Are you hosting a Silent Auction? If your catalog of items is online, it’s good practice to open the auction a few days before the event.
Here are 3 reasons why opening your silent auction early is a smart strategy:
- Get People Talking: Early bidding generates excitement for your event, and you want to ignite the buzz! We suggest opening up bidding 4-5 days in advance.
- Drive Up the Winning Bid: Silent auction items are typically listed at 30%-50% of their assigned starting bid. Early bidding allows more time to drive up the winning bid price – which means more funds for your cause! Early bidding also provides an opportunity to send text blasts about auction items of particular interest.
- Plan for the Future: Watching what items get the most activity gives you good insight into what people want. This is great intel for future fundraiser planning!
So don’t delay. If you plan ahead and stick to your timeline, you should be able to have the majority of silent auction events loaded into your online catalog and ready to go early. If a few items come in late, you can always add them into the catalog on an ad hoc basis. Try this strategy and watch your auction results grow!