I am looking for interesting community contest ideas which would attract both the existing and new members.
I already have a 'question of the month' contest running in my site for which I also give out cash prizes to the winner. But over the last few months I have seen a decline in the number of participating members. What new contest I can start which would grab their interests again?
Candywoman, maybe a month is too long to wait to find out if you won and isn't engaging your members. How about some one-day things, maybe with no prizes other than recognition or very inexpensive prizes. Stuff like "predict tomorrow's Dow gain/loss" or similar.
Low effort, quick feedback on win/loss might work.