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4 Practical Cures for a Stagnating Auction 🏥

Posted by Summy Lau on Jan 12, 2017 11:14:42 AM

4 Cures for a stagnating Spring Charity Auction Fundraiser

If your organization hosts a spring or summer fundraising event, we hope you're getting more and more excited as the day approaches, donations roll in and plans begin falling into place.

But we know for many, the planning period is very stressful.

Today, we want to address reader questions like, "How do I refresh my 14 year event?"..."Our auction used to pull in five times what we got last year. What can we do?"..."Is it time to give up and move on to another type of event?"

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Topics: procurement, event-production, auction item ideas

How No-risk Auction Items Take the Bite Out of Procurement

Posted by Summy Lau on Jan 5, 2017 10:13:43 AM

As we kick off 2017, spring fundraising season inches closer and closer. For many event organizers, this can be a stressful time. Check out this recent graphic from USA Today:

How No-risk Auction Items Take the Bite Out of Procurement

Indeed, for the fifth year in a row, "Event Coordinators" made the list of the 10 most stressful jobs of 2016 - a trend not likely to change in 2017.

For fundraising events, a huge part of the problem is procuring quality auction items.

The Scenario: You and your auction planning committee hold a successful wish list party and your procurement team leaves pumped, with a long list of ideas for unique auction items to retrieve. Fast forward a couple months. There's just a few weeks before your event. Your committee meets up one last time...and you realize the list of 'wins' from your wish list is a lot shorter than you thought.

Our latest Winspire News survey confirms this is a common struggle, with 1 in 3 readers ranking item procurement as their biggest fundraising challenge.

Thankfully, there's a better way.

If your auction catalog has gaps or lacks the "wow" factor that garners high bids, reserving consignment items for your auction can be a winning solution.

"Consignment" literally translates to the act of placing an item in the hand of another, but retaining ownership until the goods are sold. In the auction world, this means a company will lend you an item to include in your auction with no upfront cost. Then, if the item is actually sold, you buy the item from that company using a portion of the proceeds, and the remaining difference is your profit.

Why offer no-risk items if you don’t get to keep all of the money?

Read on for a few ways consignment items can make your life a whole lot easier and still generate a lot of money for your cause.

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Topics: procurement, no-risk-auction-items, event-production

6 Tips to Extract Higher Profits from Every Silent Auction Item

Posted by Summy Lau on Nov 2, 2016 9:44:24 AM
Silent auction luxury retailer.jpg

Silent auctions are a critical part of many fundraising events' success, bringing in about a third of the revenue at a typical gala or dinner event.

As your organization's one-night-only storefront, you have just 3 or so hours to make money. Everything must go! So you want to take advantage of all your merchandise.

Today we'll look at 6 of the most commonly asked questions on procuring silent auction items that maximize revenue, including:

  1. How do we revive an auction that's gone downhill?
  2. How do we encourage more spending during the event?
  3. What are the best-selling, highest-profit silent auction items?
  4. How do we politely turn down unwanted donations?
  5. How many items should we include?
  6. What's a "super silent auction"?

Most silent auction items fetch 40 to 60 percent of their retail value (see our recent infographic on predicting total revenue). Read on for practical guidelines to ensure bids reach 50 percent retail and above.

1. Revive a Dull Auction

How can our nonprofit revive a silent auction event that used to bring in thousands but has gone downhill in the past couple years?

This question came to us at the end of our webinar, "10 Deadly Sins of Charity Auctions," and I suspect this participant is not the only one facing this problem.

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Topics: procurement, event-production, silent auction items

Are You Missing Out on $5,000 Per Bidder at Your Charity Auction?

Posted by Summy Lau on Sep 30, 2016 8:42:18 AM

When the presentation has loaded, click the full screen icon in the bottom right (Full_screen_icon.png) to view larger

As an event organizer or volunteer, what would you say is the #1 challenge fundraising events face?

Is it procuring the right auction items? Choosing the best time and date? Just getting people in the doors?

We think it's not taking advantage of every revenue opportunity.

