Raffle fundraisers are an efficient form of fundraising because they produce a high return for a low cost. This form of fundraising is ideal for non-profit organizations that either have limited initial funds or have a desire to obtain funds in a timely manner.
One of the benefits of raffle fundraisers is the use of crowdfunding both in terms of items donated to the raffle prize and the number of raffle tickets sold. Those seeking to raise funds can lessen the financial burden of buying goods for the raffle baskets if they acquire various donors to contribute to goods that would be placed in the baskets. These donations would minimize the initial costs and raise the profits from the fundraiser. Donations are only the beginning of the profit maximization initiative. The number of raffle tickets sold must be highly considered if the goal is to maximize profit or obtain a certain amount of funding.
In order to maximize sales, two aspects need to be kept in mind, number of sellers and target groups. Each seller is a valuable asset because each person comes from his or her network of people whether that be work related or club related. This is when target groups need to be considered. Those raising funds need to be open-minded about who they sell raffle tickets to. Demographic distribution is key to maximizing sales. This type of distribution includes different age groups, racial groups, and socioeconomic groups. Sellers need to be willing to sell tickets to the parents of their children’s friends, their neighborhood centers, and even people in surrounding communities. If non-profit groups were to only sell to members of their respective organization, then their sales will not be maximized and neither would their profits. These non-profit organizations need to utilize their connections to maximize their sells and must be willing to step out of their comfort zone to do so.
Of course, incentives need to be given to both buyers and sellers to maximize profits. The quality of the raffle basket needs to be of utmost importance when implementing the fundraiser. People will not buy raffle tickets if the prize is of no interest to them or if they deem the cost of the raffle tickets outweigh the value of the prize. If there are to be multiple prizes, those prizes should be customized based on gender or hobbies. If there is to be a grand prize, the priciest prize should be accommodated with costlier raffle tickets. You will end up losing money if all prizes are treated as equal. Sellers of raffle tickets need incentives as well. Individual prizes should be given sellers based on performances. The prizes can be in the form of discounts or gift cards. Again the prizes for sellers must be perceived as desirable or else the sellers will have little to no incentive of selling large amounts of tickets.
If non-profit organizations keep these factors in mind, they will be able to maximize profits and earn a substantial amount of funds with this form of fundraising.Place An Order