A Raffle is Worthwhile For Businesses of Any Kind by Donald Conklin

A Raffle is Worthwhile For Businesses of Any Kind by Donald Conklin

 

Raffles of any kind insinuate “high risk, high reward” assertiveness for the partakers, which is appealing to some people. I’ll be using a clothing store as an example throughout this piece to enlighten the reader with a real-world scenario.

 

Let’s say “Joe Shmoe” is going to shop at his favorite store today. Joe Shmoe shops here often but he is oblivious that the store has a raffle in place at the moment. When Joe goes to buy something, a sales associate mentions the raffle to him: “Would you like to participate in our raffle today? Buy a ticket for $5 and your name will go into a lottery wherein the winner will receive a $50 gift card for the store.”

 

Honestly, I’m a man of facts and money. I refuse to invest money in something unless I see a concrete payoff. I don’t like “what if” statements. However, Joe sees that there is a potential $45 payoff here and he’s feeling good and has $5 to spare. He buys a ticket. The store just made $5 without giving anything away. When the managers of the store train their subordinates to persistently mention this raffle to customers, raffle ticket sales go up. Before you know it, the store sells 100 raffle tickets at $5 each. They made $500 and all they have to do is give $50 away that’s going to be spent at the store anyway. That store just profited $450 at what cost? Maybe the manager had to go to the dollar store and buy a pack of 100 generic raffle tickets for no more than $30. All of this money that they need to spend to manage the raffle is coming out of their profits they were making off of selling their products normally.

 

Now let’s make the circumstances a little more drastic. The managers of the clothing store see that the idea of a raffle has paid off impressively. They start a new raffle under different terms. Now tickets are only $2, which is appealing because we all like cheap, right? They have 3 prizes which appeals to a more people because now contestants have a better chance at winning something. The grand prize is a $100 gift card to the store. The second name picked gets a $50 gift card and the third name picked gets a $25 gift card. So all in all the clothing store has to give back $175 of what they pull in from the raffle.

 

Let’s say they sell 400 tickets…the sales associates didn’t do a very good job in advertising the raffle. They’ve made $800 before picking winners. Even after, they’ve profited $625. Factor in what it would cost for operations and maintenance of the raffle which the authority figures have managed to keep under $50. That’s still a $575 dollar profit. And each time the store holds another raffle, they find new demeanors to keep their costs lower and make more sales.

 

A raffle is worthwhile for businesses of any kind. All they have to do is publicize it by schmoozing to customers in their place of business. Sure, it’s hit or miss but after enough misses businesses will come up with different approaches on how to make their raffle more alluring to their patrons.

 

In all honesty, this essay really has opened my eyes to the opportunities behind implying a raffle in my business, if I do open a business one day. It has it’s payoffs and it’s definitely doable.

 

As a footnote I’d like to say thank you for your time and attention. Writing this piece was a bit of an eye opener and even if I don’t win the scholarship, I have the knowledge now. Essentially writing this essay has already paid off without any kind of revision or approval from any outside entity.

 

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Contributed by Donald Conklin

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