What Is The Perceived Value Of Any One Item?

Having a auction can be a profitable process or sometimes it can be the opposite. One main goal of any organization putting on a auction is to make sure that what you have to be auctioned off, are items that have value in the eyes of your attendees.

People attend auctions with the intentions of donating money to the cause they are passionate about. But although people are at your auction expecting to spend money, people will also want to make sure that they are getting a value for whatever it is they are bidding on.

If a auction is filled with items that don’t have a very well perceived value, then the bidding will not reach very high and there is a high likelihood that people will not get emotional about the purchase of what they are bidding on.

It is the responsibility of the company holding the auction to make sure that the items they are displaying for auction meet these main criteria.

The items will evoke some sort of emotion in the attendees.
The price your organization has to pay for the item starts low enough to attract a lot of attention.

Does Your Event Have Items That Are Bidding Way Above Normal Value?

Items that they can dwell on during the dinner are excellent. People love to daydream up great ideas of what they are going to do with this prize once they have it in their possession.

Examples of this are when people see a wonderful guitar at a below market price. They might not even play guitar, but somewhere in their mind, there has always been that want to be able to. Now seems like a good enough time to start. They see the guitar, they are picturing themselves playing it in front of friends and family at the next gathering and soaking in all the praise. They are emotionally involved now in that item. That is what you want to make sure is happening when you have your auction.

The reason that this is extremely important is because these bidders are now not thinking about price and actual cost. Each bidder has now come up with their own perceived cost in their mind. They are buying on emotional triggers and not on financial constraints.

The second most important factor that your auction will have to achieve is making sure the price of the item and the sell price of that item bring in a substantial donation amount for your organization. This is rather simple math, the lower the price you pay and the higher the price your donors pay, the more you can put towards your cause.

Here at Horizons Vacation Plans, we have plans that meet both of these criteria. Our vacation packages are items that donors will want to purchase and the price we offer to your charity is excellent. We offer our packages on consignment! So there is no upfront costs to your or your organization.

If for some reason you don’t sell all the packages, then put the packages in the return envelopes provided and send them back. It just can’t get more risk free and profitable than this. Please contact us for more information.