could write about your Giveaway depends on what you offer as a reward.
You should keep in mind some important facts when selecting a prize for your contest.
1. What is the cost of your prize in money terms?
Even if you have produced a prize by yourself, you should estimate how much would it cost in a shop. Understanding of the price will help you to feel the balance between prize value and contest rules. It goes without saying that the prize costing 3000 roubles will arouse much more interest compared to the prize for 300 roubles. Taking into account assessment of popularity of various Instagram contests, we can say that the best cost of the prize should be within the range from 1500 to 5000 roubles. The bigger cost is even better, but the prizes with smaller cost evoke interest of far less people.
Sometimes the prizes of lower cost are successful as well, for example, if they are focused on a specific target audience - young mums or beginning handmade-masters. Or when the contest conditions are pretty simple - for example, just to like a photo. The general advice is that the prize value should correspond to the efforts made for winning.
2. If the prize interesting for your audience?
Each company has own specificity and audience. You should understand features and demographic characteristics of your followers in order to choose a really useful prize. Don't offer followers of a girls' group to compete for electric drill. Still, sometimes prizes become desirable among off-target audience. For example, electric drill may become in-demand in girls' group before the Father's Day.
3. Does your prize meet the interests of your company?
The prize should not only please the participants, but also remind of your company and your brand. A good prize can be selected from your products or it can supplement them. If you sell fireplaces, it would be strange to see a shampoo as the contest’s prize. But a bottle of good champagne or wine could perfectly supplement the evening in front of the fireplace.
4. Is your prize unique?
The stuff you can buy in a shop round the corner won't arouse much interest. Try to find something people cannot find easily. Have you travelled across some foreign country? Do not forget to bring gifts for friends and relatives. And the prize for your following Giveaway :)