What Prizes Should you give?

There are a variety of things that can be given out tocompetition winners during your events. This installment will examine a portion of them.

#1: Cash Prizes

Cash prizes are a great way to reward winners of your competition. They are the most practical type of gift to give and typically you can get sponsors to endorse your cash prizes which not only benefits you, but it benefits them as well. Determining the amount of cash to give really depends on how big your event is and how much you can afford according to your budget. Although you want to attract competitors, it is important to keep in mind that controlling your finances is a huge part in your event's success.

#2: Trophies/Medals

Trophies and medals are typically smaller prizes that can be given out that do not cost as much as cash prizes. Of course the down side to this is that your competitors will most likely find a cash prize more attractive, but if your event is on the smaller side a trophy and medal is a good gift. Additionally, most people feel good about simply winning, so a trophy or a medal is an added reward. As previously mentioned, trophies and medals are also good promotional tools for your events and associations.

#3: Goodie Bags

Sometimes event managers will send everyone home with gifts. The idea is to make your event fun and rewarding, so although your event winners may receive the biggest prizes, it is not a bad idea to reward everyone for their efforts. This will make a positive impression on them. As previously stated, goodie bags also provide for good sponsorship opportunities and will also provide opportunities for community vendors to get involved in your event.

#4: Raffles/Door prizes

Raffles and/or door prizes are another way to get spectators involved at your event. You can get local businesses to donate prizes, and you can always get your sponsors to help out as well. Raffles and door prizes will provide for a fun environment and entertainment during your event for those that are not competing. Plus, they are another good way to raise revenue at your events.

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Note about this article: This article is part of a newsletter series from Compete-At.com. Compete-At provides online event management and online registration software for sports.