A Raffle Can Make Your Business More Desirable
Retail businesses often try to increase their profits with promotional sales and advertisement pleasing to the eye. However, a less popular way to achieve a long-term profit increase is a raffle. The benefits of a raffle are extravagant- not only would it encourage new consumers to visit the company, but it could potentially give people a new reason to love the company.
For example, holding a raffle and donating the proceeds to a hospital would encourage people who support the hospital to take a look and possibly support the business as well. When businesses in the community support education, healthcare, rehabilitation, etc. for those who have, in someway, been touched by them whether it be through the hospital aiding a sick child or a local school where a woman’s child is going; the impact and emotional connection is far reaching from the consumers standpoint. Knowing that a business supports and aids something that hits a potential customer close to home, it’s much more likely they will buy a raffle ticket and thus later on come back to the business.
It can also make the businesses’ products more desirable. As a consumer, seeing something placed on a high pedestal and made to seem desirable creates a general interest. When the product is “amped up,” it seems more valuable than it truly is which increases the demand. This, in return, would increase the raffle sales and thus the business’ short-term profits. This could also potentially benefit the company in the long term because the demand may be increased for a longer period of time after the raffle.
While an emotional connection to the customer is an excellent way to attain customer loyalty, to benefit economically in the short-term, the company can otherwise use the profit to aid their business. People are drawn to raffles in the hopes of winning something– it’s the reason the lottery is such a popular thing. If a company can promote the raffle with signs and general information, consumers will be drawn to it in the hopes of trying to win. Thus, if the company promoted the raffle enough to get a substantial amount of people to participate, they can make a large profit for something that probably isn’t worth that much.
In general, raffles are extremely beneficial for a number of reasons. Raffles can increase the profits and help a company get started to promote its’ business thoroughly. They can also show the businesses’ moral standing by creating that emotional tie with the consumers. Putting other (more popular) businesses in the limelight can even possibly gain the business support from the larger company.
Lastly, the simplicity of the businesses’ revenue aiding their start in their industry is an excellent use for a raffle as well. While companies often use the common “bring customers in with promotional sales”, raffles are far less (potentially) harmful to a company and even the world. When prices go down on products, it’s because the company can afford the cut itself. In return, wages decrease for the workers who create the products (if it’s a large enough industry). Obviously raffles are much more useful and reliable because you can basically only make a profit.