How A Raffle Can Drum Up New Business.

Arе уоu rеаdу tо dіѕсоvеr a tool оftеn оvеrlооkеd by business аѕ a means tо boost рrоfіtѕ аnd maintain hарру сuѕtоmеrѕ?

“Imрасt a Life” соllеgе ѕсhоlаrѕhір еѕѕауіѕt Austin Johnson examines just hоw уоur business саn accomplish these gоаlѕ.

Austin is in the Nursing School at the University of Tennesse-Knoxville . Thаnkѕ so muсh Austin fоr уоur іnѕіghtful wоrk and best of luck!

“Impact a Life” Scholarship contributor:  Austin Johnson
Yоu саn hеlр Austin Johnson’s pursuit оf a scholarship award bу сlісkіng the “sharing іѕ саrіng” buttоnѕ bеlоw.

drum-business-with-raffles

A raffle ticket system can be used as a great marketing tool for keeping/acquiring customers; either way it is good for business. The only problem is how finding a way to correctly organize, distribute, award participants enough to keep individuals interested. But that then brings up questions along the lines of: “What should the rewards be?”, “How often should participants be rewarded?”, and “How many rewards should be given out at a time?”; and these are all great questions which will be answered.

A raffle can be a great way to drum up new business. Simple way is to mail a ticket to a reasonable number of houses outlining the contest and the possible rewards. The rewards should reflect not only the business but the service the business is in whether it be retail or a subscription based service. Retailers should send all recipients a coupon complementary with the ticket because even if they don’t win that is still possible revenue to the business if they decide to use said coupon. The coupon could be “buy one *insert random article of clothing or item*, get half off *insert random article of clothing or item*; the business can decide what to outline as to what is discounted on the coupon. It is understandable that not all participants, even the winners, will redeem their coupons but leaving the possibility that is now out there is why you do it; marketing is a business of broadening possibility in revenue. A subscription based service should give the recipients, via email or simple letter in the mail, a simple two to three-week trial of their service whatever it may be. Not everyone will need the service but the ones that will discover it will be thankful for the trial. This paragraph was just to outline a way to drum up business just on the participants alone.

This paragraph will outline the rewards for those who will win a prize. Now the prize can’t be ridiculous, it should reflect the business as I stated for the ticketing earlier. But the prize must be worth enough to drum up repeat participants & new participants as well as even more business. Furthermore, the reward must reasonable reflect the size of the raffle; if it is for a “Buy One, Get One Free” coupon in the case of retailers, then the amount of rewards should reflect the number of recipients. Say if 10,000 people received a raffle ticket, then possibly 500 people should win. That is a 5% chance of being a winner, fair odds but can be adjusted for the size of the business or the number of recipients in the first place. Or you could make it 50 major prizes, whatever that may be, 200 secondary but still decent prizes, and 250 tertiary prizes; bottom line is that there is wiggle room for the business while still leaving a possibility for expanding a customer base.

A subscription based platform is a bit more lucrative so the prizes should be a bit harder to come by but relative to the size of their subscription base or their frequency of internet traffic, nevertheless it should be proportionate while still making the contest seem veritable as well as winnable. The prize can’t be too amazing because the recipients of the tickets already received a trial period just by having the ticket therefore the prize should either be an extended subscription period free of charge or a simple cash prize if the business have revenue that it is willing to part with. These are just a few suggestions for a marketing plan based around a simple raffle style system.

 

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