All too often we underestimate the spending power of attendees. This "deadly sin" of fundraising events can show up in many ways: not charging enough for admission; delivering a timid cash appeal; wasting precious minutes on non-income generating entertainment; and as we'll discuss today, offering the same items in the charity auction year after year.

One revenue opportunity not to be missed: incorporating travel into your event. Travel is consistently a top seller at auctions, and here's why:

  1. People love traveling. (Who doesn't love a vacation?)
  2. Donors budget for travel. (Studies show 83% of winning bidders set aside over 5 grand for leisure travel each year.)
  3. Unique travel Experiences help your event stand out from the competition. (Did you know the majority of winning bidders attend 4 or more philanthropic events annually?)

Whether you procure trips yourself or partner with a reputable provider like Winspire, travel can be a game-changer for your bottom line.

Read on to learn just how much money you could be leaving on the table without a way to access your donors' travel budgets.

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Topics: procurement, auction-procurement, travel-experiences

This Easy Formula Takes the Guesswork Out of Auction Procurement [INFOGRAPHIC]

Posted by Summy Lau on Sep 22, 2016 7:45:00 AM

Projecting Charity Auction Revenue

"How many auction items do you recommend for a fundraising event with X amount of guests?"

This is a question we get all the time, and for good reason. Include too many, and the items will fetch fewer, smaller bids. Including too few may drive bids higher, but you've lost out on revenue bidders would have spent on more items.

Perhaps there's a better question to ask: How many auction items will we need to meet our fundraising goal?

Most nonprofits look at audience size to determine how many items they need in the auction (more on that below), but today we'll use an equally important metric: your fundraising goal.

Fact is, the quality of your items can affect the quantity you need to procure.

Using a few simple formulas, you can break down any revenue goal—no matter how insurmountable it may seem—into the approximate amount and caliber of items needed.

To deduce your event's "magic number" of auction items, check out our handy infographic below.

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Topics: procurement, nonprofit-infographic, auction-procurement, procurement-tip, event-production, infographic

4 Scorching-Hot Summer Strategies to Supercharge Your Fall Fundraiser

Posted by Summy Lau on Jul 14, 2016 10:15:34 AM
Summer Fundraising Strategies for Nonprofits

While nonprofit donor development is a year-round effort, summer often brings a well-deserved slowdown to the usual tempo. Sun, sand and a slew of holidays make it all the more tempting to save the tough planning for the next arrival of peak event season (fall and spring).

That said, the summer months are actually the best time to prepare for your event. You have time now to recruit and train the best volunteers, choose a theme and curate a better auction catalog than ever.

We often compare charity auctions to retailers that are only open for one night a year. With such a limited time frame to raise critical funds, you want to take advantage of every opportunity that presents itself.

Whether your next event is in a few days or a few months, read on for 4 practical tips you can do right now to generate more revenue later.

1. Consider an event theme.

If you've hosted the same gala for years, choosing a festive and unique theme can be a game-changer for your revenue. Themes keep events from growing stale by drawing in more donors, increasing ticket sales and ultimately creating anticipation for the big night.

Surveys show 93 percent of all attendees prioritize having fun at charity events. A unique theme is a great way to have fun while keeping the focus on fundraising.

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Topics: procurement, auctions, event-production

Fishing for Bids? The Best and Worst Silent Auction Items to "Bait" Donors

Posted by Summy Lau on Jun 21, 2016 8:30:00 AM

What sells best at a silent auction? We get this question all the time, and for good reason. As certified benefit auctioneer Danny Hooper noted in our recent webinar, one of the "10 deadly sins" of charity auction events is choosing the wrong items...

"My son is a great fisherman. One day last summer, we'd been fishing together all morning long with live bait. Hours later, we did not have a single bite. So my son suggested switching to a different lure. Lo and behold, two minutes later, we snagged this fish:

danny-trout_small.png

The moral of the story: The more distinct hooks you can throw into the water, the more fish you'll catch. I've gone to many events that have been run for over a decade, and year after year I see the same 10 auction items: the autographed hockey jersey, the dinner at the president's house... Successful auctions are be able to mix up the "bait" to entice virtually everyone in the room.

