How to choose the best kind of prizes for a successful giveaway

When you are launching a giveaway as a campaign to promote your product or services, one of the critical things that you have to think about is the nature of the prize that you are going to give to the winners.
Generally what you can offer as prizes can be divided into 2 groups:

1- Money: for example a transfer via online payment processors (PayPal, Skrill, Neteller…), or a Gift Card (Amazon, iTunes, Nintendo eShop…), Cryptocurrencies (Like Bitcoin, Litecoin…), or a prepaid payment card (Paysafecard, Prepaid visa debit cards…)

2- Physical: any type of item except that is mentioned in the 1st group above, for example(smartphones, Tablets, Watches…)

The first type of prizes (money) offers more freedom to the winners as they can buy with it anything they want, it means more option instead of a fixed item, or simply withdraw the money if it’s possible, but if you go with the 1st group of prizes many limitations may appear along the process from transferring the amount of money to the winner and while he tries to use it example;
– The payment processor limits the usage in some countries or it is not even available.
– The website where the gift card can be used does not ship to the winner’s country.

The second group of prizes which is physical prizes can’t encounter any problems except taxes that may be forced by some countries’ laws over the receiver (winner), but it still very rare.
So as you see both groups have their own negative and positive sides.

Conclusion:
To choose the right type of prize you have to look at these two factors:
1- The people that you target including their age, sex, and country of origin.
2- The product or services that you sell, if any.
Doing a little comparison between these 2 factors and the pros and cons of each type of prizes while keeping in mind that your main goal is to allow the maximum targeted people to enter your giveaway, you can know easily what is the best type of prize to choose.
And please be generous with your community as much as you can, I recommend you also to divide the reward to multiple prizes instead of one (If it is possible), so there will be more winners.

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