Having the right ticket pricing strategy is a crucial part of your online fundraiser’s success. It is one of the factors that can drive higher sales for your fundraiser, and help you meet (and even exceed) your fundraising goals. Most fundraiser organizers find it easier to price their tickets as ‘cost plus profit’. A few others simply look at similar fundraisers and decide on the best ticket price to ensure competitive pricing.
It is important to understand that ticket pricing can maximize your fundraising potential. Therefore, you want your ticket prices to be priced right in order to attract donors from your intended demographics. At the end of the day, it comes down to how much your donors are willing to pay that will determine your fundraiser’s success.
What is an online fundraiser?
An online fundraiser is a fundraising event that is hosted online to raise money for a nonprofit or charity. These include virtual auctions and marathons, webinars, and online gaming-based fundraisers such as raffles and sweepstakes.
Online fundraisers are not a new concept; they have always existed but have gained massive popularity after the pandemic. The COVID-19 pandemic has changed a lot of things, including how fundraising is done. The pandemic has greatly diminished nonprofits’ ability to raise funds through traditional activities such as galas, dinners, and events. But online fundraising is a great alternative where many are finding success.
On the other hand, consumers have changed the way they interact with organizations in literally every industry and nonprofits and charities are no different. Online digital platforms have become the preferred medium mostly due to internet accessibility, technological advances, and the flexibility of doing things from the comfort of our homes.
A snapshot of online charitable gaming
Many nonprofits are choosing online charitable gaming thanks to its wonderful benefits such as lower costs and increased donor retention. Here are some of the more popular and tested ways to run charitable gaming online:
50/50 Online Raffle: A 50/50 charity raffle, as the name suggests, has a prize pool or ‘pot’ which is split 50-50 between the charity and the winner. Ticket sales fund the prize pot and a winner is selected via a draw. The campaigns usually build momentum when repeated every month. Also, the size of the winnings is usually life-changing amounts that encourage people to take part in online raffles.
Sweepstakes: Sweepstakes can provide a great way for your fundraising efforts to go big and broad—often nationwide. With the different laws governing the various states and countries when it comes to sweepstakes, it is best to have a licensed sweepstakes organizer who can take care of everything for you.
Catch the Ace: It is a multiple-draw lottery that usually runs up to 52 weeks, or until the Ace is discovered. The winner selected during weekly draws wins a portion of the proceeds from the ticket sales and gets a chance to pick a card from the deck in the hopes of finding the Ace. If the Ace is found, the winner takes the jackpot. And if they don’t, then the card drawn is removed from the deck, and the progressive prize portion of the sales from the tickets is rolled over to the next month.