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We do a few things that seem to work really well.
We have a "get caught studying program" where someone who is seen by our scholarship chair studying during the week (not during study hours) gets a candy bar presented to them at chapter.
Also something really fun is the "No Skippy" jar. We pass a cleaned out skippy peanut butter jar around at chapter and if you haven't skipped any classes that week (its the honor system) you can put your name in the jar. Then our scholarship chair draws a name and that person gets something small (candy bar, $5 gift card to starbucks, etc).
We also have a scholarship banquet where we give out awards (just paper awards you can buy for around $10 a pack) for various things... most improved GPA (senior, junior, sophomore, freshman), Highest GPA, Highest GPA science majors etc. Its fun because the catagories are almost limitless.
We also do Sigma Kafe... a study night once a month were all those in attendance are entered to win a small prize... a SigKap notebook, or old tshirt (we usually have tons left over in our basement).
Hope some of these suggestions help!
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