Jack Gebhardt essay

The Business Benefits of Raffles

 

Businesses, both big and small, can derive great value from a variety of promotional marketing activities.  One such marketing activity is by holding a raffle!  Raffles hold all sorts of benefits for the companies that integrate them into their marketing promotion strategies, chiefly increased customer loyalty and retention.

Customer loyalty and retention is the likelihood that customers will return to your business and consistently choose you over your competitors, and it is vital part of running any business.  Whether your business consists of just handful of employees and specialized good or service, or if your business is as large and varied as Walmart or Amazon, customer loyalty and retention is how you will sink or swim in the business world.

Raffles are the perfect way to help build this loyalty and retention from your customers, as they have a low cost but a potentially high reward.  The cost of a raffle is only as high as a business decided to make it- a company can raffle something small, like a $25 gift card, or something really big, like a luxury car.  This means that smaller companies can effectively market to customers without breaking the budget.  Regardless, of the cost decided on the business, however, the reward is potentially massive!  A well executed raffle can dramatically increase a company’s customer loyalty and retention, and ultimately, it’s revenues and profits.

Everyone has seen an example of a raffle, and might have even participated in one themselves.  Think of many cereal boxes and chip bags, advertising a fun vacation or even cash prizes.  Often, these raffles are what keep kids and families buying more of these companies’ products.  I know from personal experience a raffle has convinced me to spend more money at a local small business in my hometown.  The salon I get my haircut at offered a raffle to win an Amazon Echo, a smart speaker that can integrate with many aspects of your home, such as playing music or knowing the weather.  My salon was offering an additional chance to win for every extra appointment with them you scheduled.  Me and my family ended up scheduling three more appointments than we would have done otherwise!

Raffles have to be set up in a way to benefit a business, though.  A sloppy raffle might end up just driving up costs with little payout.  The best kinds of raffles are designed to keep customers interested in a business and willing to come back to buy more, such as the example with my salon.  In that example, my salon had their customers schedule more haircuts in future, guaranteeing the salon repeat customers coming back for their haircuts, and their chance to win the Amazon Echo.

A business can benefit greatly from the advantages of marketing with raffles.  A well designed and executed raffle can drastically help a business succeed in increasing the loyalty and retention of their customers, and guarantee increased sales and profits for a raffle-savvy business.  Overall, businesses that invest in raffles can provide large marketing benefits.

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