Top tips to THINK about when marketing your Business Auctions.
Lets get started by reviewing your SMART Steps which for a Business Auction company leads right into SMART Goals.
Specific - What specific goals do you want to achieve with this marketing campaign? More Auction Registrants, More Auction Buyers, Attract Auction Sellers . . .
Measurable - Make sure your Specific Goals can be measurable. That means having tracking on all advertising that you are implementing. Space Ads, Trade Shows, Email Marketing, Digital Marketing, PR . . .
Achievable - Make sure the goals are achievable. Example: When I play with my cat I always have to make sure he does eventually catch whatever we are playing with, otherwise he won't play again. If the goals are set too high, eventually you will give up.
Relevant - Make sure your goals are relevant to what the Sales & Marketing teams are trying to accomplish. Have the two departments communicate with each other so that everyone is working towards the same goals. I am constantly sitting down with companies and finding that departments are working independently and sometimes against each other which does not make sense.
Timely - Make sure it is timely. It is no good if you increase the Number of Registrants but the Auction is about to close. Make sure you back step to give enough room for your marketing campaign to work exactly the way you want it.
For over 15 years I have been working with Business Auction Companies in determining their SMART Goals and strategizing to figure out the best marketing plans for them. As new channels become available we must always figure if they fit in the mix of what we are trying to accomplish.
For instance, there are several USED EQUIPMENT platforms to utilize which are less expensive than direct response lists. Should Price determine your course of action. Yes and No - Yes if they are able to produce the same results. No, if they are unable to produce sales. With Used Equipment Platforms you have to be careful because you are competing against other Auction Companies at the same time in the same place. At the request of a client, I used one of the Used Equipment platforms which was great because we got the promotion out to several people but not one resulted in a sale.
You must make sure you are definitely reaching people that have actually indicated that they are interested in a specific piece of equipment. As I mentioned above, I placed an order for one of the Used Equipment Platforms for a client and now I am on their list getting all the promotions. I have never indicated that I was interested in Heavy Construction Equipment, Prepared Food Equipment, Farming Equipment all promotions that I have received in the last 24 hours.
Sending the recipient relevant marketing materials is definitely a way to increase your response rate. Also Direct Email Messaging is the #1 marketing channel for getting actual sales!
If you would like to discuss your upcoming auction please feel free to contact me. Donna Peterson Email: email@example.com