Virtual fundraising events have become a popular way for nonprofits to raise money and garner attention. They have many benefits, including lower planning costs and higher returns, wider reach and engagement, and enhanced accessibility. Hosting an online auction can open you up to more supporters and help you boost revenue.
Below, we’ll provide a quick guide to organizing a virtual silent auction, from planning to post-event management.
A virtual silent auction is a fundraising format where you showcase items or prizes for participants to bid online. It’s an event that channels all the aspects of physical auctions to a digital platform like an auction site. Participants sign up, track and place bids, and pay online.
Every virtual silent auction process includes three core aspects— planning, hosting, and reflection. You can execute them efficiently by breaking them down into these 10 steps:
Creating a robust, skillful team is the best way to start planning. Bring together staff members, volunteers and other people in your nonprofit community with different skills. Encourage them to pick responsibilities according to what they enjoy and are good at.
You’ll need hands for marketing, software management, item sourcing, etc.
With your team, structure your event goals. Ask yourself what you want to achieve with your fundraiser. Your primary goal may be raising money, however, you can have secondary goals like raising brand awareness, increasing volunteer signups, getting more donations, and more.
The goals you set can guide you in making decisions throughout the hosting process.
The items you choose are the center of your event. They will determine your bidding audience and revenue.
When you source unique items that people want, you will attract people to your auction and get them excited to participate. It can also encourage them to place higher bids to win desired items.
Aim to procure bid items well ahead of the event date so you can advertise them to boost competition and excitement.
Once you’ve procured your auction items, set bidding restrictions. Decide on bidding specifics like the opening bid, whether you’ll have reserve bids or not, proxy bidding, bid increments, and more.
Knowing the fair market value for each item will assist you in setting reasonable bid prices people will be willing to pay.
If planning your first virtual nonprofit auction, you should invest in auction software. Excellent software will help you manage the event seamlessly. You can upload bid items, track bids, oversee payment, and more.
Features to look for when selecting auction software include bidder registration, payment processing, cloud computing, chat systems, and more.
Auction software like BiddingOwl can even help you create an auction website you can use for your marketing and promotions.
Your auction marketing strategy will be more successful if you approach promotions from different angles. Include group marketing approaches like social media, posters, paid advertising, content marketing, and email newsletters. These can help attract a larger audience and expand the reach of your promotions.
You should also try more direct, personalized communications to leverage your networks and engage people who already have an investment in your cause. Send direct invitations to your email list, including volunteers, previous donors, and past fundraiser attendees. Ask your team to share posters and other marketing materials with their family and friends.
You’ve managed most of the event planning and broadly promoted your virtual silent auction. Now, it’s time to go live. You’ve come to the hosting bit of the process. Before you go live, ensure you’ve managed all the logistics for the event.
Make sure all bidders have a bidder number assigned to them via the platform when they register. Encourage participants to familiarize themselves with your payment options so that their checkout process runs smoothly.
Going live doesn’t mean you leave everything to the software. Your team should remain engaged and on hand throughout the bidding. Assign roles to your staff members so they can handle different bidder engagement responsibilities.
One of your team members might answer any online questions from participants, while another may continue to build up hype via social media as bids heat up. Consider the essential elements of your event and allocate a person to take care of each one.
Closed auction administration includes item delivery and participant follow-up. Use the end of your event as an opportunity to double-check winners’ details and securely deliver their prizes. If you cannot do it in-house, make sure you use a reliable delivery service.
Next, you should follow up with all participants and anyone who played a significant role in organizing your virtual silent auction. This includes volunteers, sponsors, and staff members. Express your gratitude and your hope that they’ll continue to support your cause.
If you have some numbers already available, like the amount raised, share them in your communications as a symbol of the event’s success.
Take some time to review your auction from planning to completion. Reflect on your process and see what you and your team could do better on the next one. Identifying improvement areas will help you master the planning stage and host exception events no one wants to miss.
Use your auction software to evaluate item performance, too. Which items were the most popular, and which didn’t get many bids? This will guide you on what kinds of items to source for future online silent auctions.
Ready to host an online silent auction? These are 5 of the best silent auction solutions you can consider for your online fundraiser:
For more information, check out our guide to the best online auction software.
Virtual auction software offers all the features to host the best silent auctions online. You can use your software for easy planning, seamless execution, and data gathering about your event afterward. Invest in the best software solution. Contact us at BiddingOwl today!