Raffle Ticket Pricing – How high is too high?
Limited ticket raffles go hand in hand with higher raffle ticket pricing. But how high is too high?
A growing trend in fundraising circles are limited ticket raffles which can be exceptionally enticing. In today’s society where prize home raffles have ticket buyers competing with a 100,000+ other people to win, raffles with attractive odds can be a head turner for potential buyers. However, this aspect alone won’t secure a ticket sale. Ultimately a successful raffle is based on the right combination of 4 main elements:-
Over-arching these 4 elements in the overwhelming need to consider your ticket buying audience.
Do this and you will be well on your way to conducting a successful raffle.
I was at a private school fete on the weekend with my husband and a volunteer was doing the rounds of the chill zone asking parents if they’d like to participate in a raffle to win $10,000. Sought after prize <tick>
Immediately he had my attention. He went on to say that “there are great odds of winning” with “only 200 tickets on sale”. Promotion <tick>, Planning <tick>
I was envisaging the win and then he lost me with “tickets are $100”. To which I replied “Sorry but we’re not $100 kind of people.” I was just being frank. Price <babomm>
Apparently we weren’t the only ones. You would think that a private school would have the right audience for a high value ticket but my husband overheard a woman at the next table ask how many tickets had already sold and the answer was 7. We were half way through the event and only 7 sales.
Learning – Although the other aspects of the raffle ticked the box of a successful raffle, ultimately the raffle ticket price was too high for the target audience and sales had suffered as a result.
A more suitable combination for this event audience would have been a prize of $10000 and 400 tickets at $50 or a prize of $5000 and 200 tickets @ $50. Funds raised may have been less but at least the raffle would have gotten off the ground.
Useful when planning your raffle is our Top 4 Mistakes to Avoid for Raffle Success