Cash Prize Giveaway ~ How To Raise Funds For The Competitions!

Cash Prize Giveaway (sweepstakes if you like) is a common way to get some quick cash straight to your Paypal Account (As a participant).  You connect to a certain website, do one or two things and if you are lucky, you get cool hot cash straight to your Paypal account. As a blog owner, it’s an exceptional traffic tool and huge blog engagement weapon.

Now tell me, what will you do with $75 sent straight to your Paypal?

That may not be big enough to cover your house rent! However, it may help pay your hosting bills, domain names, buy a premium plugin or theme or even hang out in a Café Resto next street.

Before we get into the meat of this post, (raising funds for your Cash Prize Giveaway), let me quickly inform you of this opportunity to enter and win hot cash in a cash prize giveaway that’s being done by my blogging pal Kharim Tomlinson on his blog. In this Punchtab driven Giveaway, 3  winners will be selected;

1. First winner (probably you) will move away with $75 cash
2. Second winner will go away with $50 cash
3. And Third winner gets paid  $25 cash

These prizes will be sent to Paypal.

If you don’t have a possibility to receive by Paypal, you can always get it through a friend or have something bought online and sent to you.

Enter The Giveaway Here!

Why do bloggers do  cash prize giveaways?

Let me use this opportunity to throw in some light about cash prize giveaways and why we do it often.

Recently on this blog, I have had 3 blog commenting cash giveaways in about 3 weeks.  4 winners were selected and a total of about $225 paid out cash. I still will be doing more of this so don’t think I’m done with.

When I looked at my traffic stats, there was a serious jump forward. That means there is positive reason to run these competitions.

One strong reason is the reward you give your readers. If you are like me, you know that your blog readers are most precious. While you may think you give them worthy contents, giving them an opportunity to win cash doing what they do often on your blog is a very cool idea and a motivating factor.

I could as well use that amount $225 on Facebook ads or Google Adwords. That would have been lack of application of knowledge. The benefit of running cash contest on your blog (in terms of traffic, engagement and even SEO) are more than anything you will get with paid traffic.

Here is my point…

Instead of giving Google or Facebook $500 for paid ads, I’ll prefer the following;

1. Run a Punchtab giveaway on my blog where winners win $200 in total
2. Pay 6 bloggers ($50 each) to blog about my contest and link to it.

That would have been a total of $500 spent right?

Here is what I stand to gain…

• 6 backlinks from the 6 blogs.
• Longterm direct traffic from the 6 blogs.
• Build a strong relationship with the 6 bloggers.
• Offer my readers monetary reward thereby building more trust.
• Grow my social media base – more likes, tweets, G+, followers.
• Benefit from the effect of viral traffic generated by Punchtab.

I think for bloggers, these are just outrageous benefits. If you have an ecommerce shop, you may consider otherwise.

You see why I like the idea of cash contests and giveways?

How to raise funds for your Cash Prize Giveaways

I know this is the hard part of the whole thing. Most of us would love to run these result driven competitions but what holds us back are the prizes.

Giving out something tangible as prize is a good option. However, it has to be hot and unique. Some bloggers give out themes, plugins, webhosting, etc. The problem with  this kind of prize reward is that, evidently, not everyone that comes across the contest will have compelling reasons to take part.

For instance, if you are running a Genesis prose theme giveaway, you certainly will not have me on board. I have it already

If you are running a commentLuv Premium plugin giveaway, you are not going to impress me. I have it already.

So you limit yourself big time, giving out some prizes that are in possession of a cross section of bloggers.

Hot Cash is best!

Everyone’s attention is peaked when it comes to cash. Everyone needs cash. Cash is the highway to anything you want. Yes! With cash, you can buy anything – online and offline.

That’s why doing cash contest or giveaways always gets a lot more attention from around the globe.

Cash prize, being most attractive, at the same time, it’s the most difficult to get. Here are two ways I suggest you go about looking for cash prizes for your next contest;

1 – Team with friends: This is often good to start with. If you are 5, you can come together and put $25 each. That will amount to $125. People will still get mad at winning it.

Then you can co-host the sweepstake on your blogs. With PunchTab, it will be easy and I think you can really benefit from mass exposure doing this.

2 – Get sponsors: This is my most favorite method. I have  had many advertisers sponsor contest and giveaway that I run. That’s simply because I set out to give them exposure.

No one is just going to give you $150 because you want to run a sweepstake. For the most past, just a simple link and mentioning them on the giveaway post is  not enough.  I resorted to doing complete review of their products and that has proven to work.

You must come out strong and let your sponsors know what they get in the package. If you want my brain, build up a huge package of advantages like –

• A complete review of their products.
• Banner ads on your blog for them.
• More exposure through advertising.
• Etc.

I have mentioned a couple of times here on my blog that advertisers need exposure and the more you give them, the more you get paid for it.

Now let’s chat…

Have you done cash prize giveaways before? What where your results? How did you raise the funds for the prizes? Do you intend to do more of these competitions?

I’d like to hear you out in the comment box below.

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