We’d like to give our readers yet another real life case study to demonstrate that the key to successful sports auctions is to present the opportunities live during events. The way we define success is two fold: (1) Getting the most bids and (2) Generating the most revenue. If you share similar objectives, please continue reading to learn how LiveSource will help you achieve both.
Before we look at the Dallas Stars analytics, let’s remind ourselves just why sports auctions conducted live through the LiveSource platform produce the most fan engagement and highest revenue. First of all, live event auctions directly target the right audience. The people who are most likely to want to buy a jersey for example are the very people who go week in week out, to watch those same jerseys worn, in battle as it were.
Secondly, the people at the event, are far more likely to feel a connection with that jersey. It actually means something to them as opposed to simply a thumbnail picture on the internet.
Finally, and perhaps most importantly, you are not just targeting the right audience, you are targeting them at precisely the right moment. If you reach people while they’re most excited, just after they’ve witnessed a player make a sensational play, it should come as no surprise that they are more likely to bid, and bid high, to get their hands on that particularly jersey.
Examining How The Dallas Stars Increased Their Jersey Auction Bids & Revenue By 220% –
Live Source In-Game Auctions Are The Most Powerful Tool
The Dallas Stars are another team who, after conducting auctions through the official NHL website, thought that there must be a different way, one that would be more in the moment as it were, and one that could become more than simply an exchange of money for goods. So they trialled a live event auction, and regular readers of these articles will not be surprised by the results. You can also read about the Washington Capitals live auction success here.
We will start with the average number of bids the auctions generated. Canadian forward Jamie Benn saw his average increase 73%. Likewise Jordie Benn’s figures jumped 65%. Radek Faska saw his number of bids increase in a similar fashion, as did Antoine Roussel, Tyler Seguin and Devin Shore. Stephen Johns saw the number of bids for his jerseys increase by more than 220%.
Now let’s move on to the value of those bids, which is of course one more side of the triangle that makes up the profit a business makes.
Starting with Jamie Benn again, his unsigned jersey – just for a regular game against the Flyers, when put up for the live event auction at that game, went for $1,210. That’s seems a decent price. It looks an even better price when you consider that Benn’s previous jerseys had gone for $710, $930 and $451. The figures look even more incredible when you compare the live event auction for a regular season jersey with the three special edition jerseys sold online.
Jamie Benn is not an outlier either (well not when it comes to these stats anyway). The figures show that the Stars’ jerseys were getting higher values even though they were not in any way comparable jerseys.
I mentioned the profit triangle earlier, with two sides made up of the number of customers, and the money those customers are spending. The third side of that triangle of course is costs. And that is another area where live event auctions come into their own, by saving you on distribution, storage costs, and reducing man hours. Auctions can be very difficult to pull off for your staff, especially when you rely on paper bidding. LiveSource is your cost cutting solution with no upfront fees or service charges of any sort.
Whichever way you look at it, whatever side of that triangle you take, the facts, the data and most of all plain old business sense points in just one direction: livesource in-event auctions are your best bet.
About LiveSource, LLC:
Founded in 2016 by Scott F. Levin, LiveSource is a mobile bidding platform that facilitates live in-game auctions and raffles before, during and after events. LiveSource gives fans the ability to bid on items and experiences that become available during an event. Bidding, winning, payment and delivery is all facilitated on mobile devices through the LiveSource app and website. Partners receive the proceeds directly and can disperse the revenue without delay.