Updated on May 20, 2017
How To Run A Successful Silent Auction
Holding a successful silent auction can boost your fundraising event and have a lasting positive impact. Implementing your silent auction to completion is not enough, to be considered successful it must generate a ton of revenue. Briefly expounded upon are how one can focus on the logistics and mechanics involved when incorporating a silent auction into your fundraising event.
Start preparation early
This is mandatory if you want to avoid the last minute stresses and ensure that your fundraising event proceeds without any hitch. At first form, a great committee and assemble great items from donors and sponsors. This is usually the hardest part of the whole preparation involved when organizing a silent auction.
The items collected are very crucial to the success of your silent auction. They must generate excitement and enthusiasm to those attending the fundraiser. If by any chance you feel that there are too many items on display at your silent auction, then you just might be right.
Do not over display
There is always the predicament of over choosing. When there are too many items on display, it becomes very difficult for guests to submit bids or donate to your cause as they are spoilt for choice. It’s always best to keep the items on display in a ratio of one item per every ten guests.
When setting prices during your silent auction, you should narrow your focus on the starting bid and the lowest bid increment. In several cases, some people start high at around the fair market value. Its advisable that your starting bid should range from 25% to 35% of the market value of the item. By setting your starting bid low, you will be attracting a higher number of first-time bidders generating more of their interest further promoting a healthier bidding tussle. This bidding wars can result in a higher buying point than if you had decided to begin very high.
Level of organization
A successful silent auction will proceed without any glitch if you get your organization right. There are several things that might bring about major problems during your silent auction. For instance, failure to maintain tabs on all silent auction items, last minute additions to your auction list which might bring about unnecessary complications.
To remain organized group all your items according to their respective categories. For instance, music, travel, food, etc. Carefully label your items with three letter codes which will ease your selection process. Print out all your gift cards and certificates in one specific folder.
Promote your items accordingly
Before the event starts, you generate buzz for the items days or weeks in advance. Having a few high-value items among your stash always works best. During the event take the time to set out the best layout when promoting your items to attract the highest number of bids possible. If you are unable to, get someone who can engage your audience accordingly. When the audience is charged and enticed you will be able to attract a higher donor pool.
Repeatedly remind guests during your fundraiser event to take part in the silent auction. You can pass the word to your DJ to keep repeating. Constant reminders are a great way to attract additional bids. If you schedule your silent auction towards the end of the event be very careful. Do not set it up too late when your biggest donors are already engaged in other areas such as the dance floor or another event area.
The key to running that successful silent auction completely lies in the preparation. You need comprehensive and detailed silent auction forms that provide enough information regarding the bidding process in addition to the list of important items required. It’s also in your best interests to start early and ensure that your event meets its full potential.