According to the research done by
Marketing Week, when it comes to the size of the prize, less is more. The study found that people are more likely to partake in your incentive-based marketing strategy if they feel like they have a good chance of being rewarded because the prize is of lower monetary value or there are more of them.
Volkswagon UK found that the monetary value is not always the most important factor for consumers as one of their most successful campaigns offered a low-cost nostalgic prize that struck a chord with their audience.