The money you raise at non-profit fundraising events dictates the amount of good you can do for your cause. Keep reading to learn about 3 strategies that will increase the amount of money you raise at your fundraising event. The best part? These are quick and easy and can be implemented no matter how soon your event date is.
Strategy #1: Have a Golden Ticket Raffle
A golden ticket raffle is where you raffle a high-value item and sell tickets at $100 each. If you sell 100 then that is $10,000. Let's say the item costs you $2,000, you've just made $8,000 on your bottom line. You can sell tickets in advance, at the door, or even ask the auctioneer to sell them on the mic.
It could be something that has been donated, a sponsorship, or you can browse our range of ready-to-go golden ticket prizes. We have a $10,000 golden ticket option (sell 100 tickets at $100 each) and a $25,000 golden ticket option (sell 100 tickets at $250 each).
We've seen a lot of interesting and profitable variations on the golden ticket strategy:
Strategy #2: Premium Silent Auction
You might be reluctant to run a premium silent auction because you doubt anyone would pay $10,000 or more for a trip to Reykjavik. However, from our experience, premium silent auctions are incredibly successful. Someone's guest ends up spending $20,000 on a vacation that they otherwise wouldn't have donated. They're willing to spend that money because you've got something they want – a wonderful experience!
Vacations and experiences are great items for a silent premium auction because you're tapping into their vacation budget and fun money - not just their charity budget. They see a trip to Iceland and think, Hey, we were planning to go to Iceland anyway!
We recommend having 6-10 premium silent auction items for event guests to choose from. That way there are experience options for everyone. You want people to get excited about the items in the auction. We have some really cool options: a Tuscan villa experience, a trip to Dublin with train tours, Amalfi Coast…and the list goes on! You can sell multiple of the same item if one of them is popular and you only pay for the trip once you sell it – no risk at all.
Silent auctions can work for any type of event. We helped a chamber of commerce set one up at a barbecue and it netted them an additional $10,000 that they likely wouldn't have made otherwise. They can be successful in inside and outside events. Setting them up near the bar is great because people look at the posters for the prizes while they're queuing at the bar. If your event is in a few days and you're organizing a silent auction last minute, we can send you the posters for our packages.
We recommend setting the starting bid for these premium silent auction items at 20-25% above the cost you will pay, that way you make money even if you only get 1 bid. If you are using event software, you can allow people to preview items and even bid on the items in advance to add a little bit of excitement around the premium items.
Strategy #3: The Craze
We nickname this one the craze and you need to have a really good auctioneer to pull it off. What happens is, you save a consignment item as the last item in the live auction. All-inclusive Caribbean trips are great for the craze. Your auctioneer lets your guest know that this is the last item up for grabs and builds a buzz around the item. We once saw an auctioneer play the promotional video for the vacation and ask people to raise their hands if they would pay $1,500 for the trip. Then asked them to keep their hands raised if they would pay $2,000 and so on until they reached $3,000.
The trick here is there is no limit to the number of this vacation you can sell - that's why the craze only works for consignment items. In this case, the auctioneer says they can sell an unlimited number, so raise your hands if you want to buy the all-inclusive Caribbean vacation for $3,000. This way you can sell multiple vacations and increase your bottom line far more than you would selling just one. I think the most we've seen was the time was when Dean Crownover sold 26 items in a craze.
Let's Raise More Money!
Subscribe to stay up to date with new articles, webinars, and podcasts!
At HGA, we're dedicated to helping nonprofit organizations Raise More Money through coaching, auction items, and auction software.