1: Like and share on Facebook what your dream travel package is (travel package the business offers only) to win the dream trip of your choice
2. Book one of the companies travel packages and stand a chance to win a trip for any person you choose (friends/family/SO) to join you on the trip. To qualify, you have to enter and share the trip you booked and why you booked it.
There is a big difference between the two goals you mentioned and the method to achieve them.
If you're looking for brand awareness, you should consider utilizing a method similar to the first option (see more on this below). If you're looking for a return on investment, you should go with the second option (with a few small changes).
The 1st option: the problems with this option are that (1) there are so many fake accounts (meaning you'll be wasting money) + (2) there is a set group of people who go around completing competitions, but they don't really buy anything, just compete + (3) many of the people who participate will not be your target market and (4) you won't get ROI.
The 2nd option: you will have a lower involvement rate, but a better ROI. I would change the prize so that the participant can win another dream vacation for themselves. This is a much better incentive than winning a prize for a friend (at the end of the day, we are all looking out for me...).
I would go with the second option, but make the prize worthwhile, add an option to buy relatively cheap vacations (in order to participate), and have them send in a short 'article' (even half a page) about an attraction/place/restaurant that they loved during one of their previous trips - this would be great to use on your website as it is free content which will improve your SEO in Google (just be sure to get the participants acceptance when they enter the competition).
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Like and Share will not help you to save the cost of campaign whether its a paid or organic.
Reason: You can get 100 likes in $3 USD or may be in less amount. When a user will like or share the post, you wouldn't want to provide a package which is not even equal to that cost. I am assuming a package you will be providing could be around minimum $300 or may be less or
may be more than $300. So, no point of providing giveaway like this.
Like and share can get the users a gift hamper or a gift card for starbucks coffee or we can ask users to donate whatever they are wining in the contest. In this way, you can connect with more audience.
2 If one is already booking a package, what would be the benefit of providing them another trip as a prize?
I would personally and professionally go with #1.
It seems easier and the concept would resonate more. If you would like help with marketing feel free to give a call.
I help increase sales through customer success.
The answer should relate to your business strategy and business objective of this campaign.
The first option is engaging and ideating while the second is asking for a trial. The first is at no cost while the second is purchase dependent.
If the travel package is innovative and new or launch then engagement is worthy objective too. If it is more in vogue then generating sales is more worthy.
It also depends upon what you define as return - is it engagement or is it purchase. Both can be legit objectives depending upon your business strategy, competition, and campaign objective.
My sense is to define your campaign objective, then re-define more cogent options, and then validate with your customers.
If it is a small campaign you can talk to a few prospects or customers on their preferences and take a more informed decision. If it is a large budget campaign then a proper A/B testing is better for the hypotheses.
I would be more comfortable making a recommendation here after following the thought process outlines above.
Hope this helps.
All the best.