In our last installment we discussed the evil twins, minimum bids and valuations. In this blog, as promised, we’ll talk about closeout and appropriate number of items…and boy, was I given a great lead in from Friday’s Birmingham News. Here’s what I read, “The silent auction with more than 230 items…generated lots of excitement among the 130 guests”. Those of you who have attended our auction seminars and boot camps know what I’m about to say, and those that haven’t, pay attention. If you take away anything from this week’s blog, it’s this: Quantity does not equal quality. I’m going to let you in on a little secret formula when it comes to number of items, and it holds true whether your event has 100 attendees or 1,000 (better yet, this is based on 450+ benefit events that we have done…how’s that for research? And you get it for free). Ok, here we go…only 20% of your crowd will ever put pen to paper in a silent auction. If you have 300 attendees, that means 60 items is the magic number to create the demand factor and still have enough items for your patrons to bid on, otherwise, you are oversupplying your demand factor. In a future blog, we’ll discuss live auction numbers…but for now, let that silent auction percentage be etched in your brain. Anybody who tries to steer you otherwise, simply doesn’t understand the psychology that goes into a successful benefit auction (though, they might be someone who could help you with your next garage sale). Moving on…closeout. It’s almost dinner time and time to close out the silent auction. “3-2-1 volunteers, pick up those bid sheets, the silent auction is officially over!” Right? Not exactly. A shotgun close of 60 items does not give you the greatest chance for success in your silent auction.
Remember that percentage above? Well, rest assured that your patrons who are playing in the silent auction are bidding on multiple items, so you need to give them a chance to “protect them” and bid them up. The secret is, you close out in sections. For 60 items, you would close in 4 sections of 15 with a 5-minute countdown to each section, and it works like magic. When Jack and I are on the microphone closing out the silent tables, we are still amazed at how the crowds congregate around the section about to close, it’s a thing of beauty. A great majority of bidding is jumped in the last 90 seconds before each section closeout creating a bidding frenzy for many of the items (what we are doing is creating a live auction atmosphere in the silent auction…how fun is that?). Successful bidders are happy and back-up bidders…well, guess what, “We have another section, the YELLOW SECTION closing in 5 minutes!”. Yes, sometimes, there are second chances in life. And you have just created another opportunity to have financial success for your silent auction and your event. Four sections takes only 15 minutes to close-out, and you will have maximized your silent auction dollars and perhaps most importantly, you have started to make the bidding ego driven “One man wants, what another man wants…when…another man wants it” – and that my friend, is how you set up the makings of a potentially great LIVE auction, which is coming up during dinner in about 30 minutes.