In this post, you’ll learn the key metrics you need to evaluate after each fundraising auction. These metrics will help you determine how you performed compared to last year and highlight what to improve. Revenue and Costs First, look at the big picture stats. Specifically, total revenue, total expenses and finally your expense ratio which is your […]
Two economists, Paul R. Milgrom and Robert B. Wilson, won the Nobel in economic science on Monday for improvements to auction theory and inventions of new auction formats. At TravelPledge, we are quite excited about auction theory getting so much attention in the news! We looked at a few of Milgrom and Wilson’s findings to see how […]
Earlier this year, society came to a halt as COVID-19 spread to all corners of the globe. For nonprofits, this meant finding digital alternatives to their donor engagement activities in order to keep their doors open during this uncertain time. Even though the pandemic has turned society upside down, nonprofit fundraising doesn’t stop for anything. Thanks to […]
It’s the night of your big fundraiser. The money raised will define your ability to execute your mission and impact the lives of the communities you serve in a positive way. Your organization has planned every detail. Everything is running smoothly. You’ve come to the point in the night when you will ask your donors (don’t call […]
As school fundraisers wrestle with the idea of a virtual live gala (VLG), I thought it would be helpful to share my experience as a benefit auctioneer who just hosted two of them. Spoiler Alert: VLG’s rock! “FIRST SCHOOL” (March 13, 2020) On March 13, 2020—in response to the safety measures in place to slow the spread […]
If you are holding a silent auction for a fundraiser, you may be having a difficult time determining how many items you should put up for bid. Too few and you risk not raising enough money, but too many and you stifle competitive bidding and spread the same amount of money across more items. What is the […]
Most benefit auctions consist of several Silent Auctions and one Live Auction. Silent Auction setup is vital to the success of any auction, because this is the part of the evening that people experience first. For planning purposes, here are some guidelines to follow when doing advance planning for your Silent Auction: 1. Close your Silent Auction […]
As an organizer of a benefit auction, you may wonder whether you should use pre-bidding, also known as pre-selling. In this post, we cover the basics of pre-bidding and help you decide if it is right for your fundraiser. What Is Pre-bidding? Pre-bidding allows guests, or those not able to attend, to preview and bid on key […]
You’ve procured some really great auction items. Great! These items will sell themselves! Think again. Presenting your auction items in the right way with the right ambiance is critical to driving up bids and satisfying guests. Pay particular attention to these four areas: 1. Sound Guests who wish to participate in your silent auction will be frustrated […]
Your silent auction committee likely obtained great vacations, unique memorabilia, and bucket list experiences for your live or silent auction. Your committee likely also procured an array of small gift certificates from local businesses: cleaning, dance lessons, chiropractic service, haircuts and styles, tanning sessions, massages, whitening, self-defense classes and many more services. What should you do with […]
