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. Solicit Sponsorships – Revenue generated from sponsorships is exempt from any fees and can help offset the costs of your online auction. Remember that you can give back to your backers by putting their name and logo in front of your desired followers, on your auction home 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 Starting Offers – Inflating starting offers and values will not result in higher offers or income if they are unreasonable. It’s usually best to start bidding at about a third of the actual value of the item.
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 Online Auction – Throughout the duration of your online auction, be sure to constantly promote your auction to supporters, donors, and members via email and social media platforms.
8. Ask for specific auction items – Tell people what auction items you are looking for and the approximate value range you want.
9. Use Reserve Prices on Key Items – Be sure to set reserve prices on any purchased or consignment items so you don’t lose money. Also, always set reserve prices on any item a donor requires that cannot be sold for less than a certain amount.
10. Recognize 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.