The five key drivers of fundraising lottery success
When it comes to fundraising lotteries, achieving success is a calculated endeavour. Some soar to unprecedented heights, captivating the masses and yielding substantial net proceeds, while others fade into obscurity. What is it, exactly, that sets the successful ones apart?
Drawing from more than three decades of experience in launching and managing successful lotteries, Stride’s team has pinpointed the five key drivers of fundraising lottery success. These pillars form a solid foundation on which non-profits can construct an enduring fundraising lottery.
By harnessing the power of data, cultivating passionate supporters, diversifying revenue streams, establishing trust and maintaining foresight, organizations can hit the metaphorical jackpot, generating substantial funds for their cause.
Strong database
A successful fundraising lottery relies on a robust audience database, which serves as its foundation. A strong database is one that is reasonably sized and actively engaged with the potential to generate more ticket sales. By having a database of donors and supporters who are already passionate about your cause, incorporating lotteries into your fundraising mix becomes an excellent strategy to secure sustainable revenue.
Engaged audience
The power of an engaged audience cannot be overstated. Successful fundraising lotteries cultivate a passionate community of supporters who rally behind the cause, eagerly anticipating each draw. Engaging supporters through exciting interactive experiences and personalized communications sparks an emotional connection that drives ticket sales. Lotteries have the potential to catapult awareness alongside your other efforts and foster a sense of belonging among participants.
Balanced fundraising mix
Achieving fundraising success often means leveraging multiple, diverse revenue streams to meet a shared end goal. Lottery leaders must coordinate their efforts with other fundraising initiatives, such as donations, events and corporate partnerships. By diversifying their approach, organizations can mitigate risks, reach a wider audience, and tap into different donor segments. Our clients have found lotteries with an integrated and coordinated approach enhance other fundraising efforts by providing another touch point with their audience. A well-rounded fundraising mix ensures stability and resilience, acting as a safety net during times of economic uncertainty or changing market dynamics.
Market potential
It is crucial to understand the wider context in which a new lottery will be launched. Population and competition from existing lotteries – whether within a similar niche or otherwise – are key factors.
In markets where highly successful lotteries already exist, a new lottery can yield similar returns as consumers are already familiar with the concept of a lottery. At the same time, markets where there are no established lotteries can also present significant opportunities, as there is potential to tap into a completely new player base.
In Stride’s experience, the majority of non-profit subsectors possess untapped potential for growth. Understanding the broader context and working within it to devise a robust strategy will provide a success advantage.
Long-term perspective
The most successful lotteries are built with strategic foresight to ensure long-term success. Short-term success can be difficult to achieve with most non-profits taking three to five years to reach maximum net revenue. By adopting a forward-thinking approach, organizations can construct sustainable lottery programs that withstand the test of time. The benefit is within the journey itself, as the longer a lottery runs for, the more insights are gleaned. Non-profits can expect annual growth in returns as they gain awareness in the market and learn about the preferences of the audience. These valuable insights allow for continuous adaptation and refinement, ensuring ticket sales are optimized.
Join the ranks of successful fundraising lotteries and unlock your organization’s potential. Start your fundraising lottery with Stride and unlock the jackpot of possibilities. Contact us here.
