...My brother is speaking "engineering speak"....all good...keep the thoughts and ideas coming in!nchunterkw wrote:I think the idea is to set the price "right" so the most people participate. That will be how we raise the most $$ for the charity. Given that, I think $20 each or 3 for $50 is a good price point. $50 each is too high IMO and would not get as many to participate.
Should we consider a maximum number of entries? I say yes - at least at the beginning - as that will give everyone roughly the same chance at winning. Maybe start off with a max of 3 tickets and see how sales go? But not higher than that. To further explain, the overall number of tickets most likely will not be that high (I'm thinking in the 200s). If someone wants to come in and buy $400 - $500 worth of tickets to get an heirloom stock(still a GREAT bargain)that will tip the scales significantly in their favor. For example....1/200 = 0.5% chance, 3/200 = 1.5% chance, $500 would get you 30 tickets, 30/200 = 15% chance. Again, coming from a point of view of trying to maximize participation.
My feeling is if someone is will to spend $500 for a raffle, they should just go ahead and buy one directly from aging.
Anthony
I think there's a magic number for most people before they're out of their comfort zone $$$$ wise. I believe the higher the $$$ number the fewer the tickets you'll sell. It's finding where the dollar can be maximized vs the number of tickets sold. The primary goal is still to raise money for a needy child. Personally, I like the 20 dollars each or three for $50. Or ten dollars each or six for $50. Whatever peopleare mmore inclined to buy is how I see it.
