It doesn't have to be expensive.

You can give away anything that you think your ideal audience will like, regardless of the cost. Often samples of your product, experiences, or simply being the first to get something is enough to capture an audience. This also means themed simple items such as fireworks on the Fourth of July or a limited edition of your product to bring the audience back to you.

Give a complete gift or experience.

It is often best to offer a complete experience for your grand prize instead of a discount or an item that requires add-ons. For example, a boutique offering a gift card for the standard price of a complete outfit or VIP tickets to a festival that includes any add-on fees there may be.

Stick to your budget. You can get creative with packages and prizes being items or services that don't cost you much as long as they are things your audience would be interested in. For example, if you want to stay low-budget for your bakery's grand opening- offer a free cookie package for leads that are a fan of your product.

Have a friend win too.

Encouraging referrals can look like offering "if you win, they also win" items and experiences. This can be a couple's Valentine's Day-themed dinner package, a day at the spa for the winner and their friend, or even work for a service like lawn care- one wins a freshly mowed lawn- they both do.

When it comes to a waitlist for a new product launch, exclusivity can even be a prize in itself. Offering the top of your list to be the first to receive your product or a limited edition item can be enough to drive a competitive crowd. You can also offer a one-of-a-kind product style for your winner for extra bragging rights.