WINSPIRE NEWS

Your destination for insight into the world of event fundraising and charity auctions.

3 Profitable Tips for Closing Out Your Next Silent Auction

Posted by Ian Lauth

3-Tips-for-Closing-Out-Silent-Auction2

Knowing when and how to effectively close out your silent auction can help bring you closer to your fundraising goals. During the event, be sure to follow these three tips: 

1. Close out in sections

Competition is the key to getting more bids during a silent auction. If you close down the entire thing all at once you are missing an opportunity to spur any last minute bidding wars.

Instead, try closing out the silent auction in sections so bidders who aren't successful in one section can move on to another. You can group items into "sections" however you choose, but it's usually easiest to do this one table at a time.

Consider the laws of supply and demand (remember ECON 101?), where demand increases as supply decreases. As soon as guests realize the number of items in the silent auction is shrinking, they are going to move quickly to place any last minute bids on other items they had their eye on. This will move more people to act on fewer items, increasing "buzz" on those items and ideally resulting in some bidding wars.

As an added bonus, closing out your auction in sections will also give you more time to process bid sheets during the event.

2. Close sections by value

The more sections you close, the fewer items there will be to bid on, resulting in higher demand and more competition. So why let bidders compete over low-value items?

When closing silent auction sections, start with the lowest-value items and then move up in value as you go. That way if any bidding wars do occur toward the end of the silent auction your guests are competing over the highest value items, helping you raise more money overall.

3. Close silent auction before live auction starts

Sometimes we have Nonprofit clients who wait for the live auction to end before closing the silent auction, thinking those who weren’t successful in the live event will then bid again in the silent auction. While this logic makes sense, it doesn't get any more bids.

By the time you wrap up your live auction it’s usually late, guests are ready to leave, and they typically have no desire to keep bidding. Close your silent auction before the live auction starts so you can keep attendees focused and engaged during each portion of the event. Keeping your live and silent auction separate will also make the night a little less chaotic for you, your staff and your volunteers.

--

Increase fundraising success by closing down your silent auction with a strategy that will increase demand, heighten excitement and drive more bids. Following these three tips will help you do just that so you can enjoy a successful evening with your guests.

New Free eBook Secure Better Auction Items

Secure Better Auction Items!

A successful charity auction relies on your ability to get exciting and appealing items for your donors to bid on.

Download this Free eBook with tips for making auction item procurement more efficient, more effective and easier for your entire team.

Download eBook →

 
Event Production
Ian Lauth
Ian Lauth
With an extensive background in marketing development and content design, Ian’s role at Winspire is to develop external communications, brand expansion and product delivery processes to help Nonprofits maximize their fundraising revenue. Ian serves as the Editor-in-Chief for Winspire News, creating and managing blog content, newsletters, eBooks and other resources for Nonprofit fundraising professionals.

Related Posts

What Can your winspire software account do for you this fall?

One thing has remained true two years after the world went online during the beginning of the pandemic: the ability to reach a virtual audience has expanded nonprofits' ability to raise more funds for their mission. Winspire Fundraising Software is a user-friendly way to engage a virtual audience and increase your next event's fundraising potential at little to no cost to your organization! Read on to find out how Winspire Software can boost your fundraising potential this fall. 

Software update: Pre-Save Credit Card Information

You asked and we listened: donors can now save payment information to their accounts! This means that when the bidding gets heated eager donors won't have to worry about whether or not they'll need to enter their credit card information again! Let the excitement of auction night begin!

7 Fun & Unique Summer Fundraising Ideas

Don't let the summer fundraising slump get you down Summer is the time for us all to take a breather between the chaos of spring and fall gala season. However, we know for busy nonprofits, the need for fundraising never quite goes away, even as donors go on vacation and the team gets a well-deserved break.