With an increasing number of organizations incorporating online fundraising auctions into their fundraising repertoire, maximizing this fundraising strategy in 2010 is paramount. Here are the top 10 online fundraising auction tips for 2010.
1. Market your auction online – Use multiple communication channels to market your auction online. Be sure to incorporate email, social media, and local TV and radio stations to help market your online auction.
2. Apply for sponsorships: Revenue generated from sponsorships is exempt from any fees and can help offset your online auction expenses. Remember that you can give back to your sponsors by putting your name and logo in front of desired followers, on your auction landing page and in your emails.
3. Find the right people – List the job functions required for your online auction, then get help from people with skills that match your requirements.
4. Creative and Informative Item Descriptions – Make sure your item names are descriptive, but also intriguing and interesting. Remember to also include detailed descriptions that include all terms and conditions.
5. Set reasonable opening bids – Inflating opening bids and values will not result in higher bids or higher revenues if they are not reasonable. Generally, it’s best to start your bid at about a third of the item’s actual value.
6. Stagger the addition of new items – Instead of listing all your auction items when the online auction opens, try staggering the addition of new items. This encourages subsequent visits to the auction site and also allows you to stagger the opening and closing dates.
7. Promote your auction online – For the duration of your online auction, be sure to consistently promote your auction to supporters, donors, and members via email and social media platforms.
8. Request Specific Auction Items – Tell people what auction items you’re looking for and the approximate value range you want.
9. Use reserve prices on key items – Be sure to set reserve prices on any items that are purchased or on consignment so you don’t lose money. Also, always set reserve prices on any items that a donor requires that cannot be sold for less than a certain amount.
10. Acknowledge Donors – Show your appreciation to donors by giving them acknowledgment and links to the items they have donated.
Unfortunately, many organizations will lose fundraising revenue if they don’t incorporate these online fundraising auction tips this year.