Organizing a silent auction can be a powerful way to reach your fundraising goals, but knowing how to run a silent auction effectively requires planning, insight, and understanding of what drives bidder engagement. Based on data from over 2,000 auctions on Bid Beacon, we’re sharing key insights and best practices to help you get the best results.
While every silent auction is unique, the trends from past events provide a roadmap for setting up, promoting, and closing out a successful auction, whether in-person or as an online silent auction. Before jumping in, let’s cover some basics.
What Is a Silent Auction?
A silent auction is a type of auction where bids are placed privately on items rather than through a live, public bidding process. Attendees can browse a selection of unique items and place their bids anonymously using bid sheets or through an online silent auction platform.
Unlike a live auction where an auctioneer announces bids as they come in, silent auctions allow participants to silently bid throughout the event, up until a set time limit is reached. Once time is up, winners are determined based on the highest bid for each item.
With the rise of online silent auction platforms, more people can now participate in these events from anywhere, making it easier for organizers to raise funds. But how do you run a silent auction in a way that maximizes its potential?
1. Plan Ahead
One of the first steps in learning how to run a silent auction is planning. Based on Bid Beacon’s data, auctions typically set up 21 days in advance, providing plenty of lead time to set up the auction, source items, secure sponsors, and promote the event.
However, please keep in mind that this is just an average; every silent auction is different and may require adjustments based on the type of event and your overall fundraising goals.
Tips for Success:
- Secure Your Items and Sponsors Early: Aim to finalize the item list at least two weeks before the auction begins. This will leave you with ample time to promote individual items or the silent auction as a whole.
- Promote Early and Often: Share auction details, highlight key sponsors or donors, and promote your must-have items with your audience as soon as possible. This is a surefire way to spark excitement and get your target audience ready to bid.
- Select an Online Platform: When it comes to running a silent auction online, using the right platform is key. Bid Beacon makes mobile bidding effortless as guests can automate the bidding process while receiving instant notifications whenever outbid.
2. Choose the Right Duration for Your Auction
Understanding how to conduct a silent auction also involves determining how long your silent auction should run. While in-person auctions may last just an evening, online silent auctions have the luxury of running longer. For example, online silent auctions on Bid Beacon can run for up to 365 days.
Our data suggests that on average, online auctions typically run for 9 days. By hosting an auction for just over a week, this helps keep guests engaged without the auction losing momentum and becoming stale. We can all agree that the worst-case scenario is for guests to lose interest in bidding before the end!
Tips for Success:
- 7 to 10 Days for Online Auctions: A slightly shorter timeframe works for in-person events, but for a silent auction online, a longer duration can assist in maximizing bidding activity.
- Strategic End Times: Try scheduling your auction to close on a weekend or evening, as participation tends to peak during these times. Again, this will depend entirely on the type of event you plan, but it’s important to consider, nonetheless.
3. Curate a Variety of Items
Knowing how to run a silent auction requires an understanding of what kinds of items will attract attention. According to Bid Beacon’s data, our auctions have averaged roughly 50 items per event, but this shouldn’t be a benchmark every organization follows.
More items create a variety of choices, which is great, but it could divide attention and may result in fewer bids being placed. This is commonly referred to as Choice Overload. On the flip side, while having fewer items allows for higher competition per item, you run the risk of guests losing interest quicker, and the auction feeling stale.
Tips for Success:
- Select a Diverse Mix of Items: Include items across price ranges to appeal to all budgets, from high-ticket experiences like vacations and electronics to less expensive items like clothing, gift cards, and themed gift baskets.
- Consider Your Audience: Tailor items to fit guests’ preferences and demographics. Consider the average age of your guests, their financial situation, hobbies and interests to guarantee your items sell well.
- Find Your Ideal Item Count: Take your guest list and divide that number by 2 to accounts for guests bidding as a group, like spouses who typically bid together. Then divide that number by 2 so that you avoid having a 1:1 ratio of items to guests.
Example Calculation: For an event with 100 attendees, divide 100 by 2 to get 50, and then divide by 2 again to arrive at 25 items. This number provides a good balance, offering enough variety without overwhelming the bidders. You can adjust this number slightly depending on your specific fundraiser, aiming for around 20 to 30 items, with 25 being a reasonable average.
4. Encourage Active Bidding
Learning how to do a silent auction well involves maximizing the number of bids on each item. Bid Beacon’s data shows that, on average, items receive about 9 bids each. Each guest averages just around 6 bids per auction, which speaks to a healthy level of competition per item and overall guest engagement.
Tips for Success:
- Set Competitive Starting Bids: Start bids at a lower price to attract early participation, but avoid pricing too low, as it may diminish the perceived value. To set a fair starting bid, take 25-40% of the item’s market price and use that value as the initial bid.
- Use Outbid Alerts: Notifications that alert guests when they have been outbid can encourage them to stay competitive, especially as the auction’s end approaches. Bid Beacon automatically sends outbid notifications to guests via email, push notifications when inside the app, and text messages if guests provide their phone number.
- Keep Bid Increments Reasonable: Small bid increments can increase total bids per item and keep more people in the game, but won’t make sense for every item. For those more expensive items, don’t be afraid to set higher bid increments to make sure those items sell for a worthy amount!
5. Engage With Your Guest List
Not only does a silent auction need guests to be successful, but it also needs guests that are willing to bid! It’s important to create an environment that encourages participation, whether your guests are in person or attending a silent auction online.
The data shows that the average silent auction on Bid Beacon has about 79 guests per event. For traditional silent auctions that run completely offline, this can seem like an incredibly high number. Keep in mind that with an online platform, it is easier than ever to promote to a wider audience and have guests engage with your auction from anywhere.
Tips for Success:
- Use Social Media: Nowadays, mostly everyone is on social media. If you already have a social following on one or more platforms, don’t hesitate to take your auction’s URL or QR code that Bid Beacon provides and share it online.
- Set Bidding Expectations: Remind guests that each bid contributes to the organization’s goals and the cause it supports. This can be particularly effective for charity or school fundraisers where guests feel personally invested and want to make a positive difference.
- Encourage Previewing: The sooner you finish setting up your auction, the sooner you can start promoting it. This allows guests to preview items before the auction officially starts, which is an effective way to create early momentum.
6. Choose the Right Platform for Smooth Payment and Checkout
An important part of learning how to run a silent auction online is ensuring a seamless payment and checkout experience. With an online platform like Bid Beacon, gone are the days where you need to chase guests after the event to pay for their winnings.
Bid Beacon’s online silent auction platform not only streamlines bidding, but also payment collection, creating a smooth experience for guests and organizers alike. If your organization wants to create an online auction but still handle payments in-person and outside of Bid Beacon, that’s perfectly doable too.
Tips for Success:
- Allow Instant Checkout: A platform that enables guests to pay immediately once the silent auction closes will help you avoid long lines and make the closeout process stress-free for your administrators.
- Send Post-Auction “Thank You” Emails: When using an online platform like Bid Beacon, easily export a list of all your winners and send them a personalized “Thank You” email. A little appreciation goes a long way and increases the chances of those same guests supporting your future fundraisers.
Maximize Success with Data-Driven Strategies
Running a successful silent auction requires a careful blend of insight, planning, and promotion. By following these data-driven tips on how to run a silent auction, you can create a memorable event that not only meets but exceeds your fundraising goals.
Remember, whether it’s how to host a silent auction in person or how to conduct a silent auction online, the key is to adapt these strategies to your specific event. With a thoughtful approach, your auction can engage bidders, generate excitement, and drive success from start to finish.
Ready to set up your next silent auction? There’s no upfront cost to get started with Bid Beacon.
