The Auction Marketing Playbook aims to equip sellers with proven marketing strategies and tactics to maximize the visibility and success of each auction hosted on Vendidit. By following this guide, sellers can ensure a consistent, high-quality experience that attracts and engages potential buyers, driving up auction performance and total revenue.
Online auctions are a great way to move inventory quickly, especially in the recommence industry. Some of the best reasons to sell through online auctions include:
- Selling Unique, Rare, or hard-to-find items
- Maximizing Value on High Demand Items
- Moving Bundles of Items
- Liquidation - when speed is the goal
- Building a community
What is the goal of an auction?
There are three possible goals with online auctions:
- Move Inventory Quickly
- Grow Your Buyers
- Sell Above Market Value
When your goal is speed, due to excess or liquidation, any revenue you can recover is an added bonus. Offering low opening bids on your items guarantees buyers will be interested, getting them sold quicker. Some may even perform well in an auction setting.
Buyers that score a great deal will be happy and more likely to return. This makes auctions a great way build your customer base over time. Each auction will bring in new buyers, retaining them is key. More buyers means more bids, more bids means higher profit.
With a healthy buyer pool, running auctions for profit is a great way to exceed item market value. With auctions, there is a price threshold, which is the average price an item reaches where bidders decide to stop bidding. It's usually near the item's market value; however, buyers have their own value metrics, resulting in a variation of personal drop-off points. There is a chance these personal drop-off points are beyond that item's market value, warranting some customers to bid higher than the market value simply to win the item.
Chapters in this Playbook
This is an overview of the chapters included in the Auction Marketing Playbook. Each chapter will be linked below as they are published.
Chapter 1 - Everything Revolves Around Your Inventory: Knowing what your auction will consist of dictates your segmentation of buyers, organization of the catalogue, and willingness to spend money on marketing. Know if auctions are the right course of action.
Chapter 2 - Understanding Your Buyers: Analyze your buyer base to know how to market to them with your auctions. Build relationships that will keep bidders coming back.
Chapter 3 - The Importance of a Focused Catalogue: Thoughtful organization and categorization of your auction items can prevent a disjointed and overwhelming browsing experience. We'll explore some strategies to maximize your catalogue's effectiveness.
Chapter 4 - Highlighting Popular Listings: Figuring out which listings are likely to be the most popular helps tailor your marketing communication to revolve around those popular listings. Use these to attract customers and get your other items noticed.
Chapter 5 - Marketing at Auction Launch: Initial marketing buzz is crucial for attracting early interest in the auction. An auction with low bids risks not turning a profit, so making that initial impression is crucial.
Chapter 6 - Engagement During the Auction: Dynamic engagement during the auction raises buyer interest and keeps the bids coming.
Chapter 7 - Maximizing Closing Momentum: Urgent final marketing drives up last-minute bids and sale prices. Skipping this step might result in lower revenue.
Chapter 8 - Collecting Feedback and Earning Reference Customers: Feedback and happy buyer testimonials improve future auctions and marketing efforts.
Chapter 9 - Utilizing Private auctions: This chapter is specific to Vendidit's auction platform. Learn how you can use the private auction feature to run a marketplace with your own buyer pool and create incentives for them.
When you're ready to get started, continue on to Chapter 1.
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