Raffles An Overlooked Tool For Business Profit Boosting by Alden Hestikind

Raffles An Overlooked Tool For Business Profit Boosting by Alden Hestikind

 

Businesses in today’s world base all of their decisions off of possible profitable gains.  While most companies are willing to cut production costs and save every possible dollar, there are some tools that businesses can invest in to ensure happy, loyal, and returning customers.  The most important thing to a customer is quality and price to make their lives easier.

One of the most overlooked tools in boosting profits and customer happiness for businesses is raffles.  Raffles give customers the opportunity to win some sort of good or service in a game of chance.  Because raffles can be left 100% up to chance sometimes, those with one entry per person limitations, it provides excitement for businesses’ customers.  For raffle contests that do allow more than one entry per party/person, business have the chance to make extra profit off of individuals that partake in buying more than one ticket- giving them more of a chance of winning the prize. 

Raffles also give companies and businesses the opportunity to promote new products and offers to their returning and future customers.  When businesses have special promotional offers raffles are a great way to let some of the public try products so that these customers can spread the word on company’s good products.  Another benefit for companies when it comes to raffles, is that the company is the one who is solely in charge of how much a raffle ticket costs- unlike an auction where the price is determined by the purchaser.

For the companies customer’s, raffles let them know that they are valued and deserve something special from time to time.  Having raffles not often, but sporadically keeps constant customers on their feet and interested in up and coming events for stores; however, companies that hold raffles fairly often ensure their customers that they have multiple chances to win, which makes them feel more comfortable and willing to try.  Paying attention to raffles at their favorite stores may make customers more aware of deals, specials, discounts, and new products.  Raffles are also beneficial on the customer’s end because the adrenaline rush from winning anything is enough to encourage one to participate more in whatever kind of event led them to their victory- in this case raffles.

Statistics show that local businesses that participate in raffles from time to time keep constant customers that are more likely to introduce their friends and family to the named business.  While it is often hard to actually win raffles and things of that nature, the chance of winning is enough to draw people back in over and over again.  Once an individual wins, they are more likely to play in more raffles because they have already tasted sweet victory.  Raffles provide a more fun and financially logical approach to gambling for the customers. 

Overall, raffles provide fantastic profitable benefits for companies and businesses while also expanding their fan or customer base.  Customers feel like they are getting something out of it too because even with the small chance that they’ll win, they are willing to invest time and money into raffles in the mere chance for victory in this game of chance.  It is hard to assign any negative effects with raffles after you consider the benefits for both the customers and companies. In conclusion, raffles are a great investment for companies to ensure returning and happy customers while still making profits.

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Contributed by Alden Hestikind

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