This blog provides silent auction ideas to help you make the most money from your silent auction. These tips are based on proven methods that Murad Auctions uses to help clients maximize their silent auction profits.
Limit the Number of Silent Auction Items
It is as easy as Economics 101! Supply and demand are the key. If you have too much of a product, there will be less perceived value for it because in the buyer’s mind, it does not seem rare or desirable. The fewer items you have, the more valuable they will seem to your buyers. I see this at our events and advise our clients to limit the number of silent auction items.
Display The Auction Items Well and Sell Them For a Higher Price
You have a limited number of guests at your event, which only magnifies this concept. If you have fewer items, expertly displayed at your event, you can sell them for a higher price. It has been proven time and again that this will help your profit margin increase significantly. This also saves your volunteers time and energy because fewer, higher-valued items need to be solicited, cataloged, transported and displayed.
Use Proven Formula to Determine How Many Auction Items Are Needed
What is the magic formula? Divide the number of guests in attendance by two to get the maximum number of items in your silent auction. Keep in mind that this is a maximum number. It is usually most effective when you can reduce the items to one fourth the number of guests at your event.
Check out our blog for more silent auction ideas and tips.
About Murad Auctions
Murad Auctions offers professional charity auction services to non-profits for successful benefit auction events. Since 2000, Murad Auctions has helped hundreds of non-profits achieve their fund raising goals. Murad Auctions relies on expertise, crowd-pleasing enthusiasm and technology to take benefit auctions to the next level. If your organization needs advice on your auction event, please contact Murad Auctions at 972-238-0249 x 102. We will be happy to help.