Blog contests seem to run in the vein of money giveaways, Entrecard freebies, or something over the top. It’s all a ploy, right? Blog owners holding contests simply want backlinks and new subscribers. Exactly, but why not?

John Cow worked with his sponsors to create a unique contest where he’s giving away an Xbox 360 Elite with a copy of GTA IV. While this prize may not attract everyone, it certainly appeals to me.

The Cow has also decided to sell his blog. Do you want a MMO site to moo users? You could buy it right now. Heck, you’ll only have to pay $50K to snag it.

I talked a few weeks ago about the prospect of selling a blog. I still stand by my thinking that its up to the owner. I am still very interested in seeing how this pans out for John. I’m sure he’ll receive nice coin from the deal and he’ll be happy for a while, but can you really put value on the overall experience of running a blog like his? Maybe its just time to move on in life. It does happen.

Back to the original topic — the contest. So John worked with his hosting provider to offer the prize. THC also gives JohnCow readers 15% off their hosting purchases. I think this is a great way to go about holding a contest. It not only increases his backlinks, but frees him up from spending money on prizes.

I’ve been approached to sponsor contests in the past. Many of the contest owners seemed to be holding onto the idea that sponsors should want to just throw out large prizes. Where’s the real value though? In The Cow’s contest, the sponsor should see nice traffic. The prize costs around $500, but for a business this might net them more than $500 in return. That’s how it should be.

Contest owners shouldn’t approach Jason Boom to sponsor some outlandish prize. I’m not a business. I’m not selling anything. How could I receive a return for a $500 prize? Better yet — how could you convince me I would receive $500 worth of anything in return?

It will be sad to see The Cow taken over by someone else. I suppose it will be like that strange cow costume you always see on lame TV shows. The guy in the front half of the costume will switch with the guy at the back. Soon we’ll get used to his personality and one day he’ll probably sell the whole costume. By then it will worn and tattered – a shell of its former greatness.