Five Tips for Online Auctions

Additionally, experience demonstrates that putting on a live auction concurrent with your virtual event can generate greater interest in the items up for bid and has proven to significantly increase an organization’s financial results.

2. Sponsorship

Sponsorship should not be underestimated, both as a way to generate publicity for your online event and revenue for your organization. It can be an incredible boon for your organization, cMarket says, with the average spot on a nonprofit’s homepage bringing in around $1,000 and the average auction revenue generated coming to more than $5,200. Don’t be shy about acquiring multiple sponsors for your auction, and understand that many businesses in your area could benefit greatly from the exposure your event likely would give them.

Sponsorship also can increase your auction’s traffic by providing a usable customer base and network of contacts. Make sure to ask sponsors to advertise your auction on their Web sites.

3. The goods

Never lose sight of the fact that your catalogue of merchandise is the most vital part of your online auction. The simple equation? A great catalogue = a boffo auction! Pay attention to big-ticket items that will generate the most interest — like travel packages, sports memorabilia, art and electronics — but don’t neglect to feature a broad variety of items from the other end of the price spectrum as well. Visitors and participants in online auctions like variety, and it will help if you present them with a wide range of categories.

Furthermore, nonprofits should:

* include in their online auction “buy now” items that bidders can purchase for a set price;

* be keenly aware of regional taste differences when considering merchandise options; and

* provide a handful of unique local offerings — a dinner party put on by a popular local chef, for instance — in their auction catalogues.