A silent auction is precisely what the name suggests – an event where bids are not called out, and participants do not have to be feverishly involved in the process. Rather, silent auctions are more of a laid-back experience, similar to leisurely inspecting and selecting items from department store racks.
The merchandise in silent auctions is displayed on various tables, and attendees browse through it at their own pace. A bidding sheet with about 10-15 rows is kept before each item. A bidder will place the initial bid on the first ro,w and anybody with a higher price will fill up the next row, following the incremental price bid set for the auction. At the close of the auction, the winners for the items as per the bid sheet are declared.
There is no set time frame for silent auctions, which can last from several hours to a full day. Online silent auctions typically last 7-10 days. Once the timeframe for the written bid is completed, the organizers announce the winners and initiate the dispatch and shipping of the items after receipt of payment.
What items sell most at a silent auction?
Statistically, bids at silent auctions are lower than those in live on-premises auctions because the sense of urgency to increase bids on the spot is not present. However, lower bids do not mean inferior quality merchandise. It is possible to incentivize competitive bidding and receive higher bids by offering items that attract more attention and command higher prices in silent auctions.
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What are the items that typically sell best at silent auctions?
- Group compatible or themed items together in one large basket. This will drive up bidding against what it would be if each item were displayed individually. It is a win-win situation for all. You earn more for a display and the bidder gets more of the desired goodies. This is the manifestation of an age-old saying that something is more than the sum of its parts!
- Entry tickets: Entry tickets to well-known events are a big attraction in silent auctions. Tickets are sponsored by donors, and you make money even if they are sold below the face value. For winning bidders, it is a great opportunity to obtain tickets at discounted rates, regardless of the event–whether it’s a concert, ballet, sporting event, or theatre performance.
- Local deals: Just like tickets, a high-bid segment includes discount coupons and gift cards for local services, such as restaurant coupons, free or reduced rates for business services, or slashed rates in upmarket boutique stores.
- Sports gear, including fishing tackle sets, skiing or snowboarding gear, camping sets, golf clubs, and anything that answers the call of the outdoors and adventure, are top bid items at silent auctions.
- Food and beverages: Chocolate hampers, wine racks, craft beer collections, and other goods that people crave generally bring in high prices at a silent auction.
While these are just examples and have proved their worth at silent auctions, you can decide the items by judging the local condition and tastes of the likely participants.
How do silent auction platforms give better returns?
A silent auction combined with cutting-edge software assures amazing results. Every aspect of the auction can be managed seamlessly, right from the planning phase to bidding and purchasing, and checkout.
The following are some of the benefits of the silent auction software.
- Higher bids: With mobile bidding, a lucrative and easy methodology is added to the bidding process. Bidders are notified immediately on their smartphones through text messages if any bid exceeds theirs, after which they can return to the auction to increase their earlier bids. This has a great impact and dramatically increases the final selling price.
- Cost-saving: By using mobile online silent auction software, you can save significantly on infrastructure costs associated with holding the auction. All the parameters to run the event, including tracking bids and declaring winners, are completed with just a few clicks. In contrast to traditional auctions, there is no cost for hiring space, manpower, and other related expenses. There is also no need to buy extra equipment for setting up the auction.
- Better organized: All the benefits of the Internet and being online can be had through the silent auction software, especially for the bidders. They can see all the items on display in detail in full color on any Internet-enabled device like a smartphone or tablet without visiting a physical location. As the holder of the event, on the other hand, you can monitor in real-time the bidding progress and make updates to the inventory if required.
- Automated tasks: All activities related to the auction are automated with the software. This includes keeping records, monitoring the progress of the auction, and building a databank with attendee information that will help you in contacting the participants again to promote future auctions.
- Seamless checkout: Processing payments and arranging for shipping and delivery can be a nightmare in traditional auctions. Not so in online silent auctions, as the software helps you to manage all the payment and delivery particulars on your computer from any location.
Regardless of the quality of the software you have, the key to a successful silent auction is effective pre-event promotion and advertising. Conduct a sustained marketing campaign for your auction through targeted email campaigns and by generating buzz on various social media platforms. It will pay rich dividends by getting people to the auction.