Make a Raffle a Part of Your Business Model by Hannah Edwards
Make a Raffle a Part of Your Business Model by Hannah Edwards
Incentives such as prizes have been known to increase revenue or attraction. Stores uses these incentives to either capture a larger share of the target audience, increase sales, or get rid of old inventory while providing the customer with excitement and belief of a good bargain.
Often retail stores will utilize a raffle within their business model: they do this to gain and maintain customer loyalty, as well as a promotional tactic to increase the customer’s value of the store. All stores from high-end designer goods to lower end convenience goods can benefit from raffles. Raffles do not undermine the item itself but rather increase the costumer’s perceived value of the item.
In my experience I have seen raffles being used at basketball games to help fundraise and at private shopping events to provide loyal customers with and extra perk to wear and support that brand. Customers buy into both types of raffles not only because of the thrill and hope of winning but also because the cost is increasingly low compared to the amount they would be receiving. Raffles have their place in a business model and have proven to be successful.
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Contributed by Hannah Edwards
September 9, 2015