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As a new business, budget-friendly prizes will be the way to go for a while. You won’t have luxurious prizes to give away from day one, and that’s okay. You have to start somewhere. Yes, people love luxurious prizes like cars, but that doesn’t mean that smaller prizes are any less valuable to them.
Sometimes, less is more. We’ll prove it to you by presenting five affordable prizes.
Creating branded merch is no easy feat and costs money, that’s true. But having your own merch is amazing on many levels.
First, it’s a cost-effective marketing tool. It creates ongoing visibility and boosts brand recognition. Having branded merchandise helps you stand out from your competition; it makes you memorable.
Also, customers love high-quality, useful merchandise. It fosters a stronger connection and loyalty to your brand, especially if they already have positive associations with it.
Third, you can sell your merchandise, which will be another income stream for you. Must we say more?! Perhaps only ‘ka-ching!’ 💸
So, go for it.
Create and offer items like branded t-shirts, mugs, stickers, tote bags — you name it. If it has something to do with your niche — say, golf — then even better. Your customers will most likely be golf fans, so a branded golf ball or club will come in handy and certainly make them feel like a winner.
Gift cards appeal to a wide audience, which is why they make for a fantastic and flexible prize. (Flexible because there are gift cards for anything nowadays!)
Again, if you run golf competitions and your grand prize is a gift card for golf-related activities, the winner will be absolutely chuffed! Whether it’s golfing lessons or equipment, it’s extra money they wouldn’t have otherwise had to spend on it.
Not only do gift cards benefit the winner, but they also benefit you.
They’re a cost-effective and easy-to-distribute prize for you to organise. You don’t have to send gift cards via mail anymore. Luckily, they can be sent digitally as an e-gift now, so you can save your shipping costs.
Who doesn’t love a good bit of fun, right? That’s what experience-based prizes are all about. The best thing is, even the coolest experiences don’t have to cost you a fortune. And your winner will have memories to last a lifetime, no matter what!
There are plenty of experiences to choose from, such as:
Ah, all of these sound so fun, don’t they?
These are another perfect budget-friendly prize option, especially if the theme is relevant to your brand, the participants, and the competition itself. All three ensure broad appeal.
So, again: as a business that runs contests around golf, your gift basket could include:
You get the idea.
This prize doesn’t have to be expensive, but it does have to be unique and desirable. Add a ‘twist’ to this gift, and make it a custom design, limited edition, or ensure it’s made from high-quality material. Either way, it should appeal to your target audience and be neatly organised in the basket. Impressions count, especially at the start of your journey.
Subscriptions provide a recurring source of value to the winner rather than a one-time deal, making them an excellent choice of prize.
It keeps your winner happy and your brand top-of-mind, as every time your winner uses the service, they’ll remember who gave them access to it. 😎 This also strengthens their positive associations with your brand and their winning experience.
Another good thing about subscriptions is that they’re flexible. You can choose whether you’d like to award the winner with a monthly, quarterly or yearly subscription. It can also be a subscription for anything — a streaming platform, an educational platform, or access to a publication that writes about golf, if we return to our previous example about golf.
Like with every prize, it’s important to ensure that the subscription interests your audience. Otherwise, you risk low turnout, and you deserve to host a successful competition! You’re a hard worker; you’ve earned it.
Fantastic! We’re so happy to hear it.
If you’d like to brainstorm some more budget-friendly prize ideas or have any other questions, then let us know! We’re experts in everything to do with competition and marketing, so you’re in the right place. We’re always happy to help. Contact us.
