In the past auctions used to be big, busy events with people from all around hovering over in a limited space. Today, that has all changed with an online-only, post-pandemic world where fundraising has become even more important. Typically, fundraising events and campaigns raise money for a cause, and now many hosts and organisers are taking this to the online world.
You might have attended an in-person or offline auction event at some point, but if you have never been a part of an online auction, or have not got the opportunity to hold one on your own, then this post is for you. Through this post, you will understand the nitty gritty details of silent auctions in an online world, and the tips you should keep in mind to ensure a smooth, engaging and profitable fundraising event in an online space.
At this point, you might ask – “I understand what an online auction is, but what exactly is a silent auction?” Well, as we are going to discuss in detail in this post, we are going to start with the basics so you can start your own fundraiser event with confidence.
What are Silent Auctions?
A type of in-person or online auctions where bidders can place their highest bids for auction items by writing the amount on a paper or bid sheets. They can also place a bid using a mobile app or smartphone bidding service that allows them to place their individual bids directly. When the auction time slot is up, the highest bidder wins.
Organisations of all sizes and types, including schools, nonprofits and community clubs as well as individuals of different capacities can hold a silent auction virtually Generally, a silent auction is held alongside an event, or larger gala.
When it comes to silent bidding formats, bidders have two options to choose from – mobile bidding and bid sheets. With mobile bidding, guests can participate in an auction from anywhere, and place their bids directly from their smartphones. Mobile bidding software can automatically trigger bidding notifications to participants and give them updates during the live auction.
With bid sheets, a paper format is what is used where guests can place their bids. Attendees use paper sheets with rows and write the bidding amount next to the item they wish to acquire. Although a historical alternative to capture bidding, bid sheets are still used for their simplicity, but they are not a part of online auctions due to their physical nature.
Why run a Silent Auction?
- It’s a great way to bring your cause to the notice of others
- It can help you increase your donor base
- It can help you raise funds for your cause
Now that you know about silent auctions and why they can be a powerful tool to raise funds, let’s dive deeper into the basics of how to get things started.
Tips for planning and hosting a silent auction
In this section, we’ll take you through simple and actionable steps to plan and host your silent auction that will help you drive more profits and engagement.
Step 1:
Set up your online auction committee, which is basically a group of people responsible for planning, strategizing and organising the auction. Everything from budgeting and marketing to promotion and fundraising should be governed by this committee.
This committee should be the deciding authority on key aspects, such as –
- How much funds are you planning to raise?
- How much are you willing to spend to raise the required funds?
- Will your silent auction be ticketed?
- Will your silent auction be open to global audiences or a local one?
- When will be the winners announced and how will they receive their items?
Step 2:
Decide what items you are going to auction. This is the most critical step to building engagement and raising funds for your cause or non-profit.
If you are part of a community, encourage members to discover interesting and unique items that can be of interest to potential bidders participating in your auction.
Remember you can sell pretty much anything if you can market and promote it well. So, do invest the required time in scouting for relevant and interesting auction items.
Step 3:
Promoting your silent auction is the next most important step in making the auction successful. To get plenty of attractions for your auction, you should invest in building a promotional strategy.
Make use of a website to highlight your cause and promote your auction items. Your website will be an online storefront for your auction items and you can advertise the stuff to generate interest and curiosity among target bidders.
Further, you can use channels like email and SMS marketing to send timely notifications to registered attendees. This way, you can stay on top of their minds, and continuously nurture them at different stages of your auction journey.
Step 4:
Investing in an online auction software or e-auction platform is a great way to host and promote silent auctions. The advantages of using an online auction platform like CharityAuctionsToday is that you get complete support and features required to host, organise and promote a silent auction.