While organizing an event for NGOs fundraising event, choosing good raffle tickets prices is crucial to achieve your goal. No matter how appealing the prizes are, if the price is too high, potential buyers may become disinterested. On the other hand, you can sell more tickets yet still not reach your fundraising target if the pricing is too low. This is why knowing the right raffle ticket prices is important and we will discuss it in detail in this article.
Table of Content
How to Determine Raffle Ticket Prices?
- Recognize Your Audience
- Know your Fundraising Goal
- Total up Your Expenses
- Choose the Methods for Raffle Ticket Sales
- Search Ticket Prices by Other Sellers
- Make Use of the Raffle Ticket Formula
- Maintain a Simple Price Structure
- Make Use of Round Numbers
- Reduce the Number of Pricing Alternatives
How to Determine Raffle Ticket Prices?
Recognize Your Audience
Consider your target audience before deciding on a price. It’s usually people who already support your cause in some way, such as neighbours, friends, coworkers, school parents, or local families. These people have budgets, but they also care. Your prices should therefore be in line with what customers can afford.
It could make more sense to charge $1 to $5 each ticket instead of $25.
Know your Fundraising Goal
The first question asked at the beginning of each raffle is, “How much amount do you want to raise?” It’s difficult to properly price your tickets or make any other plans if you don’t know where you’re going. Therefore, the first thing you need to do is to create a clear aim. Put your fundraising goal in writing first.For instance, if you wish to raise five thousand dollars, write it down. Don’t expect that number to appear out of nowhere. It should be determined by the needs of your nonprofit, such as purchasing materials, making repairs, or assisting with a program.
Total up Your Expenses
You need to know how much it will cost to conduct the raffle before you can start making money. Nonprofits fundraisers frequently spend money on the following:
- Making digital tickets or printing them
- Rewards (cash, electronics, gift baskets, etc.)
- Permits or licenses (as per the state’s requirement)
- Marketing (social media campaign, emails, or flyers)
- Setting up an event
Add them all up. Your break-even point is that sum. Before your nonprofit receives any additional funding, you will need to raise at least that much.
Choose the Methods for Raffle Ticket Sales
Give careful thought to the venue and mode of ticket sales. Is it available online? At a local market? At a game? Good raffle ticket pricing ideas that don’t feel too high or too low may depend on where you are and how many people will be there. Ask around or find out what other area organizations charge if you’re unsure.
Search Ticket Prices by Other Sellers
In order to ensure that your raffle ticket prices are accurate, make sure to search what others are offering to their buyers. You can follow their strategy or make yours by pricing the raffle a little lower or equal to other fundraisers.
Tip: Try Raffles for Less for competitive pricing ideas and inspiration.
Make Use of the Raffle Ticket Formula
Can you sell raffle tickets 3 for $5? This query can be resolved by using the raffle ticket formula. Once you’ve chosen your goal and calculated your costs, it’s time to use a simple method to estimate your ticket price. This is the key idea:
Here’s a simple example:
The fundraising target is $2,000. However your total expenditure was $500.
The total money needed is $2000+500=2500
The quantity of tickets you plan to sell is 500.
$5 for each ticket ($2,500 ÷ 500).
You will thus need to set the price of each ticket at $5 in order to meet your goal and cover all of your costs.
Maintain a Simple Price Structure
People are more likely to buy a raffle ticket when prices are clear. Buyers don’t have to pause and consider their options when raffle ticket pricing for fundraising events are clear. This results in fewer inquiries and quicker sales.
Make Use of Round Numbers
Ticket prices that are entire dollar amounts, such as $1, $5, or $10, make transactions easier and attract more customers. The buying procedure runs more smoothly and requires fewer coins when prices like $3.75 or $6.40 are avoided.
Reduce the Number of Pricing Alternatives
Providing a small number of distinct options reduces decision fatigue and promotes purchasing. For instance, $5 for a single ticket, $12 for three, and, if appropriate for your event, a VIP option.
Track Your Sales
Observe how many tickets are sold and who is purchasing them. If you get a lot of interest immediately away, your pricing may be just right. However, it might be time for a minor adjustment if sales are low.
The pricing needs to be adjusted occasionally. Perhaps your audience finds $10 per ticket to be excessive. Offering a special offer of 3 tickets for $20″ could help you to achieve your fundraising goal. The number of tickets you sell might be greatly impacted by these minor adjustments.
You can use an early bird discount or group discount strategy to sell more.
Conclusion
Whether you are hosting a small event or a big fundraising event, selecting the right price for your raffle ticket is important. You can sell more raffles by choosing the right price as per your audience. Contact us for the best raffle ticket prices!
