Why Bid Beacon Offers Extended Bidding (And How You Can Control It)
Learn more about this powerful feature and its customizable function
When non-profit organizations invest in a silent auction platform, they want to ensure they are getting a solution that will boost the profitability of their event while simultaneously keeping guests more engaged.
For charity organizations in particular, this is essential, since their ability to continue their work in the communities they serve is directly impacted if their fundraising initiatives are unsuccessful.
Thus, it is important to incorporate features that bolster bidding and keep guests participating.
At Bid Beacon, our extended bidding feature was designed and built into our platform for this exact purpose.
WHAT DOES THE BID BEACON EXTENDED BIDDING FEATURE DO?
Essentially, it is a built-in function that adds a time extension after a final bid has been placed to ensure that the process is fair for all bidders. A similar process is used in live auctions, where bidding continues as long as participants choose to place additional bids.
WHAT ARE THE BENEFITS OF EXTENDED BIDDING?
There are many advantages associated with offering extended bidding at your fundraising event. One of the most compelling is the prevention of last minute bids. Many silent auction guests wait until the very last moment to place their bids in the hopes of beating out their competition. Unfortunately, however, this can result in charity auction organizers raising less money than intended, since it leaves no time for other interested participants to enter a counter bid.
When it comes to mobile bidding, giving participants an extended period of time to place a counter bid is even more lucrative, since mobile app users receive push notifications when they are no longer the frontrunner for a specific item.
With Bid Beacon, event organizers have more control over their fundraising, with built-in features that allow them to keep their guests up-to-date during their auction. If bidding for particular auction items is about to end, automatic notifications are sent to interested participants.
Then, when guests engage in bidding, the extended bidding feature will kick in, adding a window of time when a new bid is placed.
In many cases, this results in far more funds being raised than if a strict cut-off time had been imposed.
WHAT HAPPENS IF I DO NOT WANT TO OFFER EXTENDED BIDDING AT MY EVENT?
Sometimes, guests are not receptive to extended bidding because it eliminates their ability to bid at the last minute and secure themselves the items they are most interested in.
If you have received negative feedback at previous charity auctions regarding the use of extended bidding, or if you would simply prefer to adhere to a more rigid bidding schedule, you can easily turn off the extended bidding feature within the Bid Beacon app.
With the extended bidding feature disabled, your cut-off times will be firm.
WHAT QUESTIONS SHOULD I ASK WHEN DECIDING ON EXTENDED BIDDING FOR MY FUNDRAISING EVENT?
When considering whether or not to use the extended bidding feature in the Bid Beacon app, we encourage you to ask yourself the following questions:
Can my organization afford to lose out on additional bids if we eliminate the extended bidding feature?
Do I want my charity auction guests to be able to participate in spontaneous bidding at the last moment?
Would my fundraising event participants be more accepting of extended bidding if we used our silentauction app to inform them about this feature ahead of time?
How can I explain the benefits of extended bidding to my guests in a way that highlights the positive impact it can have on fundraising?
If I do decide to offer extended bidding, how much additional time do I want to provide to my guests after a counter bid has been placed?
By carefully considering your options, you improve the likelihood of implementing a bidding strategy that is ideal for your unique charity auction.
Remember, every fundraising event is different, and only you know which priorities are most paramount to the success of your silent auction.
WHAT ARE SOME ADDITIONAL WAYS THAT BID BEACON MAKES EXTENDED BIDDING CONVENIENT FOR ITS USERS?
At Bid Beacon, we want our extended bidding feature to be simple, straightforward, and convenient for both charity auction organizers and their guests. To achieve this, we offer the following:
Extended bidding is never on by default. Event organizers must choose to enable this feature, if they feel it is beneficial.
A pop up message is displayed when an event organizer creates a silent auction using our mobile app, informing them about how extended bidding works and the benefits it can offer.
A pop up message is displayed to guests using our mobile silent auction software, informing them that extended bidding is enabled and what that means in regards to the bidding process.
ARE YOU READY TO MODERNIZE YOUR SILENT AUCTION FUNDRAISER WITH BID BEACON? CONTACT US TODAY!