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Raffle Prize IdeasBest Raffle Prizes For Raising MoneyA 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. You can easily raise ten thousand with a simple 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 Cash prizes allow people to dream of what they'd do with the cash if they won. Cash awards work best when ticket prices are fairly low and the grand prize is a significant multiple of ticket cost. For instance, when you have a $10 ticket price, a $10,000 cash prize is a huge draw. Having lots of additional chances to win smaller cash prizes is another great ticket sales incentive. The most popular cash raffles combine low-priced tickets with a significant cash prize and several tiers of smaller cash prizes. Total cash awards should always be less than 50% of total ticket revenue. Luxury prizes You can combine luxury prizes with cash prizes or you can do raffle where all prizes consist of luxury items. Because some people will not want the luxury prize, you should always promote your raffle as offering an alternate cash value prize for any item offered. Another option instead of offering a $10,000 first prize plus five $1,000 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 widespread appeal. Dream prizes A good rule of thumb is to keep ticket prices low enough to have widespread appeal without having to sell so many tickets that your volunteers run out of energy and prospects. Prize costs As with a cash raffle, keep your prize costs under 50% of total ticket sales. The larger the grand prize, the smaller the percentage can be. For example, a car being raffled can have it's MSRP pegged at 40% of total ticket revenue. With a good discount, your profit could end up at 67% of total revenue. A house being raffled can be positioned with it's appraised value at 33% of total ticket sales. How much can you raise? Car raffles will raise that much and more, depending on the desirability of the car being raffled, the ticket pricing and the overall ticket sales volume. Raffling a new home can raise hundreds of thousands of dollars. I've even seen a group make several million dollars by raffling a luxury beach home. They sold 32,000 tickets at $150 each, grossing $4.8 million for a house appraised at $1.8 million. Now that's a raffle! Summary Bigger prizes mean more tickets must be sold to turn a profit, but they also mean substantially higher profits. Design your raffle prize offerings to match your community's tastes and always offer alternate cash awards in lieu of any physical prize. Related PagesCar Raffle Tips - Tips on organizing a successful car raffle - How to advice on maximizing profits with high quality prizes, ticket sales, and event planning. Selling Raffle Tickets - Advice on selling raffle tickets - How to sell twice as many raffle tickets in half the time. Location, Location, Location - How to find the best fundraiser locations and work them for maximum profits. Publicity Tips - Simple methods to get your fundraisers well publicized - Publicity is the key to successful events. Fundraiser Raffle Ideas - Tips on putting together fundraising raffles - Fundraiser raffle ideas for any size group - Prize selection and ticket price tips. |
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