13/7/16

How to Make the Most out of Your Consignment Service

So you've decided to use consignment to help bulk up your auction catalogue with a variety of exciting and unique holiday, lifestyle and adventure packages, music and sport memorabilia, fine art and jewellery. Now the prizes are sorted… what's next? Below are a collection of handy hints and tips on how to get the very best result from the myriad of sensational, one-of-a-kind consignment prizes on offer.  

What's it even good for? The benefit of consignment…

  • As mentioned above, one of the biggest benefits of utilising a consignment service is the wide selection of prizes and price points to choose from. Easy to procure and catering for all types of people, consignment works on a no-risk basis, meaning you only pay for what you sell!
  • Acquiring donations has the obvious advantage of a 100% return. However, securing such items can not only be challenging but is often determined by the personal relationships within the organisation and the ability of those individuals to solicit donations. This can make meeting a quota somewhat difficult, particularly with limited resources, money and a strict timeframe. Consignment is therefore particularly useful when sourcing those usually hard-to-find, lucrative items.
  • Another benefit (not to be ignored!) are the healthy discounts or free service offered when using a consignment service in conjunction with an electronic bidding and donation platform.
  • Additionally, when using a provider, you will have the opportunity to sell holiday and lifestyle packages and experiences multiple times. A great way to maximise revenue! But more on that later...
  • Last but not least, when using a consignment service, the provider will usually handle everything from collecting payments to the redemption process. This means, less work for you!

 

Hints and tips: Do consignment the right way!

1. It's time to save more.

Go with a provider that will donate their silent auction and donation platform free of charge when using their consignment items. Remember that suppliers receive the cost value of the items you sell. A good provider will therefore discount and donate their auction software in return for you using their prizes.

2. Keep it authentic.

Including sport and music memorabilia in your auction is an innovative way to raise more at your next fundraising event. Guests love having the opportunity to bring home pieces signed by their favourite music artists, celebrities and athletes. It is therefore incredibly important to ensure that your supporters are taking home authentic memorabilia. Using a reputable organisation that can give certificates of authenticity with their signed items will safeguard any nasty surprises.

3. A comprehensive approach.

Packaging items from consignment with your own donation items will create higher value prizes that are geared to sell.

4. Multiply your revenue.

Selling consignment items, particularly prizes that are experienced-based, multiple times can have a big impact on your return. To help motivate bidders and ‘drive up the dollars' these multiple packages should be kept quiet and only revealed once you have exceeded the reserve price. Whilst in the midst of a bidding war, simply instruct your auctioneer to wait until the last bidder bows out. Once this occurs, have the auctioneer offer up the prize to the top two or three bidders at either the winning price or at a slightly reduced price. This is a great way to keep your guests happy and raise more money for your nominated cause!

5. Their prize. Their choice.

Holding a 'winner's choice' raffle has never been so easy. When using a consignment service, you have the ability to acquire various exciting and unique prizes and experiences with zero upfront cost. This means that you will have the opportunity to offer the raffle winner the option to choose from a handful of preselected prizes without the risk of 'losing out'. Need help sourcing prizes for your next big event? Contact us now! For information on how to best display your onsite auction click here.

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GalaBid is CrowdComms’ fundraising software, developed inhouse, which facilitates bidding, donations, purchases, payment for and management of all fundraising activities before and during live fundraising events, galas, golf days etc.

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