In our two previous articles, we discussed how being able to strike at the precise moment when a customer’s – or potential customer’s – passion in and interest for the product is so important. We also saw detailed evidence of just how effective live auctions are – not just in theory but in the way they immediately increased the number of bids by 100, 200, 300%. We showed how that increase is reflected in the number of customers you are able to reach out to and interact with.
In this article we will show how that translates to the most important thing for any business – revenue. Increasing the amount of customers is always going to be a good thing. It increases the buzz about you, about your brand and about your product, especially in these days when everyone from the age of eight to eighty is social media savvy.
Increasing the amount of customers, while at the same time increasing the amount of money they are spending is a sure fire way to increase revenue, gain an advantage over your competition, and to build a thriving – and most importantly a sustainable business.
If customers were spending the same amount of money, as with previous, traditional methods of selling, the revenue would still increase at the same rate as the increase in the number of customers. We saw earlier just how dramatic that increase was. So what happens in real life? What does our research, carried out over hundreds of different auctions tell us?
For those familiar with LiveSource you won’t be surprised to hear that time and time again, the value of the bids actually increases when a jersey is auctioned at a live event as opposed to an online timed auction. Let’s look at the stats.
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Examining The Data. The Stats Don’t Lie
Live Event Auctions Sales Generate Significantly Higher Revenue Than Online Auctions For Washington Capitals Game Worn Jerseys
The Washington Capitals used to conduct auctions for their players’ jerseys through the official NHL auction website. Then they thought that maybe there was a better way, a more modern way, one that would resonate more with their fans, enable the people who go out of their way to support them week in week out, to engage with the players and team they love. So, using mobile technology, and an app that is easily and readily available on everybody’s cell phone, they trialled a live event auction. In other words they brought the auction to the event – to the fans.
Taking the average figures for previous traditional auctions, and comparing them with those for the live event ones, we see a familiar story.
Jay Beagle’s jersey fetched a 35.7% higher price at the live event than using the online timed auctions. Taylor Chorney’s and Marcus Johansson’s saw 213.3% and 41.4% increases in bid values respectively. And this is something that is repeated again and again with their teammates Alex Ovechkin’s, Daniel Winnik’s and Karl Alzner’s jerseys for example, all going for dramatically higher prices. In the previous article we saw how the number of bids for Braden Holtby’s jersey rocketed by more than 250%. The value of those bids was also significantly higher, 99.2% higher for the live event auctions, compared to the online ones.
The values may have rocketed, but this certainly is not rocket science. The more people you have bidding, the more competition, the higher the value of the item they are bidding for. Put this together with the evidence from the previous articles, and you have an incredibly powerful equation: more customers spending more money.
What is even more remarkable in this, is that the Capitals live auction was a one off. Imagine what the numbers of the bids, and the values of those bids would be after a half season, a full season of those fans being educated about the app, about the live auctions. Live auctions are a phenomenon where the momentum grows over time, as more people get involved, and discover that it is not just an auction, it is an event that adds to the whole live experience, where they can truly interact with their team and their players.
Switching to LiveSource jersey auctions should be the easiest decision of your life.
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