I love this hack (especially during skinned knee season) because those character Band-Aids are always too small. This gives you a lot more flexibility in terms of size and shape. From MEarly:
This isn’t really my hack; I got it from my daughter’s preschool, but I thought it was such a great idea I stole it right away. Instead of buying expensive character adhesive bandages, they buy regular plain ones and stock up on reward stickers from the dollar store. They have a bunch of different characters like Dora or the princesses and Pooh and also generic smiley faces, stars, etc. They let the kids decorate their own bandages, which distracts them enough that they usually stop crying.