Setting the right ticket price is a delicate balance between prize allure and ensuring significant revenue generation for your cause. Fortunately, recent research has proven that certain pricing strategies are more effective than others in driving more buyers to spend more.
Ask local businesses if they would donate goods or services as raffle prizes. This will save your organisation valuable marketing time.
How Many Tickets Are You Selling?
When planning your raffle, you’ll want to determine the number of tickets you want to sell. You’ll also need to decide what type of prizes you’ll offer and what the ticket price should be.
It’s important to set a fair ticket price that doesn’t scare off potential participants or discourage them from attending. You’ll want to include purchasing incentives such as 1 ticket for $5, 5 tickets for $10, or a free ticket with every purchase to encourage people to buy early and boost ticket sales.
Using multiple pricing options allows you to appeal to a wider range of donors. Whether it’s a single ticket for $2 or an irresistible bundle of 10 for $15, your community will appreciate the flexibility to contribute at their own comfort level.
Who Are You Selling To?
The best way to make your raffle a success is to reach a wide audience and promote it as widely as possible. Use message boards at local schools and businesses and social media to share the news.
Offer a diverse range of prizes that appeal to all types of people. For example, a new television set might not be a big draw, but a luxury vacation or wine tasting could be. The right mix of prizes and ticket prices will make your event a smashing success.
If you’re selling tickets in person, use a sales flyer that clearly displays the prizes, ticket prices and specifics of the prize drawing. You can also sell tickets online with Jotform — just add the event and select your payment options.
How Many Tickets Should You Sell?
In a perfect world, you’d be able to sell enough tickets for each prize to generate the maximum amount of revenue possible. But in reality, it’s often not that simple.
To maximize your fundraising potential, start by offering distinctive prizes that evoke aspiration and excitement. Whether through hand-curated gift baskets of local artisan goods or exclusive experiences that can only be won through your raffle, these unique prizes dramatically raise the perceived value of each ticket.
When you combine them with a compelling marketing strategy, the effect is exponentially multiplied. Encourage your supporters to spread the word about the raffle through their social networks and email lists. And, if you’re allowed to do so (check with your state laws), consider offering early bird discounts to drive ticket sales and boost revenues.
How Many Tickets Should You Discount?
The balancing act of prize allure and accessibility plays a crucial role in determining your raffle’s success. Crafting a clever ticket pricing strategy can dramatically amplify your fundraising event, and help it stand out against the competition.
A common approach is to use the budget that you created while planning your event to determine how much you want to make in total revenue from ticket sales. Then divide that number by the expected number of attendees to get a rough idea of how many tickets you need to sell in order to reach your goal.
One strategy to increase ticket sales is to offer discounts if people buy tickets in advance. Another is to show the full, at-the-door price next to your current ticket prices, which incentivizes people to purchase sooner rather than later.
How Many Tickets Should You Offer?
One of the most important factors in determining how many tickets to print is knowing how many people will be selling them. Ask your volunteer workers how many they think they can sell.
You don’t want to run out of tickets and leave money on the table but you also don’t want a huge pile of unsold tickets. Use your experience from past raffles as a guide.
Adding unique prizes like hand-curated gift baskets of local artisan goods or once-in-a-lifetime experiences can dramatically increase ticket sales. They raise the perceived value of each ticket and draw attention to your cause from passers-by.
Another way to boost ticket sales is by cross-promoting your event with posters and flyers announcing the fete or community event, and highlighting the project that is being funded.