Have you ever wondered what is the best way to generate the most income from your silent auction bid sheets? The single and most import ingredient to maximizing your silent auction income is your bid sheet. The most productive bids sheets contain
1. Your Organization’s Logo: Branding is important. Having your non-profit or event logo displayed on every bid sheet reinforces and reminds the bidder about your good cause.
Complete and Simple Item Description: Let them know what they are bidding on. A simple straightforward description says it all. A photo of the item, or the benefits of a service, will draw interested users to the right bid sheet.
2. Starting Bid: In general, the starting bid be no less than 35-40% of the item’s value. Keep in mind that some items are “hot sellers” while others are more targeted and only appeal to a select few. Take advantage of your hot sellers and place their starting bid at least at 50%. For items that are poor sellers, you feel are overvalued, or only appeal to a very small audience, consider placing their starting bid as low as 25%. One solution for all may be ease, but it will not help you to achieve the best results.
Use this simple list as a tool in determining your top sellers and those which will need a stronger push. Keep in mind that the best tool for pricing is from your own experience. Pearl Bids history from prior auctions can help guide you to generate your optimum results.
Proven Top Sellers:
• Restaurant certificates
• Sporting events
• Home /Garden - tastes vary
• Services - great if needed/wanted
• Art - Very individual
3. Pre-printed Increments: Don’t let our bidders determine the next bid. By supplying pre-printed increments, you assure that your bidding will progress at the rate that you need and take the guess work/bargaining out of the process for the bidder.
4. Research shows that the optimal number of bids on one item is six. If you are finding that you need more, consider raising the base price or increasing the bidding step increments.
Follow these guidelines and you will find that you will encourage more aggressive bidding and maximize your silent auction income.