Fundraisers these days often have to get creative about how they bring in the cash, given the competition out there and the poor economy. That’s why so many opt for a fun activity like a charity golf tournament. Often, in order to attract even more people to the event, the tournament will feature a hole with a special value attached to it. Anyone who sinks a hole in one on it will earn some kind of amazing prize like a new car or thousands of dollars.

Getting a hole in one is a very rare achievement, so many people may be confident in offering all kinds of prizes. After all, what are the chances they’ll have to pay up?

Well, first of all, it’s important to consider the arrangement. This type of challenge is only appropriate for a par three. No one will take it even remotely seriously on any other type of hole. Also, no one’s going to be attracted by the prospect if it’s only $100. Even offering $1,000 probably isn’t enough to convince someone to enter a tournament they otherwise had no interest in.

It’s still unlikely a hole in one will happen, but if it does, it also wouldn’t be the first time. This is when you’ll be happy you paid for hole in one insurance.

As the name suggests, hole in one insurance will cover you in the event that someone sinks a hole in one and you owe them a hefty prize. For a fee, you no longer need to worry about someone doing so. In fact, you might as well hope it happens, as it will only increase publicity for your event.

The premium for this type of insurance will generally depend on the number of people playing in your tournament, how much the prize is worth and the distance between the tee box and the hole in question.

Fortunately, hole in one insurance tends to be very affordable. Even for more expensive prizes, it can often be secured for as little as 3% of its total value. So it’s really a no brainer when you consider what that kind of investment can attract in terms of participants in a tournament.

No golf tournament is complete without some prizes. Whether you’re throwing it for publicity, to reward clients, employees or because you’re raising funds for charity, players have come to expect there will be a number of prizes waiting for them if they take first, second or third, hit the longest drive, sink the longest put or meet other requirements. However, if you don’t hand out prizes people will actually want, your next tournament may be a bust. So here are some popular ideas.

Golf products are always an obvious choice. Anyone playing in your tournament is obviously fond of them, so you know they’ll be a hit. The nice thing about golf products, too, is that you can find items from all price brackets. Gloves, hats and balls are at one end of the spectrum with clubs and bags at the other. Plus, you can buy all these items from one place and potentially save some money.

Another popular option is tickets to a game. Like the above example, you can be reasonably sure that your attendees are all sports fans. Again, buy them in bulk to save money and then split them up into batches of two or four.

Sports memorabilia is another sure thing. Signed golf visors, for example, or autographed pictures of a big win all make for great prizes. However, feel free to branch out to other options. Memorabilia from local teams will definitely draw some envious eyes.

No golfer will be upset about winning the opportunity to play more golf. If you’re in charge of the course throwing the tournament, this is obviously a very affordable prize too. Otherwise, see if you can work something out with the establishment that is hosting your tournament.

Finally, don’t forget about good old fashioned trophies. Prizes are great, but someone who wins a tournament wants a way they can display it for everyone to see.

Keep in mind that you should consider the purpose of your tournament before picking one of the above. If your goal is to raise money for charity, expensive prizes will cut into the money you can give away and appear in poor taste. If you’re throwing a corporate event, on the other hand, expensive prizes are often expected. Fortunately, for charity events, you can hope to get many items donated.

The above list should be a good place to start, but feel free to adjust the ideas as necessary in order to better fit the demographic you’re servicing.

There are a number of reasons you may decide to put on a golf tournament. Often times it’s just a good way to market your course to non-members for a day or two. Other times, people may use a golf tournament to bring in money for their charitable organization. No matter what the reason, if you want a high turnout for the event, it’s good to consider more than just the golfing as an attraction. Advertising tournament prizes is a great way to bring in even more business. Here’s how to pick the best ones.

Start by considering the point of your golf tournament. As we mentioned, often times it’s a charitable fundraiser. In that instance, you want to set a reasonable budget as anything more will cut into the money raised for charity. If it’s something like a corporate event or has a business purpose behind it, putting more money towards prizes makes sense. This is especially true if you’re looking to market yourself to attendees.  Otherwise, the following year, you can expect less people to show.

One easy choice is to pick golf-themed prizes. You’ll know whoever receives them will be grateful given that they’re all golfers. Balls, golf clubs, bags and clothing are all valid options you can hand out to recipients.

Be sure to consider trophies and awards as well. The more you can hand out the better, though you shouldn’t give them away for trivial reasons. Things like the longest drive, closest to the pin, straightest drive, longest put, etc. are all options aside from the obvious trophy given to the winner as well as second and third place. People who win trophies may help you with marketing by displaying them in their office or at home. You can also rest assured they’ll be anxious to defend their title the following year.

You’ll also want to think about where you’ll be purchasing all these prizes from. One way to save money is by ensuring they all come from the same source. Fortunately, there are a number of companies out there that focus on people in your situation. So you can save money by purchasing from them in bulk.

It also makes sense to look for sponsors who can help chip in for prizes too. You get award your players these items and the sponsor gets free publicity.

While it may seem trivial to some, golf tournament prizes can have a lot to do with the success of the event, so be sure to give them the thought they deserve.