The coronavirus pandemic changed a lot of things about how the world works, including how organizations and individuals hold fundraisers. Even as the pandemic recedes, digital versions of in-person events will likely continue for the foreseeable future. Now is a great time for event organizers to learn how to plan a virtual auction.
Step One: Choose the Right Platform
It’s important for virtual auctions to be not just easy to run, but easy to bid in. When planning an online auction for the first time, the best thing to do is to investigate high-quality, easy-to-use virtual auction software and online platforms. Full-featured auction software will allow event organizers to do everything from creating new auctions to processing payments remotely from the same convenient dashboard.
Step Two: Take Stock of Items and Set Bids Properly
Next, inventory the items that will be auctioned and think about setting reserve prices. Most event organizers start with around 20 items, but there are no limits as to how many things can be auctioned off at a particular event. Starting bids for online auctions should be set at around 35% of each item’s proposed value, though the goal is to get to between 80 and 100 percent of market value.
Step Three: Define the Rules
Most virtual auction attendees will have some questions about how the whole process works. Make sure to provide information about how to secure items and what the details are regarding shipping. If shipping will be available, make sure the costs to the winner are well-defined and make it clear that they will be charged separately.
Step Four: Create Detailed Descriptions and Use High-Quality Photos
Bidders at online auctions will be relying on item descriptions and photographs to decide how much to bid, so make sure all that online content accurately reflects the item’s quality and condition. Try to add at least three images for each item, and make sure they look good. It’s not as hard as people might think to take high-quality product photos.
Step Five: Promote the Auction
If there’s one key to hosting a successful online auction, it’s adequate event promotion. Make sure that all potential bidders or donors receive emails about the event, and promote it both on the organization’s website and on its social media pages well before the auction officially opens. If the auction will be an ongoing event, post about it frequently and include photos of some of the items being auctioned off to attract new bidders.
Step Six: Lead Into the Event
It’s a great idea to open online auctions a few days early and to live-stream as much of the event as possible on Facebook or YouTube. Most event planners create scripts for their virtual events, then encourage attendees to get involved by asking them to send in selfies or videos.
Start Planning Now
It takes some time to plan an effective virtual auction, so start looking into options for online auction software and collecting items to post well in advance. It’s never too early in the planning process to start letting people know about the future auction, either.
