Viral Contests - Ultimate Marketing?

[brunixbl]

While I was doing my daily Entrecard drops :icon_twisted:

I came across a few websites running some contests but one of them seemed to have enormous Viral Potential.

Basically you could win $100 in advertising and 1000 Entrecard Credits. One of the ways to enter is by copying links from his blog post, posting them into your blog and telling your readers to do the same thing. To me that is about as viral as it can get.

Are these contests actually producing results? Has anyone had any luck with one?

To read exactly what he is doing you can visit his blog post at:
The Social Millionaire - A Million Dollars With Social Networks

I think I saw the university kid doing something similar with a bigger prize involved at:
We’re Back With A Bang - The Ultimate Blog Contest | The University Kid

I'll probably add both of these contests to my blog tomorrow since I spent some time today on Entrecard

[The University Kid]

Pretty sweet contest, eh

[brunixbl]

Yes - its pretty sweet contest! Are you seeing much traction in terms of visitors from it?

[The University Kid]

Visitors have more than trebled daily, having to upgrade my server soon... as for the backlinks, they're coming in fast too, and the RSS subscribers are going well.

Considering I'm only going to have to spend around $100 of my own money and a few hours to set this up, it's an insane ROI... I'm going to create a post about setting up a kick ass contest when this is done