Create The Perfect Balance Of Auction Items For Your Fundraising Event
Hosting a fundraising event can be one of the most lucrative activities a charity can undertake, however, creating the perfect balance of auction items can have a huge impact on the amount raised. That’s no secret, but how exactly do you get it right?
Hear from Givergy’s auction item experts who will demonstrate how to effectively research and offer auction items that will maximise fundraising efforts. Take away best practice on how to source items for the taste, budget and demographic of your audience and ensure your items are a seamless addition to your event or online auction.
From gala dinners to fundraising online, effective implementation of auction items can be the driving force behind raising significantly more for charity.
Why presenting the right balance of items is paramount
Presenting the right balance of auction items will increase bidding activity. Study the demographic of your guests, the better you know them the easier it will be to choose the right balance of items. In our experience, we find the ratio below works well at the majority of fundraising events.
The perfect ratio
Do your research and evaluate the market
The information you obtain while evaluating the market is highly valuable when setting the start price for your item. We often find that charities undervalue their items. The starting price needs to be accurate in order to maximise funds raised.
Cost effectively fill gaps in the offering
Gaps in your range are inevitable but filling them is very important. You can use a third-party supplier to fill those gaps. However, in order to fully benefit from the amount raised from third-party auction items ensure the supplier has an ethical pricing model. Make sure you understand the model, the potential and confirm they offer a consultancy service, which will assist you in choosing the right items for your event.
How to perfect the presentation online and at events
Perfecting the presentation of your auction items can dramatically influence bids, in turn, raising you more. Guests can become uninterested if they have to read paragraphs and paragraphs of text, so keep it as concise as possible. Remember pictures paint a thousand words! With that said, a description should be full, accurate and include all details needed for a guest to be fully informed on that item, leaving no room for uncertainty.
In regards to imagery, if you only have one image make sure it is the best one! See this example using a dusk image with full lighting of the property which makes it look fantastic! If your item has multiple elements, try to capture these on the first image. Most guests will only look at the first image and if its not enticing enough they simply move on!
How to manage bidding increments to increase activity
Base your increments on the value of your action item. A good rule of thumb is to work 8 bids back. For example, if your goal is to raise $2,000 from your auction item and the start price is $1000, work out how much each increment needs to be if you’re going to achieve your goal in 8 bids after the start price. In this example we would advise you set your increment at $125.
Our clients have visibly benefited from applying the best practices above, and we hope you find the information equally as useful and engaging.
Feel free to request a brochure if you’d like to browse our auction item collection to fully understand the options available to you.
Chief Operating Officer
Ben is at the forefront of every project in Givergy, listing and actioning constant improvements across the business. With over a decade of experience in the charity and events sector he brings a deep understanding of what the fundraising industry needs to operate effectively and efficiently.