Many nonprofits hold charity auctions to raise funds for their mission. It’s no wonder that they’re popular—auctions are exciting interactive events that give your donors an excuse to spend money in a good cause. They also tend to be lucrative, which is why organizations hold them despite the challenging amount of planning they can sometimes require, both in obtaining items to auction off and in running the event itself. However, what kind of auction you choose to hold can make a huge difference in how much revenue you generate for your nonprofit. Here are the three primary types of auction and their advantages:
Live auction: This is the classic auction scenario—an auctioneer shouting out the current bid while audience members compete for a coveted lot. When you want your auction to be the centerpiece of an event like a gala, and you have high-end items like tropical vacations to auction off, a live auction is a good bet to get the maximum value for the items you have on offer. With a live auctioneer driving the excitement, bidders are more likely to bid at or above an item’s value in the name of supporting your cause.
Silent auction: A silent auction is a great idea when you don’t want the auction to occupy center stage at your event. Bidding is open for a set period of time, with bidders writing their name down on a piece of paper with their bid for each item. Donors who aren’t comfortable getting into the thick of live bidding tend to prefer this format, and it’s ideal when you’d like something quieter that guests can participate in at their discretion. It’s easy to browse a silent auction during a cocktail hour, for example. This format is also good for raising interest in items that benefit from a closer look.
Online auction: Online auctions are the best option if you’d like to hold an auction without having to plan a huge event. If your supporters are spread out all over the country or the globe, conducting an auction online can be a way of bringing them together virtually to benefit your cause. In addition, you don’t have to charge admission to cover the overhead for an event, and your donors don’t have to buy fancy clothes or pay a babysitter to be able to attend, which gives them more money to spend at your auction.
Auction King can help you combine the best aspects of live and online auctions to net the greatest benefit for your organization. We supply expert auctioneers to run your live online event and the high-end items necessary to attract the most generous bids—you just direct your members to the dedicated URL we set up so they can participate. Our expertise and secure live-bidding platform guarantee a superior experience for your supporters. To find out more about how we can support your mission with a live online charity auction, contact us today.