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THE ONLINE AUCTION PROCESS Tips and tools for creating successful online auctions

Jan 18, 2018



Who are you? What Affiliate Name? How Long? Introductions

THE ONLINE AUCTION PROCESS Tips and tools for creating successful online auctions. WiFi Password Network: K-BIDGuest Password: iamaguest Who are you? What Affiliate Name? How Long? Introductions Overview Classroom Portion Go through the process, discuss as we go along. Questions very welcome! Offer time to practice new things you learned, tablets, titles, photos, whatever you want. Finding the Auction Community/Municipalities Banks/Lawyers Property Managers Construction Companies Going out of Business Warehouses K-BID Leads BIDDERS When to Pass on an Auction When its too good to be true. When you cant make a profit. Consignors in a BIG hurry. Consignors that dont care enough. When Reserves are Unreasonable TRUST YOUR GUT! When to Pass on an Auction Dont be afraid to give away leads to other K-BID Auctioneers if they dont fit your niche. Focus on what you want to do. (Estates, Vehicles, Etc.) Discussion Is there one auction or consignor that you wish you would have avoided? Why? Value Your Time 1 - $10,000 Truck with a commission of 10% Revenue: $1,000 Expenses: Minimal 300 lots totaling $10,000 with a commission of 20% Revenue: $2,000 Expenses: Considerable Auction #1Auction #2 Signing the Auction Consider Your Costs Marketing Fee? Setup Fee? Clean-up Fee? Different Fee Structures for Different Clients Creating a Consignment Agreement Important: Always have your attorney review your legal documents before general use. K-BID is happy to provide you with a sample, but applying it to your own business is a decision that needs to be made by you and a trusted legal counsel. It is strongly suggested that your consignment agreements: Used EVERY TIME! Its not Handshakes dont work anymore! Convey the separation of and your business. Ensure the consignor is the stated owner of the items. Planning here can save scrambling later. Pre-Auction Process Working with Consignors Youre the Auctioneer. Make sure they understand the true value of their items and the process. Communicate the timelines, when you need access. Reserves Important: You put a lot of work into the auction. Make sure you are being compensated, even if the item doesnt sell. Reserves do more harm than good: The quickest way to disinterest a bidder is with a reserve. Lower when close to met! Get your Reserves in writing. Begin with the end in mind Logistics Move as little as possible. Timelines, number of days. Traffic Patterns Security of the Site Quick. Accurate. Done. Setting-up the Auction Move As Little As Possible Find a system that works for the size of your team. Time/Energy is expended every time you touch an item. Store Items When Done Practice Makes Decent Photo Tips Poor LightingGood Lighting Photo Tips Poor AnglesGood Angles A Photo is Worth 1,000 Words Dont do a.10 job on a $10,000 item! Give your consignor their moneys worth on big items! You can easily lower your items perceived value with your photos. You can easily raise your items perceived value with your photos. Barcodes Barcodes help you sort your photos faster Makes it easier to display more photos per lot Barcodes (Continued) Important: Barcodes make 95% of the auction photo management easier. They are not 100% perfect. Always double-check your work! How they work: Barcodes are a delimiter separating your lots Poor photos can skew numbers. Be creative! Print your own the way that works for you Design Lots Arrange Lots Barcode Photo Take GREAT Pictures Review & Confirm Spreadsheets Other Setup Tips Tag Placement Fasten Tags Security of Items Time Management Containment Mobile. Simple. Done. Auction Technology Take Photo Write Description Create Folder(s) Upload Images Upload Descriptions Mobile Auction Creation Suggestions Remember your power cord on longer setups! Temperature and moisture are things to consider as well. A PC/MAC is probably always going to be the easiest way to create an auction. Tablets are versatile, have increasingly better cameras, and offer voice control. Not all Cameras are equal. Templates for spreadsheets work best. Random Jottings and Ideas Always watch your auctions. If it looks funny, we can always give you the lead bidder information so you can check it out. Newer bidders bidding high Red Flag Newer bidders bidding on many items Red Flag Random Jottings and Ideas (Cont) Start Small Growing is easier than shrinking. Have a Plan What do you want to accomplish? Have Goals How much do you want to sell? Refer to your plan on how to make it happen. NETWORK! You will get more Auctions from bidders seeing your operations