Determining the value of the prize involves balancing cost and perceived value. Here are some tips:
Cost-Benefit Analysis: Calculate the potential return on investment (ROI) of offering a costly prize. Consider the expected increase in engagement and conversions. Perceived Value: Sometimes, the perceived value can be more impactful than the actual monetary value. For example, a limited edition item can have a higher perceived value despite a lower price tag. Audience Preferences: Use data and insights from previous campaigns to understand what types of prizes have been effective in the past. Surveys and feedback can also provide valuable input.