Amongst the vast array of fundraising activities done by different organisations, silent auctions stand out the most. Not only do they raise a huge amount of money but they are also entertaining, flexible and easy to run.
As you continue to read, you are going to learn how a silent auction works, how to run it and why it is the best fundraising idea for your organisation.
What Is a Silent Auction?
A silent auction is a type of activity that raises funds for an individual or an organisation wherein the participants can bid their desired amount on the items for bidding. Its idea is similar to a live auction where an announcer ‘sells’ an item on stage and people try to outbid each other to buy the item. The difference is that in a silent auction, bidders bid silently.
In a physical or in-person silent auction, items are displayed around the venue for the people to look at. The bidders can bid on the items they want either by writing down their bid on a designated piece of paper or by typing their bid on a digital device. A silent auction done physically only lasts for a few hours.
A silent auction can also be done online. Through an online platform, the items for bidding are posted and the bidders can put their bids wherever they are. This kind of silent auction typically lasts for two or more days.
How Do Silent Auctions Work?
In a silent auction, the bidders for each item with the highest bid get to buy the items. The winners get the items and you get your funds. It is a win-win for both of you.
To be able to raise funds through a silent auction, the amount of money acquired from the event must exceed all the expenses paid to run the auction. To do that, you need to have a target amount. The target amount must cover the amount you need for your cause and all your expenditures to run the event.
You will then divide the target amount amongst your items for bidding. Dividing the amount does not necessarily have to be equal. Distribute the target amount in such a way that the items will have a reasonable price as their minimum bid amount.
Through the items’ minimum bid amount, you can already calculate the minimum funds you can raise from your silent auction. Your gain will always be more than the minimum because the bidders will still put in a higher bid.
Why Choose Silent Auction Over the Other Fundraising Activities?
A silent auction has three distinct features that make them the best out of the other fundraising activities. It is entertaining, flexible and easy to run.
A silent auction is entertaining for both the participants or bidders and the members of the organisation. It is an avenue for socialisation, as well as relaxation. At the end of the event, everyone would enjoy themselves and fulfil their agenda: the organisation raised some funds and the bidders got valuable items.
Flexibility is another trait of a silent auction. It is effective for any cause or purpose, such as charity fundraising, personal needs, expansion, medical reasons and many more. No matter the cause, silent auctions will surely draw in funds for the group. Additionally, silent auctions can be run either physically or digitally.
Silent auctions are also easy to run and manage. If you haven’t done a silent auction before, you can learn about it easily. Or you can partner with the best auction service provider in your area to make your silent auction more successful.
What Are the Benefits of Running Silent Auctions?
Silent auctions bring more other benefits than funds for your organisation’s cause. Some of these benefits are listed below.
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- Raises the organisation’s profile
- Expands the list of donors and supporters of the organisation
- A great way of entertaining guests
- A platform to inform and educate the guests about the different channels on how they can extend their support to the organisation and its vision
- Increases donor and supporter retention rates
- Establishes more credibility for the organisation
- Invites guests to future events and programs
How to Run a Successful Silent Auction?
To make sure that your silent auction is a success, you need to follow the following silent auction tips:
1. Procure the Best Items
The success of a silent auction largely depends on the items for bidding. Rare, valuable and prized items can attract more bidders and raise more money.
If you are looking for the best items to have in your silent auction, get them from us. We will give you the best auction items at no cost because they are on a consignment basis.2. Promote Items in Advance
As a teaser for your silent auction, promote your items in advance to stir up public interest and get people excited for your fundraising event.
3. Choose the Right Bidding Method
Choose which bidding method is feasible and best for your organisation. You can select whether the bidding is in the form of pen and paper or digital, physical or online method.
4. Invite the Right People to Join the Auction
You have to remember that not all silent auctions are for everyone. Choose the right people to participate in your silent auction. For instance, if your items are valuable, antique or rare, you need to invite the people who will be interested in them, probably collectors.
What Items Sell Best at Silent Auctions?
The auction items are the main attraction of a silent auction. Therefore, you must procure the best-selling items in your silent auction. The bidders tend to bid on valuable, rare and prized items in an auction.
Some examples of items that sell best at silent auctions are:
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- Travel and resort packages
- Hot air balloon ride
- Concert and other event tickets
- Classic wine-tasting and vineyard tours
- Jewellery
- Fancy dinner for two
- Sports memorabilia
- Exclusive club activities
Will a Silent Auction Work for Your Organisation?
A silent auction works for every cause and purpose and most organisations. It can work for you, too. It can be the way for your organisations to be known or the first step towards making your vision a reality.
Helping Hand Group Auction Services: Lending You a Helping Hand
Silent auction does not only raise a large sum of money for your organisation, but it is also beneficial in many other ways. That is why it remains the top choice of most organisations amongst all the other fundraising activities.
With the help of the Helping Hand Group, you can be assured that your next silent auction will be the talk of the town. Contact us now and start choosing the best auction items for your silent auction.
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