Attract New Auction Buyers by Focusing on Business

What have you done to make money for your business today?This article is designed to give you information on how you can attract new buyers to your auctions and make more money.Specifics may vary from auction to auction; however, the following information includes helpful and important guidelines from which everyone can benefit.

My daily planner closes everyday with a question "What have you done to make money today?" The question is somewhat trite and redundant for those of us in business, but I have it in my planner as a reminder to stay focused on business.Many times I answer the question with the number of scheduled auctions on the books.But it is easy to forget that we need buyers for the auction worse than we need sellers.

If you have been in the auction business for any length of time, you're certainly comfortable knowing that if you have an auction your buyers will come.And gratefully this is true.But it is the same group of buyers that always show up for that kind of auction.No one new -- no new blood.The standard group of buyers is comforting to us because they know the auction procedure and auction rules.New attendees just slow the auction down and make the regular crowd angry because the new bidders are bidding "too much".

It has almost become second nature to discourage new bidders at auction.We don't do this intentionally but we have somehow grown used to the fact that new people have a learning curve, so we just blow past them.For example if an auctioneer is selling choice of five items and a new bidder has the audacity to just purchase one of five items and then needs time to make their choice of the items, the auctioneer gets frustrated and starts to hurry the buyer along.

New buyers are intimated by the auction process and then they are publicly singled out for slowing down the auction.How many of us would want such acclaim as we ventured into a new business?The more important issue is the new buyer's response to such uncertainty with the auction process.It is our job, to make the new bidder not only feel welcome but made welcome.

There are several ways to ensure a new buyer's comfort with the auction process.We offer a pre-auction bidding seminar, about fifteen minutes long where we explain in laymen's terms the verbiage of the auction, how to preview, bidding practices and a quick explanation of our auction rules.For late comers to the auction we have a brochure that contains the same information as the auction seminar.But then we follow-up with a phone call and extend a personal invitation to attend the next auction.Once they have attended a second auction we send a coupon good towards their next purchase at an auction if they bring a friend of family member.

We must encourage new buyers to attend our auction.The argument could be that an auction firm's active attraction of new auction buyers may run off the dealers who buy at auction.It is true that dealers are not especially fond of buyers willing to pay retail.But if new buyers are consistently a part of the auction then the dealers learn how to "deal".

To grow our businesses, grow our revenues and grow our reputations we must welcome each new bidder with the same enthusiasm as we display for each new seller.So I am going to change the close of my day planner to read "What have you done to attract a new buyer today?"

About the Author

Deb Weidenhamer is CEO of Auction Systems, the Southwest's most active auction and appraisal company.

Call 800-801-8880 or visit our website for more information about our new buyer auction schedule featuring police confiscated items and more.

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