Small raffles have become a staple at many events, helping to bring in extra cash with a minimum of fuss. With 5-10 baskets, an event can earn anywhere from a few hundred to a few thousand extra dollars. These baskets can be displayed the same whether for a raffle or a silent auction, but how do you decide which path is optimal for YOUR event? These tips can help you decide what will work best for you.
Items Value
If the items are under $50, then it is probable that a raffle will be more profitable. The maximum that a silent auction will generate is close to the retail value of the items being offered. Sometimes people bid higher than the item’s value, to support the cause, but this is not the norm. If the item at hand is particularly appealing, and raffle tickets are not over-priced, people will be excited to purchase several in the hopes of winning the prize. For example, if raffle tickets are $5 and the prize is two bottles of good wine, many people will be up for the chance to win, generating significantly more than the actual retail value of the item at hand.
Crowd Size Matters
Crowd size plays an important role in how much money a silent auction can generate. While a large crowd does not always translate into a lot of bids, it is likely to produce more bids; the more bids you receive, the better.
For a raffle, the number of attendees is not as powerful as is the enthusiasm. The more raffle tickets that are sold, the more you will make. If your audience is ingrained in supporting your cause or you have one of two highly desirable items, they will be more focussed on purchasing tickets, knowing that all the proceeds support the cause.
Bundle items? The Pros and Cons
For a silent auction, group smaller items into one desirable offering thereby increasing the retail value of the offering and attracting higher bids. For a raffle, it is more advantageous to present the items individually, giving the appearance that the chances of winning anything are higher than if only a handful of items are up for raffle.
Volunteer Power
Your volunteers will be a huge factor in determining whether you hold a silent auction or a raffle. A silent auction requires more volunteers and they must be capable of handling more responsibility. Tabulators are needed as well as volunteers to distribute the items and collect the payments.
A raffle will only require a ticket seller and a person to draw names. It is easy to pull off a successful raffle with only a few workers.