The Importance of Aspiration in a Promotion or Contest

There are lots of reasons to run a contest or sales promotion - increase brand exposure, create customer database, test market new product, encourage trial, or drive web/store traffic.  Whatever the objective, a key element of a successful promotion is offering something of high perceived value to consumer.  This can be cash, trips, merchandise, or unusual experience.

The Honey Nut Cheerios is a great example of a contest totally missing this aspirational component. Win a year supply of cereal doesn't inspire or motivate.  What's worse, the prize is actually only one box of cereal per month - a total value under $100. 

This example really looks like the idea was generated in the boardroom without any consideration of the customer.  What would motivate them to participate?  How can we stand out?  What is the return on promotion we want to achieve?

It also appears to have been developed with an eye to minimizing cost rather than maximizing results.