Best practices and tips for selecting silent auction items that will work best for your event!
Figuring out the right number and type of silent auction items can be tricky and there is no magic number that works for every auction. Here are some things to consider when planning your silent auction:
- Create a "Seller's Market" by having more buyers than items. If you have more items than buyers you will create a "Buyer's Market" and will not get as much competition for your items.
- If you have more items that buyers, consider packaging your items in bundles that will have a higher value.
- If you several identical items in your auction, these items will compete with each other and none of them will raise the intended dollar amount. To avoid this you can place these items in bundles that make each item unique.
- Remember that not everyone will bid and not every person attending WANTS to take something home.
- Make sure you have items that offer your guests what they want. More than the number of items you have, you should focus on the TYPE of items you are offering. If its an older crowd/senior crowd, the kids birthday party packages won't go over as well as the golf packages.