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Cash contest amount higher than the money I have?

by Marani
9 replies
Hi,

I don't have enough money to create a contest but I need to have one.

Is it a good idea if I create a contest to affiliates and set an amount that I don't have currently in my account?

For example, a contest with a total of $1000 (for the first 5 winners affiliates) while I have half of that available at the moment, but mentioning in JV page that affiliate(s) have to make the at least prize money to win the contest (or else prize will equal the commissions paid).

I use "number of sales" type of contest.
Thanks
#amount #cash #contest #higher #money
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  • Profile picture of the author Kay King
    That sounds highly unethical....if you run 'contests' and then find ways not to pay the prize....won't be long before affiliates won't work with you.

    If you have $500 - run a contest for $500 and PAY the winner(s).


    Of course, it's possible affiliate sales during the 'contest' would generate the remaining $500...but that is a risk.
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    • Profile picture of the author Marani
      I never said I don't want to pay them. the condition on the JV page is to make sure they make the prize money. honestly, I have $200 and the last time it didn't catch their interest. (the quality of the launch was good enough).
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  • Profile picture of the author Kay King
    That makes sense - you would have a 'qualifier' - such as minimum $$$ in sales or XX sales that would make affiliates eligible to qualify for the 'prize'?
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    • Profile picture of the author Marani
      If that's a question then yes, as I said in the first post, the contest was based on # of sales and in the JV page, I have written that JVs need to make the prize money in order to win the contest. but seems that wasn't a big prize for them.
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  • Profile picture of the author Randall Magwood
    It's best to have all of the money on hand before you run a contest like this. That way you won't conceptually have anything to worry about. Don't half-way do it. This "half-way" stuff will plague you in multiple ways later on.
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  • Profile picture of the author Alberto Marsh
    Cut down the amount of your contest and distribute into multiple contests. Make sure to pay off contests on time otherwise you are not going to stay in the long-run competition.
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  • Profile picture of the author agmccall
    maybe you don't have a contest on your first product. or the contest has only one winner and that winner gets a % of total sales

    al
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  • Profile picture of the author Oziboomer
    I've seen plenty of JV pages with prizes much larger than what you are offering and almost all of them have conditions quite clearly spelt out.

    It is unusual to see a requirement that anyone winning any level of the contest must have at least an equal value of FE sales or they win the equivalent of FE sales.

    I'd suggest you take a look at a number of the JV pages of launches advertised on Muncheye or inside JVZoo as the condition that sales must exceed the prize value does seem to be quite prominent.

    There also tends to be a condition that the sales must stick and not be refunded within the guarantee period.

    In most of those launches apart from the big repeat players I would almost expect they "didn't" have the total prize sitting in the bank before they launched the product.

    They rely on sales to amass the prize money. . . surprise surprise. . .who would have thought that?

    Best regards,

    Ozi
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  • Profile picture of the author fivebbcsocialmedia
    I think it's too much.
    You can't create a contest if you have not enought money for it because you know this is a risk that you will not collect the required amount in time.
    So this can turn into disrespect to your affiliates/followers/clients if you do not fulfill your promise. Think twise.
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