Your destination for insight into the world of event fundraising and charity auctions.
Consignment travel packages can be extremely lucrative for your nonprofit, and one of the biggest reasons is the ability to sell incredible trips multiple times, at no risk to you. Doing so benefits your event in three ways: Increase revenue: Double, triple or quadruple your profit on a single package. It's a win, win, win: More happy bidders, but the biggest winner is your nonprofit. Capture secondary bidders: For every successful bidder there are typically one or two people who may have been bidding on the same item, but were unsuccessful. What happens to the money they were prepared to spend moments earlier? Doubling up enables your auctioneer to capture additional revenue from more people. Best of all, it's easier to pull off than you might think! There are virtually unlimited ways to sell multiple no-risk consignment travel packages at any point of your event timeline—before, during and after—that don't take any extra procurement on your part and cost nothing if they don't sell. Is your nonprofit reaching out for this low-hanging fruit? Read on for the strategies our nonprofit clients have used to double, triple, even quadruple their revenue on a single package to raise a lot more for their cause.
Last week we discussed strategies for procuring buzzworthy auction items and preparing donors to bid. Today we explore another essential piece of the auction planning process: setting opening bid prices. You spend months preparing for the annual auction, but when the night comes, you have just a few hours to meet your fundraising goals. So how can you set the starting bids and bid increments that best maximize your chances for success? The process can be a balancing act: Starting points that are too high may discourage bidding, while opening bids that are too low may limit revenue. Here are 4 questions to help you think through this important process. 1. What is the fair market value (FMV) of my items? The fair market value (FMV) of an item describes its worth relative to similar items on the market and what buyers might pay. Knowing your item's FMV is a good starting point for determining an appropriate opening bid. Some items have a clear-cut FMV. Many donated goods like electronics, gift cards and collectibles can be found or compared to similar items on eBay and Amazon. However, many one-of-a-kind, unique items can't easily be valuated—which is exactly why they generate the most "buzz" and highest bids. Here you'll have to look for other possible benchmarks to determine an FMV.
Live auctions are big money makers. They offer great entertainment value for a fundraising event, dazzle audiences and build excitement as patrons compete for once-in-a-lifetime auction items. A successful auction requires awe-inspiring items, which can make coming up with ideas for your live auction a little difficult. We thought it would be fun to compile a list of the best live auction ideas we've come across, drawing from the thousands of fundraising events we work with each and every year.
These days no charity fundraiser is complete without a dazzling auction to delight donors and get them excited to spend money for your cause. Before you start planning your next benefit auction, ask yourself which type of auction is better suited for your event - a live auction or a silent auction... or both? While both live and silent auctions have their advantages, it is important to carefully evaluate your event to determine which type of auction is going to be the best fit for your audience, your auction items, and your fundraising venue. Quite often, Nonprofits will opt for a blend of both live and silent auctions at their fundraising event. In these cases, it is important to know the rules of thumb for how much revenue you can expect to generate from items offered in both the live and silent auctions to ensure that you meet your auction fundraising goals. We put together the following infographic as a general overview showing the advantages of each fundraising method and providing some examples of the "auction math" you'll have to do when planning your next event.
Bidding wars are awesome. They are intense, competitive and exciting for everyone in the room. It can also help raise a lot of money on a single auction item. That being said, bidding wars are also elusive and almost impossible to anticipate or create. There's just no guarantee that any of the items you've selected will ignite enough interest to get your event patrons to compete with each other. Or is there...?
Live benefit auctions can be an excellent fundraising opportunity for your Nonprofit. In order to maximize your fundraising efforts and raise the most money possible, try to avoid these five live auction pitfalls.