From running a few competitions myself I now for certain that if it takes too long then people will not take part, higher rewards does compensate to a point, like in Alive Chat for example, and one other thing is to always mention the participants so they come back, and the fact is I will soon add a similar feature to Alive Chat that I do in This Is Awesome where we have winners with the most tickets too, and that tickets are rolling over.
!ALIVE
@roninrelax! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @ flaxz. (19/20)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want, plus you can win Hive Power (2x 50 HP) and Alive Power (2x 500 AP) delegations (4 weeks), and Ecency Points (4x 50 EP), in our chat every day.
This is partly true, but we must not forget the old and very wise saying, which says that for every product there is a special buyer, and all the participants in my competitions are the cream of the hive, very smart and purposeful people :)
The size of the prize is not always the driving force, I personally participated in competitions for solving crossfords, spending money on magazines and receiving a greeting card as a prize, and I was pleased with that, but the questions were such that I had to spend a lot of time in the state library to find the answer to the question, but there was no Internet then. I focus on those people for whom sport is sport, and they love sport, lol, like a game of chess in the middle of the park on a bench.