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Sponsorship also can increase your auction’s traffic by providing a usable customer base and network of contacts. Make sure to ask sponsors to advertise your auction on their Web sites.
3. The goods
Never lose sight of the fact that your catalogue of merchandise is the most vital part of your online auction. The simple equation? A great catalogue = a boffo auction! Pay attention to big-ticket items that will generate the most interest — like travel packages, sports memorabilia, art and electronics — but don’t neglect to feature a broad variety of items from the other end of the price spectrum as well. Visitors and participants in online auctions like variety, and it will help if you present them with a wide range of categories.
Furthermore, nonprofits should:
* include in their online auction “buy now” items that bidders can purchase for a set price;
* be keenly aware of regional taste differences when considering merchandise options; and
* provide a handful of unique local offerings — a dinner party put on by a popular local chef, for instance — in their auction catalogues.
4. Promotions
Remember that you can never promote your auction enough. The most successful online auctions have a life cycle of three to four weeks, and in that time (and well beforehand) you need to do everything you can to generate buzz about the auction — on your organization’s Web site, on sponsors’ Web sites and through a highly aggressive e-mail campaign.
5. Keep on top of things
Finally, you need to be constantly vigilant of your auction’s progress, especially keeping close watch over items that might need additional buzz. And don’t forget to conduct a review of your auction when it’s all over; a close analysis of your virtual auction’s results will tell you what worked, what didn’t and ways in which you can improve your performance with the next auction.
To read the cMarket whitepaper in its entirety, visit www.cmarket.com/resources.htm
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Cracking the QR Code
The Art & Science of Multichannel Fundraising