Nabor Vazquez esaay

  1. Describe how a business (including retail and service) can derive promotional and customer loyalty/retention benefit by utilizing a raffle in their marketing efforts.

Using a raffle as a strategy for a business is a high risk and high reward for the consumer. A consumer must invest in risking a chance to acquire something with a low probability of getting something in return. Nowadays there are not many people that have the desire to buy raffles to try to get a prize. The market has become accessible for everyone to be a few clicks away from buying what they want at a low cost. Also, another problem is the audience has been narrowed mostly to reach adults. Moving forward, a proper adjustment to the changing market could be using an online website that allows people to buy virtual raffle tickets. My vision for this website would be to have different raffle events in one place so it could be accessible to a larger audience, but it could be easier to electronically buy a ticket. In this process, it is necessary for prizes to be affordable to customers because if they are not this strategy would not be successful. Reviews from customers will be essential, because it is a known fact that having customer reviews will encourage others to participate in buying. However, the traditional way of selling raffles must still be encouraged because there should be an equilibrium between the work invested online and offline to produce the maximum revenue.

Alternatively, this could help the economy by producing more jobs for people as this become a web of clients working together to produce a large-scale market. A downfall to selling raffle tickets is that it is usually individual people working on their own to recollect money that will help charity or another source. Despite recollecting a lot of money, a lot of energy and time could be saved by working together. The connection that could interlink people is the web page I mentioned earlier, which would be used as a platform where everyone can communicate and expedite sells. Working digitally can potentially increase the sells and number of people reached exponentially. When this becomes a situation of low risk and high reward it will allure customers and as their satisfaction increases, naturally, the loyalty of the consumers will increase. I have had experience working in businesses over my past years and I have learned to target the problems first and then brainstorming solutions to improve marketing strategies. I hope to be selected as the winner for this contest, because there are many financial barriers that I need to overcome. Unlike a raffle, I do not want to leave this to chance to win.

 

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