What To Do To Ensure Your Silent Auction Is A Success

Nowadays people are considering silent auctions as a form of fundraising to help various non-profit organizations such as schools, orphanages, old-age homes, and many more. The reason behind the increasing demand for Silent Auction for fundraising is that they are an excellent way to gather interest and financial support for your nonprofit, no matter the size of your organization or its constituency. It is the most profitable way where there is the promise of an immediate reward for the winning bidders, which is an excellent incentive to donate.

What Do You Mean By Silent Auction?

Silent Auction: Silent auctions are generally organized by various non-profit organizations and charity houses. These auctions are the best medium in order to raise money for a specific cause (a cause that will help the orphans or old age people, poor people, or sometimes female workers). Silent auctions are similar to regular auctions. In a silent auction, there are several users or guests who would be allowed to bid on the specific items that they feel worthy of. These items can be anything. Right from daily use products such as art or personalized gifts to expensive jewelry. The users can view the description of each item along with the market value. Thereby the users bid on the items and the one with the highest bid receives the item once the auction is closed.

But to make it profitable, it is essential that you are taking proper measures that will encourage people to participate in the auction. So how will you do that? 

Well, you need not worry anymore. Here are some of the tips that will ensure that the silent auction is a success.

#1 Ensure The Success Of The Silent Auction By Pre Promotion: 

Well, when there is still time in the auction, you can start by promoting the auction on various platforms. You can make use of 

• Social media platform and post information about the online auction. 
• You can create Facebook events and encourage people to participate in it. (This way can have an estimate on how many people would be interested in the silent auction).
• You can send out newsletters providing information about the auction along with the invitation link. 

The promotional posts must have the images of the most sought out items align with the detailed information about the auction. 

The link you are providing should take the users directly to the registration page. It acts as a call to action where you are not confusing the audience. Rather making it easy for them to take the decision. 

#2 Attract The Audience By Offering Them Great Items Through Silent Auctions: 

Well, this goes without saying that you have to offer something great in order to capture the attention of the target audience and encourage them to participate in the online auctions. The bidders will feel motivated only when they think they would be laying hands on some great items, something antique, vintage or something really out of the box. Hence you must ensure that the items you offer are exciting to attendees and inspire them to make a bid.  

#3 To Make The Silent Auction A Success - Employ Various Strategies: 

When it comes to making a silent auction a success you need to strategize your items to earn the highest amount you can from this event. You can offer some travel packages or restaurant packages for the bidders. You can provide a high discount for unattainable objects. If you are getting a higher number of bidders, it means the auction will be more competitive and gain more funds.

#4 Set The Prices Of The Items Optimally:

Well, setting the price of the items is one of the most important factors to make your silent auction a success. So when you are setting the item price, consider the two main elements  – the starting bid and the minimum bid increment. Generally, you would come across an auction where the price of the items is set too high as compared to the fair market value. It scares the bidders to abandon the auction in the middle or not even participate in it. So set the price which is not too low or not too high as compared to the market value. It will make it easier for the winning bidder to buy the product at the end of the auction.

#5 Silent Auction Should Create A Win-Win Situation For Everyone: 

Well, this goes without saying that the winners will be a part of the auction only when they feel it is a profitable deal. If you are providing profit to the bidders, you have to see that you are not at loss. So you have to strategize the silent auction in such a way that it is a win-win situation for all. Only then you can say that the silent auction was closed successfully.  

Summary: 

Well, these are some of the most informative as well as actionable tips that will help you in making your silent auction a success. As per the experts, it is always recommended to start early to reap the full benefits of the silent auction.