I just discussed this with a client launching a software.
One of the elements I'd recommend (and I saw talked about here) is the coolness factor.
Make it something that someone with a healthy cashflow would be impressed by... I saw a ride in a jet (??) mentioned. That obviously qualifies.
A friend ran a contest where he offered up cash prize to the top affiliate... the top affiliate didn't want the cash, he asked instead to have a reserved cabana at Rehab (the famous Hard Rock Cafe pool party).
Point is... he didn't want more cash (he knows how to create a lot of cash, hence he was the #1 affiliate)... he wanted something "cool" setup for him. He wanted the experience.
That being said, I agree with Mike that you should have flexibility as some WILL want the cash equivalent.
But I know a "car" would never excite me even if it's a $40k, $50k value. Where as some fantasy adventure or some memorable experience that I'd never even would have dreamed up before... even if the retail value was far less... THAT would peak my interests. If I want a car, I'll go buy it... give me something really out there to remember for the rest of my life or a "first kid on the block" gadget or something with a "coolness" factor to it.
Also... I'm not sure if it was talked about, but I'd recommend running a contest for lead-referred as well (not just sales). Obviously you probably want to use lower ticket items (Amazon gift certificates, HD flip cam's, Kindle's etc) but award those who sent a lot of leads your way too!
And don't forget to followup with a bit of recognition and thank you to your top performing affiliates to they remember you next time you need to come around for an affiliate invitation.
(This last part I messed up far too often in the past. With the new systems and team in place, it will be something I focus on for each project and every client.)
The idea of making prizes available for everyone who hits certain sales numbers is awesome. That's something I think I'll be trying to implement in my next launch.
I always look for tiered prizes. My list is not the largest, so I know the usual suspects on all the large launches will fall in the top 10. It definitely keeps you motivated.
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