Live Auctions: Never Print Item Values In Your Catalog
To list the package values or to NOT list the package values, that is today’s question.
Imagine if you will, that I am attending your auction, and for today’s demonstration let’s say that I’m a very generous donor.
As I look through your catalog, I see a package that I like. Cosplay Hot Air Ballooning. Scratch that, I must have this package, and I will do whatever it takes to get it.
The sky’s the limit on what I am willing to bid, because I want to see the world from way up high dressed as Princess Leia.
Oh, but look....
Down here, the catalog lists the value of the package.
That’s way less than I was willing to bid....
If I can figure out where to but a Cosplay Hot Air Balloon Package, maybe I can get it there for A REALLY GREAT BARGAIN!!!
In an earlier episode, you may remember me saying that Benefits Are No Place For Bargains.
Okay, let’s go back and try this again WITHOUT the values listed in the catalog.
I will do WHATEVER IT TAKES to get it. The sky’s the limit on what I am willing to bid, because I WANT to see the world from way up high dressed as Princess Leia.
Let’s start the bidding at $1,000...
SOLD IT for $5,000!!!
See how that works!
NEVER list your live auction package values in the catalog.
If you list the values you:
1. Create a ceiling for bidding.
2. Encourage a bargain mentality.
Two things that will ALWAYS DECREASE your revenue.
By removing any package values from your Live Auction catalog, you allow your DONORS to establish their own perceived value of the items, and if that’s more than the actual value, YOU WIN!
Ready to learn more about Live Auctions?
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Now, let’s go raise some money!!