A huge part of running a successful raffle is finding the right ticket prices. Your tickets must be cheap enough to attract a lot of buyers, but at the same time they need to cost enough for your organization to raise a lot of money. A third factor is the value of the prizes. One more thing to factor in is your target donor base’s financial situation. All of these things should be factored in when you are deciding on ticket prices. Your ultimate goal should be to reach to ticket sales goal that your organization has set.
When you start a raffle for your organization, your first instinct will probably be to offer tickets for a high price (say $50) so that if you sell the number of tickets you want to sell (say 1,000) you will end up with a lot of money ($50,000). The flaw with that is that it is very difficult to find 1,000 people who want to spend $50 each on a raffle ticket for a prize they don’t really want and/or an organization they don’t have much of a connection with. Now if your organization is raffling off a car or a house convincing people to buy tickets won’t be much of an issue. However, trying to convince people to spend $50 to potentially win a $250 gift card is not likely to be very successful.
The financial situations of your target donors are very important to factor in. If you are targeting corporate sponsors and major philanthropists you should be able to charge $50 a ticket and have a ticket package for 50 tickets for $1,000. The exact numbers aren’t important but my point is that if you have donors with very deep pockets you can get away with charging a lot and still sell plenty of tickets. However, if you are targeting individuals or families that don’t have those kinds of resources your prices and expectations will need to be much lower.
To sum it all up, deciding on the right ticket price for your raffle comes down to figuring out how much value your tickets actually have based on both the prizes that are being offered and how much people are willing to pay for them. You need to decide whether a higher price will deter too many people from buying and if a lower price will keep you from meeting your goals in terms of money raised. Finding the perfect balance between too high and too low should be your goal.