Why a Facebook auction for your product based business?
Facebook auctions are an easy and effective way to generate profit that will go straight into your pocket. Seasonal, out of stock or discontinued items make for great auction inventory. By selling your physical stock you can increase your volume to make any goals or retail sales minimums. By doing auctions 2-3 time per year, or whenever you’re getting ready to purchase new products, this will help free up cash flow.
How do auctions work?
Auctions work by placing a lowest acceptable bid price on an item. Customers post how much they want to pay under each item image. The highest bidder wins the item at their listed price. If the product is really sought after, a bidding war amongst customers will raise the price and your profits. At the end of the event, you tally up the final sales and send a request for payment. Paypal, Stripe or Credit Cards are a more fast way to get paid. I don’t recommend accepting checks or waiting on cash payment unless you know the person personally and even then I’m hesitant. Auctions are meant to be quick cash in your bank account but you still need to treat the transaction like a business.
Here is your Facebook Auction Checklist.
Step 1. Decide on a Date and Time
Auctions typically last 3-4 hours. Although, I’ve been successful with auctions running as long as 5 days. Depending on how much inventory you have, your event might be shorter or longer. Keep in mind the last hour is the most exciting because people are trying to outbid each other.
Step 2. Set up a Facebook Event from Your PAGE
The Event is sort of the registration area. This is where you will promote how exciting the auction will be and encourage people to attend. Invite everyone to the event.
Step 3. Create a Group
The Group is where the live auction will take place. This is where you’ll be posting photos and interacting with Attendees. You want to use a group because you can control the privacy.
Step 4. Pre-Plan, Plan and then Double Check
Create a list of all the products you will be offering. Determine your lowest price, or the price you will open the bidding at. Number each product. This will be the order you post the descriptions and the images. Keeping them numbered help you stay organized. So the first product will be #1, second #2 and so on. It seems pretty simple but missing this step might make things chaotic when you go to schedule your posts. I strongly suggest you number your images the same way.
Step 5. Invite, Invite, Invite
Now it’s time to promote like crazy! Email your list, invite your friends, family and past customers & hostesses. Normally, I don’t encourage inviting “everyone” but it’s acceptable this one time, to invite more and more people. This is to generate interest in your business, not to sell products at a cheaper rate to other consultants.
Step 6. Pre-Schedule Your Posts
Save time by scheduling all of your product descriptions and images ahead of time. I use CinchShare. Then, at the time of your event, just pop in live and interact with attendees and watch everything flow for you.
Take the time to pre-plan and make sure you have enough time to promote your event. Utilize your lists and reach out to past customers. Auctions are a great way to bring in some cash and move your inventory. It frees up your cash flow in order to purchase seasonal or new products. And done strategically, they can be a great business builder! Good luck with your next auction.
Want a little more help? Desiree is happy to review your auction plan or answer any questions. Click here to set up a Quickie Session.
Have a ThirtyOne-derful day!