YOUR BENEFIT AUCTION IS A STORE FOR A DAY
I like simplicity, and when consulting with my clients, I’ve found it essential to explain exactly how they should treat their event. This tiny eight-word sentence seems to neatly sum up any benefit auction event:You are opening a store for one day.
If you plan to have a live or silent auction, imagine your store is only open for a few hours and you must sell 100% of its inventory. You need to answer four questions:
1. Who will be shopping in this store? Before you seek one donation, examine exactly: Who is likely to attend? What do they have in common? What are their age groups? What are their interests? How much are they likely to spend? What do they already spend money on? What bores them? What excites them?
Knowing the types of potential buyers you are going to have at the event also determines which other money-making activities you should offer.
2. What are we selling in our store? Since you only have a few hours to sell out all of your inventory, you must stock your store with Highly Desirable Items (HDIs). These HDIs must be coveted by the buyers coming to the event. Coveted items mean a bidding war, which means higher sales. I have clients look at last year’s data to see what types of items sold close to or over fair market value. Those are the first items you want to stock since they’ve already proven to be best sellers.
Next, I have the event committee brainstorm about the items they are most likely to buy themselves. Committees often are a good cross section of the guests who are coming to the event. If a majority of the committee is excited about an item and willing to pay over 50% of fair market value, there’s a good chance the guests will, too.
3. How are we designing our store? Visualize the ideal atmosphere, including space, walkways, lighting, music, divided sections, displays, and knowledgeable assistants. What do guests first see when they come in? Is it easy for them to identify where desired items are?
Next, I advise them to keep all money-making activities (silent auction, raffles, and games) in one room if possible. Because your benefit auction store is only open for one night, do not give them a reason to amble off. If they leave, they don’t shop; and if they don’t shop, the store can’t share the hand-selected HDI’s.
4. How are we marketing our store? External marketing happens before the event – through e-mails and on a website. Like a sales ad from Target, this gives the shoppers a preview of the items and gets them thinking about which items to seek out. This also helps them mentally allocate money and get excited before they walk into the event.
Internal marketing is the signage, announcements, volunteers, and programs that explain all the money-making activities available. Don’t assume your guests have read all of your e-mails. In fact, assume they haven’t.
Treat your benefit auction like a store and it will be the most successful fundraiser you’ve ever had!
Dean Crownover, Benefit Auction Specialist
www.MyBenefitAuctioneer.com
404.403.9090
