Read Part 1 of our Auction Fever series The Psychology of Auction Fever
The undeniable allure of auctions is their ability to uniquely captivate an audience in a way that a traditional shopping experience would not provide. Would you like to elicit the thrilling experience for your bidders that keeps them coming back to your online auctions? In our last article, we broke down the psychology of auction fever. We have gathered a few tips to help apply this to inspire and maximize auction fever over the internet.
If you want big competition, you must find a way to draw in a big pool of bidders. Here are some easy steps for this.
• Be sure your website is easy to navigate, easy to register for, and clearly advertises the time and date for your upcoming auctions.
• Create email newsletters to show off upcoming auctions. Provide a sneak peek at big ticket and/or unique items being offered to pique interest.
Your software should be clear about who is winning an item. There should be no doubt of who’s winning or losing to perpetuate rivalry among bidders.
Put rare or unique Items in your listing
Opportunities are always more exciting when they are scarce. Nothing puts a fire under bidders more than offering an opportunity to own that something special that is hard to obtain.
Set starting bids at a low, fair price
The idea of leaving with a deal is what drives bidders to auctions. If you’re worried about not getting the item’s worth, be sure the starting bid is something you feel is fair. You can always use reserves as a fail safe. Be sure your software clearly displays whether or not it has been met.
Emphasize time pressure
Prominently display timers that show a second by second countdown on your listing. Countdown timers create a sense of urgency resulting in overwhelming desire to win.
Bidders across the globe are sitting eagerly behind their computers ready to find and win their special treasures. By increasing competition with marketing efforts, emphasizing time pressure, including unique items and appealing deals, you can trigger and boost this eagerness in a way that will keep them continually engaged and coming back for more.
Harness Auction Fever easily with our bidder-friendly auction platform. Sharp Auction Engine offers a free 30-day trial.
Like this article? There’s more where that came from…