EFFECT OF PROMOTIONAL STRATEGIES ON LOTTERY PRODUCTS SALES IN NIGERIA

Abstract

Promotion strategies are critical in influencing consumer behavior and driving sales in various industries, including the lottery sector. Despite its long-standing presence and significant economic contributions, lottery industry faces increasing challenges in sustaining and growing its consumer base. This study, therefore, evaluated the impact of different promotional strategies on sales of lottery products. The study employed survey research design using structured questionnaire. The population of the study comprised of customers of all the customers of the Golden chance lotto, in Ibadan, Nigeria, from where a sample of four hundred and sixty-eight (468) customers were purposively selected based on ease of data collection. Both descriptive and inferential statistics were employed for the purpose of the data analysis. Multiple regression analysis was used to examine the significant effect of promotional strategy on products sales in the lottery industry. All tests for significance were conducted at 5%. Multiple regression showed that three out of the five explanatory variables were positive and significant in explaining variation in product sales, these include advertising (p=0.000), publicity (p=0.000), and sales promotion (p=0.000). The study established that promotional strategies have significant effect on sales performance of lottery products in Nigeria. It is therefore recommended that management should prioritize advertising, as it emerged as the most significant predictor of sales performance.