than you will from marketing. The 6 Apps Youll Want #1 Google Voice #2 Google Drive #3 CamScanner #4 Square #5 Google Keep #6 GoodApp Whatever works for you Promote. Sell. Repeat. Marketing Keys to Auction Success K-BIDs Marketing Strategy Online avenues using social media,& search engine marketing Our role is to promote K-BIDs brand as an online auction venue Our goal is to give bidders an exceptional bidding experience and create repeat customers Whats on deck? Retargeting Social Media Other Websites Learn more about our customers Customs Custom audiences allow us to target specific users Is it working? Bidders Gained 2012 14,300 Bidders Gained 2013 16,525 Bidders Gained 2014 21,398 Bidders Gained 2015 27,040 Some Quick Stats for 2015 Marketing 366,725 people back to Facebook 76,000 new users found Google Adwords 5 Million Impressions Who are you marketing to? Showcase Prices Showcase Bidder base Showcase Service Use K-BID Brand Rec. Affiliate Specific Showcase Convenience Showcase Potential Showcase Discounts Showcase Uniqueness Auction Specific SellersBuyers Two Simple Lessons Learn how to boost a Facebook post Tips for creating a Google+ Business Page Google + Business Page This is the single easiest thing you can do to start getting more recognition. Get Found. More than 1 trillion Google searches done each year You do not need your own website (can link K- as long as you are branded and presented as an Independent Affiliate) Collect reviews Its free! ePlain/posts ePlain/posts Example You want to be on this list! Whats needed? Gmail account (free) Business address Business hours Phone number Business category Verification by mail or phone How to do it? Google gives great step-by-step examples to create a Google+ Business Page. Visit: or YOM YOM Similar Listing Sites Yelp Yahoo Listings Bing Places Yellow Pages (remember them?) Angies List Facebook Pages The effectiveness of Facebook can not be overlooked. Ask your most loyal buyers to help you out by checking in at your on-site removals. (Make sure at your main location, setup on Facebook.) Facebook Creating a company Facebook page has many benefits. Establishes legitimacy Connect with buyers/community Connect with potential sellers Found within search results 1.5 billion + users Facebook Boosts Facebook allows you to make posts and boost them to be seen by a targeted audience. The days of creating a following of likes and being able to reach those followers are long gone.unless you're willing to pay for it. The good news is Facebook knows a lot about you. Where you live Where you work What you like What you share What you are in the market for buying Cont. This allows businesses to effectively target people based on their interests to see the best results for an ad or promoted posts. The social aspect of Facebook makes sharing auctions incredibly effective. Example Boosted post for 5 days. Audience: Male or Female Within 50 miles of St. Paul, MN Interests: Restaurant owner, catering or food service. Results Reached 12,760 people 1300 clicks on the ad 455 highly relevant clicks to the auction Shared 30 times 14 brand new bidders created (likely to bid on the auction) Tips Include a link to the auction. Try to make it seem like a conversation rather than an ad. Use language that targets the audience you have selected (restaurant owner, landscaper.) Select good pictures! Know your audience and the assets you are promoting. Other Social Media Sites Good for individuals to gain credibility. Good for getting your name out there and showing relationships to other professionals in the area. Not so good for promoting auctions. Personal branding Good for communicating with audience. Younger user base. Not so good for promoting auctions. Company branding. LinkedInTwitter How are your auctions being found? Quick Info The average visitor to visits 14 pages/session. Average number of auctions per month is 535 on K- 555,000 visits per month to Auction Posting Sites on+Advertising+Options on+Advertising+Options K-BID Marketing Options Slides Featured Auctions K-BID Marketing Options Targeteds Reach Specific Audiences Cost Effective Targeted Social Media Marketing Rebate Plan! Affiliates who choose to run their auction marketing campaigns through K-BID will be rebated $100 of the marketing budget for every $10,000 in auction sales (up to $1,000 in rebates total). Affiliates will be required to submit the marketing budget prior to the launch of the auction and rebate amounts will be credited back on the next BP Invoice. Some Helpful Apps/Websites Image editing and ad creation. Ad creation. Animoto Video creation. InfoUSA Mailing/ Lists. Shutterstock Stock photos. Sell. Load. Take a bath in money. Post-Auction Process Invoices Print tw