Raffle Prize Ideas for Fundraisers

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A well-run raffle with the right grand prize can raise incredible amounts of money for your school, church, or charity. Most groups underestimate how much money a raffle can raise.

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You can actually raise ten thousand with a straightforward raffle, tens of thousands with a desirable prize such as a new car, and hundreds of thousands of dollars with a truly deluxe prize such as a new home.

Cash prizes

From the late-1700s to the early 1900s, many group buildings and university expansions were funded by raffles. The raffle prize was always cash and the raffles always sold out all their chances.

Cash prizes allow habitancy to dream of what they'd do with the cash if they won. Cash awards work best when mark prices are fairly low and the grand prize is a valuable multiple of mark cost.

For instance, when you have a mark price, a ,000 cash prize is a huge draw. Having lots of additional chances to win smaller cash prizes is an additional one great mark sales incentive.

The most favorite cash raffles concentrate low-priced tickets with a valuable cash prize and some tiers of smaller cash prizes. Total cash awards should always be less than 50% of total mark revenue.

Luxury prizes

Physical prizes that match the mark buyers "wants" also do well. Vacation getaways, restaurant gift certificates, spa treatments, and other items with a luxury feel also work well as prizes.

And don't forget prizes aimed at men such as sporting event tickets, sports memorabilia, golf-related gifts, and whatever that goes fast or makes lots of noise are also good draws for mark buyers.

You can concentrate luxury prizes with cash prizes or you can do raffle where all prizes consist of luxury items. Because some habitancy will not want the luxury prize, you should always promote your raffle as contribution an alternate cash value prize for any item offered.

Another selection instead of contribution a ,000 first prize plus five ,000 cash prizes, would be to switch the secondary cash prizes for things like a big screen Tv, vacation packages, stereo system, Omaha steaks, etc. This type of combo raffle has allembracing appeal.

Dream prizes

And the lure of "dream" prizes such as a new car or even a new house can't be underestimated. It is a marvelous emotional draw that actually creates an urge to buy a mark on the spot, and that emotional trigger is what you want in a big prize.

With dream prizes, more tickets will need to be sold with mark prices correspondingly higher. A new car raffle might have tickets priced in any place from to 0, depending on how many tickets were being sold and the value of the vehicle.

A good rule of thumb is to keep mark prices low sufficient to have allembracing appeal without having to sell so many tickets that your volunteers run out of vigor and prospects.

Prize costs

Obviously, you would love to have a dream prize such as a house or a car donated to your group, but that's neither realistic or necessary. Obtaining a good discount is all you need to focus on since any discount directly translates into extra profits.

As with a cash raffle, keep your prize costs under 50% of total mark sales. The larger the grand prize, the smaller the ration can be.

For example, a car being raffled can have it's Msrp pegged at 40% of total mark revenue. With a good discount, your behalf could end up at 67% of total revenue. A house being raffled can be positioned with it's appraised value at 33% of total mark sales.

How much can you raise?

Raffle profits vary wildly across the dissimilar prize categories. You can actually raise ,000 with a cash raffle or one contribution luxury prizes. When cash raffles are tied to well-publicized events like a golf ball drop, profits can actually exceed ,000.

Car raffles will raise that much and more, depending on the desirability of the car being raffled, the mark pricing and the allembracing mark sales volume.

Raffling a new home can raise hundreds of thousands of dollars. I've even seen a group make some million dollars by raffling a luxury beach home. They sold 32,000 tickets at 0 each, grossing .8 million for a house appraised at .8 million. Now that's a raffle!

Summary

There is no singular best raffle prize. Your selection of prize or prizes will vary depending on your financial goal, the size of your possible market, and how many volunteers you have to sell tickets.

Bigger prizes mean more tickets must be sold to turn a profit, but they also mean substantially higher profits. Originate your raffle prize offerings to match your community's tastes and always offer alternate cash awards in lieu of any corporeal prize.

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