Double Your Live Auction Revenue with this Easy Technique: VIDEO

Posted by Summy Lau on Sep 1, 2016 10:28:12 AM

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On Tuesday, we posted quick and easy ideas for brilliant silent auction baskets, which got a great response from Winspire News subscribers! (In case you missed it, check out "26 Creative, Attractive Silent Auction Basket Ideas".)

As nonprofits are diving into fall fundraising season, let's keep the focus on increasing auction revenue by discussing an essential live auction technique: the Double Up. This effective strategy allows you to double, triple or quadruple profit from a single item. Best of all, it doesn't take any extra effort procuring more items.

Whether you're new to live auctions, are considering using an auctioneer or would like background to discuss with your auctioneer, mastering the Double Up could pay huge dividends in the night's success.

Read on for best practices in using this technique, plus view a short video from professional benefit auctioneer Danny Hooper explaining the process.

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Topics: event-production, selling multiples

The Insider Strategy that Triples Revenue from One Auction Item

Posted by Summy Lau on Mar 15, 2016 10:00:06 AM

consignment auction items

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:

  1. Increase revenue: Double, triple or quadruple your profit on a single package.
  2. It's a win, win, win: More happy bidders, but the biggest winner is your nonprofit.
  3. 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.

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Topics: fundraising, Silent Auction Ideas, live auction, selling multiples

How to Unlock Fundraising Opportunities After an Auction Using No-Risk Travel

Posted by Summy Lau on Mar 8, 2016 11:20:49 AM

consignment auction items

You already know the importance of thanking donors and guests after a major fundraiser like a charity auction. But are you taking advantage of consignment auction items to raise even more once the event has ended?

One of the biggest benefits to including quality consignment auction items, like Winspire trips, in a fundraiser is the ability to sell them multiple times. This means there's virtually limitless ways to increase revenue before, during and (as we'll discuss today) after your auction.

By offering the night's most "wow" worthy trips to all your guests at the winning bid price, you can quickly multiply the proceeds from any package. Best of all, it doesn't take much extra time or effort on your part—and you could potentially raise thousands more for your cause.

Step 1: Procure a few quality auction items that can be sold multiple times.

In addition to auction standbys like gift certificates and electronics, securing a few exciting luxury items captivates your audience's imagination, drives ticket sales and raises the overall perceived value and reputation of the event.

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Topics: fundraising, selling multiples, post-event

Going, Going ...Gone? Why Selling to the Highest Bidder Doesn't Always Make the Most Cents

Posted by Ian Lauth on Oct 20, 2015 11:14:21 AM

Using consignment travel to supplement your charity auction is beneficial for many reasons - it saves time, adds variety, helps identify new donors - but what about raising money? 

The fact is, consignment travel packages can be extremely lucrative for your nonprofit, especially if you can sell a trip to several people and make a few hundred dollars from each sale

The best way to maximize fundraising dollars using travel in your live and silent auction is to take advantage of the multi-selling strategy. It is the most lucrative part of using no-risk travel: 

  The ability to sell any package to as many bidders as you want - with no limit!  

Using the multi-selling strategy with no-risk auction items benefits your event in a few ways:

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Topics: fundraising, selling multiples

Amplify Event Revenue by Selling Auction Packages Multiple Times

Posted by Ian Lauth on Jun 27, 2014 10:00:00 AM

Charity Auction Packages

One of the most advantageous parts of using consignment items in a charity auction is the ability to sell them to more than one bidder. This simple strategy, when utilized correctly, can quickly amplify the amount your organization makes on a single auction item.

 At Nonprofit auction events, friendly bidding wars among guests result in more money raised for charity. Plus, everyone likes to be part of an active auction. When bidders compete over a single item, however, that usually only means one winner per item. With certain consignment items, such as auction travel packages, it can be a different story completely. Instead of only selling to the highest bidder, you can sell a single item multiple times and double, triple or even quadruple the amount you raise from the auction.

Consider the following example:
A travel auction package has a Nonprofit cost of $2,200 with a target sale price of $2,6400 (20% over cost)...

Nonprofit Travel Packages

The top three bidders submit bids at $3,300, $3,400 and $3,500. If you sell the package to the top bidder, you net $1,300 - which is great! But if you reduce the price to $3,300 (the lowest of the top three bids) and sell it to all three top bidders, you will net $3,300 - almost tripling the amount raised on a single package!

So how can your Nonprofit set the stage for successfully selling auction trip packages multiple times during a fundraising auction? Consider these tips:

1. Find the right consignment company

Work with a reputable consignment company that offers clients the ability to sell auction packages more than once. Every Winspire Experience, for example, can be sold to more than one bidder, often with no limit. 

2. Know and understand the reserve price

A reserve price is a hidden minimum price—essentially, the lowest price you're willing to accept for an auction item. Big-ticket consignment packages come with a base price for Nonprofits. This is what it costs the charity to claim the prize. Understanding this cost and setting the appropriate reserve price at the auction will help ensure you price the package accordingly to encourage bidding and maximize your profit. We usually recommend setting a reserve of 20% or more over the Nonprofit cost.

3. Keep it a secret

Don’t tell your guests that more than one auction package is available, because you want bidders to drive the price up. Instead, wait until the end when the winner is determined and then ask the next top bidders if they would also be interested in the package at the last price bid.

Here's how it's done...

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Topics: fundraising, auction packages, selling multiples

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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.