This is a real conundrum for a lot of committees. What are the right hooks?"

Indeed, not having the right bait can kill your revenue-earning potential. The best silent auction items suit your audience, work with your event theme, and have a high potential for income generation.

While every charity auction is different, sales in years past are one good indicator of what to expect from your audience. But what if your event is relatively new? Or better yet, you're looking to keep donors engaged and surprised with new and buzzworthy items?

As experts in event fundraising, we have discovered certain categories sell better than others. Read on to find out which are proven bestsellers, and which tend to be duds.

Best Sellers:
Sell often and get high bids

Food & Wine

Private dinners, vintage wines, brewery tours and sushi-making parties make Food & Wine a guest favorite. Does your silent auction selection channel your donors' inner "foodies"?

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Topics: procurement, Silent Auction Ideas, event-production

Secure Better Auction Items: How to Host a "Procurement Party"

Posted by Summy Lau on May 5, 2016 10:34:35 AM
procurement party

One of the first steps in planning a fundraising auction is assembling the procurement committee. This team of dedicated supporters is given one task, and one task only: to procure unique items that cost little to nothing up front and are valuable enough to drive ticket sales and bidding.

Let's face it: The procurement process is daunting, no matter how established your organization is or passionate your team may be. Fortunately, with careful planning and organization, any nonprofit can procure items that fetch high bids.

The first step to curating an auction catalog worth talking about: hosting a "wish list" or procurement party! Read on for helpful tips to make the most of the party and get procurement off to a running start.

What is a procurement party?

A procurement party is a fun brainstorming session for your auction committee. It’s an opportunity for everyone in your committee to get together, kick things off on a fun note, and leave the meeting with an action plan and list of items to pursue. Some tips to keep your party both fun and productive:

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Topics: auction-item, procurement-committe, procurement, event-production, auction item ideas, nonprofit survey

Procuring Buzzworthy Travel for Your Upcoming Charity Auction: Webinar and Q&A with GreaterGiving

Posted by Summy Lau on Mar 10, 2016 9:48:08 AM
Procuring Buzzworthy Auction Travel Packages - Video Presentation
In this post: "Procure Buzzworthy Travel Packages in 2016" webinar recording and part 1 of our must-read Q&A.

Most charity fundraisers are not complete without a dazzling live and silent auction. And for quality items that generate "buzz," drive ticket sales and raise bidding, travel is a proven charity auction bestseller—yet one of the most difficult items to procure.

To the rescue: incredible Experiences reserved on consignment.

In an informative and entertaining webinar, we teamed up with our friends at Greater Giving to explain how consignment travel helps you raise more money for your cause. Topics covered include:

  • 3 reasons travel performs well in auctions
  • How to host a procurement party
  • How to procure travel packages
  • 4 key strategies to consider when using no-risk travel...and more!
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Topics: procurement, fundraising, webinar, nonprofit survey

Fundraising Tip: Maximize your Silent Auction Revenue by Offering a “Buy It Now” Feature

Posted by Ian Lauth on Jan 20, 2012 12:15:00 AM

When it comes to silent auctions, there is a common misconception with both auction planners and prospective bidders that there is one winner for each item. While that may be true for many items on a silent auction table, this is not the case with Winspire’s no-risk travel, entertainment and sports packages. Each of our packages has been developed so that they can be sold multiple times in a single event.

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Topics: maximize-fundraising-revenue, auction-item, charity, non-profit-2, Fundraising Tips, procurement, auction-items, auctions, auction, raising-money, fundraising-tip, winspire-news-2, fundraising, charitable-mission, raise-money, donation, non-profit-news, raise-funds, fundraising-tips-2, auction-procurement, fundraising-success

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Meet Winston & Winnie, the Winspire Twins

Winston & Winnie love to help Nonprofits raise money for amazing causes. They also love to travel and have a bucket list of amazing Experiences they are determined to complete in their lifetime. Winspire News is the result of this shared passion, offering fundraising advice, industry news and insight into charity fundraising with travel.