Do you know about - Raffle Prize Ideas for Fundraisers
A well-run raffle with the right grand prize can raise foreseen, amounts of money for your school, church, or charity. Most groups underestimate how much money a raffle can raise.
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You can well raise ten thousand with a uncomplicated raffle, tens of thousands with a desirable prize such as a new car, and hundreds of thousands of dollars with a truly fancy prize such as a new home.
Cash prizes
From the late-1700s to the early 1900s, many social structure and university expansions were funded by raffles. The raffle prize was all the time cash and the raffles all the time sold out all their chances.
Cash prizes allow citizen to dream of what they'd do with the cash if they won. Cash awards work best when marker prices are fairly low and the grand prize is a vital many of marker cost.
For instance, when you have a marker price, a ,000 cash prize is a huge draw. Having lots of added chances to win smaller cash prizes is an additional one great marker sales incentive.
The most popular cash raffles join low-priced tickets with a vital cash prize and some tiers of smaller cash prizes. Total cash awards should all the time be less than 50% of total marker revenue.
Luxury prizes
Physical prizes that match the marker buyers "wants" also do well. Vacation getaways, cafeteria gift certificates, spa treatments, and other items with a luxury feel also work well as prizes.
And don't forget prizes aimed at men such as sporting event tickets, sports memorabilia, golf-related gifts, and anything that goes fast or makes lots of noise are also good draws for marker buyers.
You can join luxury prizes with cash prizes or you can do raffle where all prizes consist of luxury items. Because some citizen will not want the luxury prize, you should all the time promote your raffle as offering an alternate cash value prize for any item offered.
Another choice instead of offering a ,000 first prize plus five ,000 cash prizes, would be to switch the secondary cash prizes for things like a big screen Tv, vacation packages, stereo system, Omaha steaks, etc. This type of combo raffle has broad appeal.
Dream prizes
And the lure of "dream" prizes such as a new car or even a new house can't be underestimated. It is a fine emotional draw that well creates an urge to buy a marker on the spot, and that emotional trigger is what you want in a big prize.
With dream prizes, more tickets will need to be sold with marker prices correspondingly higher. A new car raffle might have tickets priced in any place from to 0, depending on how many tickets were being sold and the value of the vehicle.
A good rule of thumb is to keep marker prices low adequate to have broad appeal without having to sell so many tickets that your volunteers run out of power and prospects.
Prize costs
Obviously, you would love to have a dream prize such as a house or a car donated to your group, but that's neither realistic or necessary. Obtaining a good reduction is all you need to focus on since any reduction directly translates into extra profits.
As with a cash raffle, keep your prize costs under 50% of total marker sales. The larger the grand prize, the smaller the percentage can be.
For example, a car being raffled can have it's Msrp pegged at 40% of total marker revenue. With a good discount, your behalf could end up at 67% of total revenue. A house being raffled can be positioned with it's appraised value at 33% of total marker sales.
How much can you raise?
Raffle profits vary wildly across the dissimilar prize categories. You can well raise ,000 with a cash raffle or one offering luxury prizes. When cash raffles are tied to well-publicized events like a golf ball drop, profits can well exceed ,000.
Car raffles will raise that much and more, depending on the desirability of the car being raffled, the marker pricing and the broad marker sales volume.
Raffling a new home can raise hundreds of thousands of dollars. I've even seen a group make some million dollars by raffling a luxury beach home. They sold 32,000 tickets at 0 each, grossing .8 million for a house appraised at .8 million. Now that's a raffle!
Summary
There is no single best raffle prize. Your choice of prize or prizes will vary depending on your financial goal, the size of your inherent market, and how many volunteers you have to sell tickets.
Bigger prizes mean more tickets must be sold to turn a profit, but they also mean substantially higher profits. Produce your raffle prize offerings to match your community's tastes and all the time offer alternate cash awards in lieu of any corporeal prize.
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