Make Your Business Relevant With a Raffle by Aaron Richards

Make Your Business Relevant With a Raffle by Aaron Richards

Businesses are constantly trying to find ways to increase costumer’s retention rates as well as gain new ones. With the ever-changing market, companies must think of new creative ways to remain relevant and stay ahead of the competition. A great way to do this is with a raffle. In this essay I will discuss how businesses can derive customer loyalty and retention from raffles.

Raffles can be a great way to get a starting business of the ground. They promote customer interaction with the staff and also bring in extra revenue for the company. In order to have a successful raffle you must first know what customer loyalty is. Customer loyalty in the retention of customer due to great service and other gestures that keep them coming back. To build customer loyalty, customer experience management blends the physical, emotional and value elements of an experience into one cohesive experience.

Businesses depend heavily on marketing for revenue. Marketing can be looked at as the organization function and set up process for creating and delivering value to customers. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value. Marketing also satisfies the needs and wants of costumers through evaluation.

Customer retention is the activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship. A company’s ability to attract and retain new customers, is not only related to its product or services, but also strongly related to the way it services its existing customers and the reputation it creates within and across the market.

There are many ways to promote a business. With all the technology in today’s society you don’t even need to leave the house to promote your business. One of the full proof ways of promoting a business is through word of mouth. There’s no better way to promote yourself then by simply people what you’re selling and what your product has to offer. This is the most economical as well as effective method of promotion.

The benefits of any business having a fundraising raffle would be the amount of tickets that would be purchased. A business could host a raffle just to get the company off the ground and get consumers to buy purchase their products. They could also use the fundraiser to help out a local charity. People may not want the prize that is handed out, but they would still buy a ticket to give money for the charity.

Some businesses do raffles to attract people to their place of business. The raffle prize is often something the business sells. I assume they do this because if the raffle ticket winner likes what they have won they will eventually come back to that business and actually buy their products. They may also tell their peers about the business as well. This contributes to brand awareness.

Raffle fundraisers are also especially beneficial during the holiday seasons. For example, my neighborhood does a raffle every Thanksgiving. The winner of the raffle gets a free turkey to enjoy on Thanksgiving Day. If the prize is outstanding enough a person might also purchase multiple tickets to increase their chances of winning. If the prize is appealing enough and the business actually sells that product the people who did not win the raffle might just buy it from the business based on what they saw.

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Contributed by Aaron Richards

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