A key goal of any fundraising auction is to raise as much money as possible A clever and easy way to boost your fundraising tally is to sell multiple lots of the same item.
The attraction of multiple prize items is the ability to capitalise on bidders' enthusiasm for certain prizes. Fundraisers can double or triple their revenue on a particular item if it is offered in multiples Offering more than one prize is great for guests too. Bidders don't have to miss out if the're one of the front -runners (but not the lead bidder).
Not every prize item will lend itself to a multiple offering. Holidays, jewellery and experience packages (such as skydiving) work very well as multiple prize items. Think about the kind of prizes that everyone will want. Niche or specialist items may not have enough broad appeal to generate lots of bidders.
Obtaining multiple items from donors can be difficult (and may stretch the boundaries of good will). Working with a consignment provider is an excellent way to source multiple lots of the same item. Consignment providers should be able to offer you a great deal for duplicates (see the end of this post for GalaBid's multiple item offer!).
Auctioning multiple prize items successfully requires a bit of planning and consideration. Promote the items ahead of time via your auction site or social media channels. Specify how many of each item will be available. At the event, ask your volunteers to remind guests about the key items that are available in multiples. Your MC will play a large role in securing multiple bids. As the bidding takes place you'll hopefully have 2-3 lead bidders. Your MC should encourage the competition and bidding frenzy! Once the winning price has been established you can either a) offer the item to the 2nd and 3rd placed bidders at the amount they bid or b) offer the item at a slightly lower price than the 'winning' bid to each of the lead bidders.
Make sure you have enough vouchers or items at your event to present to each of your winning bidders.
Want to sell multiple prize items at your next fundraising auction? GalaBid is offering a 10% discount when you take two or more of the same item on consignment. To take advantage of our great prizes (and generous deal) contact us here.