How to invest wisely in prizes and impact your bottom line
Most people understand that schools need to raise money. However, should sponsors invest money into their program to help ensure that they have a successful sale? Most fundraising companies provide basic promotional tools designed to help increase sales; however it’s ultimately the job of the group to put them to work in order to see the true benefit.
We’ve found groups that effectively utilize these tools are usually pleased with their results. In some cases though, it may be warranted to spend money. If you do, your goal should be to maximize the return on your investment as much as possible. Here are some reasons why you should invest in your program:
The Basic Prize Program is not Enough
If you want your sale to succeed, you need to offer more than the basic complementary prize program provided by the company. Results show that schools perform better with additional incentives.
Ensure a Good Return on Your Prize Investments
If you decide to spend money on additional incentives, like a grand prize drawing or a limo ride, make sure that you make back your initial investment. The best way to do this is to promote your incentive throughout your sale. This can be done by making periodic announcements, sending home notices to parents as well as posting flyers around your school.
Effective No-Cost Fundraising Incentives
On the other hand, is it possible to provide additional incentives without spending money? The answer is yes, and the more creative you are the more successful you can be. When offering no-cost incentives, it's important to understand what motivates your sellers. For example, students who play high school sports would probably enjoy not having to run at the end of practice or pick up equipment. As a result, you can exempt sellers who reach a certain sales goal from having to perform these tasks for a day.
Elementary schools can incorporate things like prize drawings that require students to sell 5 items for every prize coupon turned in. Names are then pulled out of a box and winners are announced. Here are just a few simple incentive ideas that you can use to motivate your sellers and keep them engaged in your fundraiser:
- Elementary School Groups:
- ‘Line Leader for the Day'
- ‘Office Monitor for the Day'
- High School Groups:
- ‘Free Dress Day Pass'
- ‘No Homework Pass'
The additional incentives that you can offer are endless and are only limited by your creativity. Regardless of the incentive, if you don’t invest the time and energy to promote it, you probably won't get the most out of your sale.