Golden Ticket Raffles offer a limited number of higher price raffle tickets to win a high value prize, typically a choice of any live auction item.
- Selling 100 tickets at $100 can be surprisingly easy for a buyer’s choice prize and can increase participation when significant numbers of attendees feel “priced out” of the live auction portion of the event.
- The cost of the ticket: if half of your guests purchase a ticket, the revenue should equal or exceed the Fair Market Value of any of your live auction items, or at least most of them.
- At your auction, the live auction item with the highest FMV is a weeklong trip to Hawaii, at $12000. You are expecting 300 guests. $12000 divided by 150 tickets is $80/tickets. This is the minimum price you should charge for a Golden Ticket!
During your event your Auctioneer will announce that anyone present could win any of the live auction items for a fraction of its Fair Market Value, by buying a Golden Ticket.
You should have someone well dressed and charismatic walk through the crowd with a roll of 2 part tickets and a clipboard. As tickets are sold, two pieces of information are collected
1. Their bidder number
2. Which live auction item they wish to win!
The first piece of information is written on a sales tracking sheet of paper on the clipboard, and on the ticket, which the seller keeps for the drawing.
The buyer is handed the other part, and wished good luck.
The ticket seller keeps the portions of the sold tickets with the bid and item numbers written on then until it is time to draw the winner, and takes the sheet with bidder numbers to the people entering sales into your database, at periodic intervals throughout the Golden Ticket sales window. The seller will now collect a fresh sheet and continue to sell.
You and your auctioneer will determine the best time and method for drawing the winner’s name. Make sure that you have closed sales 10-15 minutes before the live auction begins, to give your data entry people time to get the tickets sales entered and there is adequate time to designate what live item has been “Sold”
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