Marketing Strategies for your Next Auction
Want to know a simple way to bring in more revenue at your next gala auction or special event? I highly suggest offering multi-level pricing for admission or reservation to your fundraising auction event. Remember, at charity and benefit auctions we don’t call it tickets anymore; we have an admission or reservation — it positively changes how your guests perceive your benefit event and organization!
How do you market a multi-tiered pricing structure for a benefit auction or special fundraising event?
Have a starting or regular reservation rate (lets’s say $100) and also offer a “VIP” or “Friends Of” (add the name of your organization) rate for additional cost (say $200 or $250). Not only will you make more money for your cause, but it will also give you the opportunity to build a relationship with those guests who have self-selected the VIP or the Friends Of rate.
Make the VIP or Friends of rate have special value and offer desirable benefits. Extra incentives like valet parking, a VIP reception, a special wine tasting, or a small gift bag related to your organization will encourage people to select the upper-tiered pricing. You can also offer special experiential pluses for those at the highest tiered pricing, such as reserved seating or a special meet-and-greet with a celebrity or honoree who’s attending your auction.
Here’s a good recent example. Recently while consulting with an nonprofit, I advised adding a VIP admission for a Wine Fundraising Auction. Initially, there was a “Regular” $40 rate that included a basic wine tasting reception and auction. I encouraged them to try a VIP rate of $100. At first, they were hesitant. My client called this new level “Wine Connoisseur” and amazingly they were pleasantly surprised that 100 people sign up at the higher price! The guests came early, enjoyed different wines, and had a wonderful experience. Most important, guests self selected to attend at a higher level and this pricing strategy attracted generous power bidders.
Multi-tiered pricing is an effective strategy to bring in more revenue for your cause and an opportunity for you to cultivate a meaningful relationship with these generous guests. Be creative and make good use of the multi-tiered pricing structure for your next fundraising auction.
Kathy’s Special Auction Budgeting Note: Here’s an important comment on pricing admission to your benefit auction or special fundraising event, ensure the price covers all hard expenses. Then divide it by the number of people coming to get a per-person price.
Want to learn even more great fundraising ideas?
Please join me on my FREE TeleSeminar to get the latest, insider secrets, for holding effective, revenue-generating, fundraising auctions regardless of the economy! click here for TS
*FREE Tele-Seminar Thursday, September 22 at 1pm EST
“6 ‘Must-Do’ Practices for Creating Fundraising Auctions that Make Serious Money”