Silent auctions are an effective and fun way for a nonprofit to raise money at all sorts of events, from galas (or even just the silent auction part) to school functions. Therefore, for your silent auction to be a success you need take all the necessary precautions and use strategies that will drive excitement with attendees while building their compulsion to bid in advance. Organizing a Silent Auction that Stands Out — This guide will help you craft your own silent auction.
1. Establish a Robust Procurement Committee
Why It Matters: Because your auction items ARE the event, you’ll need a motivated team to get more things donated. Members should be comfortable soliciting donations, well connected in the community to access great items and organized for effective follow-up. At least a few members of this committee must also commit significant time throughout each month to properly source everything needed with order forms turned back into the school at designated times through Thursdays within these competitions only sale weeks (or contact relevant vendor if splitting dollars).
How its done: Make sure to identify the team members that have these qualities and set each one of their roles clearly. Make it a 9-12 month planning process to allow the committee time for procurement, so you can have lots of cool auction items!
2. Leverage Past Auction Data
Why This Matters: Learning from results of past auctions lets you know what is and isn’t working with your audience. This knowledge enables you to curate your own item selection, so that you are presenting products which generate more interest.
How its done: look up which lots attracted the most bids; list the items that went unsold and those whom came in high over estimate. You should mix your old and tested with the fresh and on-trend using this valuable insight.
3. Use Items That People Relate to
Why it matters: Your silent auction will only be as successful as the items if offers are interesting and valuable to your guests. In order to get visitors bidding more competitively on your items, they need to be unique or currently trending local goods that match consumer interests and price points.
How its done: Know your audience demographics and preferences. Do they like wine, sports or art? Customize your auction items to fit those interests. For instance, private wine tastings or VIP sports tickets which can create a buzz and secure higher bids.
4. Write an Enticing Item Wish List
Why It Matters: A strong design of your wish list directs what the procurement committee focuses on in terms of getting the highest value items at your auction. By this, you can also lead to make your team more focused and the items which offers are suitable for their audience.
How its done: Brainstorm with your committee on items that could be great options for the auction to get discovered by this type of donor. Look at regional excursions, or well-liked dining establishments to see what you ought to plan for. Inspire creativity to formulate things that are attractive and achievable, even those which are apparently unattainable.
5. Effective Fundraising Ask Letter
Why It Matters: Getting great stuff for your silent auction often starts with a winning donation request letter. This letter is your opportunity to introduce yourself and explain why they should give, what perks come with giving (if applicable), and perhaps most importantly: how their donation will be publicly acknowledged.
How its done: Address the decision-maker when writing your donation request letters, mention a past interaction where appropriate and spin them a tale that emphasizes some aspect of what it is you do. Outline What You Want, Highlight the Advantages of Giving, And Invite Them to Fly out Descriptions and communications should always include thanksgiving, along with donation forms.
6. Price Items Strategically
Why It Matters: Appropriate pricing is fundamental to driving bids and ensuring goals are met by your organization. If the initial price is too low, you could lose out on some money; if it’s way high to save time just-sorta-testing your audience), people may not even bother.
How its done: Calculate the Fair Market Value (FMV) of each item, and start bidding at 40-50%’s FMV. A range that is generally low enough to be interesting, but high enough so as not to undervalue the item. Determine the starting bid according to how hot an item is and if your audience willing to drop large amounts of money.
7. Specify the correct bid increments
Why It Matters: Bid increments set the pace of an auction and can determine key factors in how much money is ultimately raised. Bidding can sit still if increments are too small or, move to rapidly of the potential bidders disallowing him from continuing to bid.
How its done: Bidding steps is 10% to 15% of the FMV (Fair Market Value) for item. A common bid increment is $10 for an item with a value of FMV or above. — e.g., if the FMV were $100, you would add in allowable bids no less than $10 each (easements & preservations are good examples which follow OSMOS standards) You might use larger increments to get items moving more quickly and higher final bids on highly desirable items.
8. Offer a Buy-It-Now Option
Why It Matters: Will Be All Over Board Auction: The Buy-It-Now option allows an anxious bidder to buy the item out of pity, potentially pumping profits accordingly and emptying key parts at a more elevated cost.
How its done: Pick out some items you think are going to have a high chance of interest from your audience and set the Buy-It-Now price 150–200% FMV. This will be more suitable for a very popular item that bids may not come through the boring war. However, you’ll want to avoid matching this with unique items on a per-item basis that people may get bidding wars going over.
9. Incorporate Mobile Bidding
Why It Matters: Mobile bidding helps transform the auction experience, streamlining it for both bidders and event staff by allowing participants to bid and track their progress from anywhere on a smartphone. This ease may also translate to more bids and greater profits overall.
How its done: Select a user-friendly and dependable mobile bidding solution. Encourage mobile bidding prior to and during the event, possibly even opening up auction early for some types of pre-bidding. This helps generate buzz and can give your event a solid kick start with bids already on the table.
10. Make Your Auction Experience Engage
Why It Matters: A successful and exciting auction environment drives bidding activity and makes for a memorable event The more energy you give to this auction, the better it will perform.
How its done: Maintain momentum throughout the event with regular announcements, real-time bid activity updates, and personal encouragement from your Bid Assistants. Build excitement toward the end of your auction with a countdown, and close out like its own event.
If you plan and execute these strategies perfectly, your nonprofit will have a profitable yet entertaining silent auction. The trick is to hook your audience and make it as smooth and fun for them as possible.
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