If you are trying to raise funds through an online auction event then you need to make sure that you are able to spread your cause to as many as you can. So, that more people who try to join your cause and bid in your online auction. DealDash is a provider of a bidding platform designed to offer auction services. The DealDash Company’s platform offers auctions where the auction clock restarts from 10 seconds every time someone bids, enabling losing bidders not to lose the money they spent bidding.
Here are 5 strategies for a successful online auction:
Take Stock of Your Items:
The first thing to make sure of is to inventory all the items that you are planning to include in your online auction. When you have stocked all the items that you want to auction then you will be able to sell multiple items over a period of time. Try to start with the top 20 items for your auction event, also you can add extra items when you are ready. Make sure to provide closing time on each item so that it can make the bidders engaged.
Set your starting bids properly:
“Am I going to get my warts removed? I might do, but I’m certainly not going to auction them on the Internet,” said Lemmy, an English musician who was the founder, lead singer, bassist, primary songwriter, and only continuous member of the rock band Motörhead.
Well, the best way will be to start your bidding auction with 35% of the actual proposed value of your items. You need to set a goal to get the market value near from 80% to 100% and focus on providing 12-16 bids per item.
To make you clear let’s suppose that you have an item of the market value of 100£ that might start at 35£ with a minimum raise value of 5%. If you provide 16 bids for every item then your total will be 115£.
Define the rules:
Before starting your online auction, you need to provide clear rules about your auction bidding like how to secure the items? or what will the logistics for the shipping be? When you have provided the rules in advance then it can reduce the confusion in your bidders.
If you are trying to host an online auction event then it will be crucial for you to provide effective communication to your potential donors via call, text messages, or e-mails. Provide a social media campaign for your auction event that can allow you to reach a larger audience. Also, include photos and details of some of your key items.
If you are presenting your auction event online then you bidders will most probably use their laptops, tablets, or smartphone to review items and place bids. You need to make sure that you provide at least photos for each item. Try to provide clear photos so that the bidder will able to review every item easily without any worry.