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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

Fundraising Tip: When Asking for Donations Ask for a Second Item

Posted by Ian Lauth on Nov 21, 2011 2:01:00 AM
Ask for two donations

When asking for donations many people don’t think of asking for a second item. Asking for that second donation can greatly increase your revenue in the auction because you can now sell the same item to two people in the auction and double your revenue.

For example if you are able to secure two donated tickets to a major sporting event and sell them in your auction for $200, imagine if you had a second pair that you could sell to a second bidder for an additional $200. You just increased your net revenue from $200 to $400 just by asking for a second pair of tickets.

When asking for the second item, many people will be more than willing to make the extra donation but you first have to ask.

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Topics: maximize-fundraising-revenue, non-profit-2, Fundraising Tips, Industry News, procurement-committe, procurement, Winspire News, auction, raising-money, fundraising-tip, winspire-news-2, fundraising, raise-money, non-profit-news, Non-Profit, successful-fundraiser, raise-funds, fundraising-tips-2, auction-procurement, fundraising-success, procurement-tip

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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.