Picking The Perfect Raffle Prize
Picking the perfect raffle prize can be simple if you follow these simple steps and apply them to products you may have in mind. Once your company is up and running I would then start to add-in your historical sales data that can help you "smell what sells"
Desire + Obtainability + Audience = Profit
From my experience, these are the three aspects that go into the emotional decision, by a customer to opt into participating in your raffle. You do not need to match all three, but the sweet spot is in the middle.
Desire
Capitalise off the desire of luxury brands and items
- Trends – Latest celebrity or influencer showing off increases the desirability of a product
- How would that product make the customer feel if they won? Like the lottery is very easy to get carried away with what you would do if you won. Same for products, what is the customer dreaming about when they buy into your raffle?
- Brand Value – ride on the coattails of brands such as Apple, Rolex, Gucci, Ferrari… the list goes on.
Obtainability
Think about the accessibility of the prize, is it hard to obtain? if so its also more desirable.
- Price
- Price is a huge factor when it comes to raffle prizes the more expensive it is the less obtainable it becomes.
- But there is a fine line between the price of the product and the odds on that person winning it as that can be a negative factor.
- Rarity – is it a limited product? Hard to Get hold of?
- Does the product have a waiting list? Items such as watches sometimes have a waiting list, if you can get hold of a product like this and market to the people waiting on it you’re in for a winner.
Audience / Customers
The customer is always right! Study your audience and go out of your way to please them!
- Who are your buyers?
- Figuring this out with narrow down on the above two sections.
- Knowing your audience will allow you to pick the most relevant prizes and without a doubt increase your sales.
- Always put yourself in their shoes
I hope this has given you some ideas or even helped you whittle down your current ideas for what might succeed most on your raffle website.
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