What are Auction Packages and Travel Items?
Auction Packages and Travel Items, also known as Consignment or No-Risk Items, are products or experiences nonprofits can use for fundraising with minimal financial risk. Nonprofits only pay for these items if they sell. Travel packages, such as luxury trips or exclusive memorabilia, are offered at no upfront cost, allowing nonprofits to feature high-value items that might otherwise be unattainable. This model ensures that organizations avoid financial loss, as payment is only required after a sale is made.
👏💸 How Do These Items Increase Event Revenue?
- Attracts Higher Bids: Offering high-value, no-risk travel items like luxury trips or exclusive experiences can encourage more competitive bidding, increasing overall auction revenue.
- Expands Item Variety: Adding consignment items broadens the selection of auction offerings, appealing to a broader range of bidders and boosting participation.
- Minimizes Financial Risk: Nonprofits only pay for consignment items if they sell, eliminating upfront costs and ensuring a profit, even with higher-end auction items.
👀 Tips for Choosing the Best Auction Items
- Know Your Audience: Select items that appeal to your attendees' interests and demographics. Consider high-demand categories like travel, unique experiences, or sports memorabilia that resonate with your donors.
- Review Terms and Costs: Ensure you understand the consignment company's pricing, payment structure, and any additional fees. Opt for no-risk items where the nonprofit only pays if the item sells.
- Balance Variety and Exclusivity: Offer a range of items to attract diverse bidders, but limit the number of consignment items to maintain exclusivity and prevent oversaturation.
🗣️ How to Promote Consignment Auction Items to Maximize Interest and Participation
- Highlight Exclusive Appeal: Emphasize the rarity or exclusivity of consignment items, such as luxury trips or one-of-a-kind memorabilia, to create excitement and urgency among potential bidders.
- Leverage Multiple Marketing Channels: Promote these items across all channels (email, social media, and event websites) using engaging visuals and compelling descriptions to capture attention and generate interest before the event.
- Spotlight Items During the Event: Create moments during the event to feature high-value consignment items, either through a special display, live presentation, or spotlighting them in the event program to boost visibility and bidding participation.
😎 Partnering with External Vendors for Consignment Item
- HGA Group: Specializes in customizable travel packages designed for charities of any size. With no upfront costs or hidden fees, your organization keeps 100% of the net proceeds from every trip sold. They also provide a complimentary personal vacation specialist to assist your winners with planning and booking their trips. Capitalize on the high demand for travel and experiences to raise thousands for your cause. Visit their website to explore available packages and discover the best sellers.
- TravelPledge: Offers consignment items like golf packages, vacations, and bucket list experiences. Nonprofits only pay for sold items and keep 40-80% of the winning bid. TravelPledge integrates easily with ClickBid, making your event hassle-free. Click this link to view TravelPledge's catalog of items you can use at your next event.
📌 Potential Drawbacks of Consignment Items
- Reduced Profit Margins: Since a portion of the sale goes to the consignment company, nonprofits may earn less from high-value items compared to fully donated ones. Therefore, it is important to remember you need to deduct the cost of a package from the amount raised once it is sold.
- Unsold Items Risk: If an item doesn't sell, the nonprofit gains no profit, potentially missing out on higher returns from other items that could have been offered instead.
- Overpricing Risk: Setting too high a starting bid to cover consignment costs may deter bidders, reducing overall engagement and auction success.
💭 Creative Uses for Different Types of Fundraising Events
- Silent and Live Auctions: Feature consignment items as standout pieces in both silent and live auctions to boost bids. Highlight exclusive experiences like luxury vacations or signed memorabilia that create excitement and drive higher donations.
- Raffle Opportunities: Use no-risk items as grand prizes in raffles. This approach works well for events where attendees might not want to bid but are willing to buy raffle tickets to win something valuable.
- Themed Event Packages: Bundle consignment items into themed packages for dinners or galas. For example, pair a gourmet dining experience with a luxury weekend getaway to create a desirable and cohesive auction package.
🚀 Check out ClickBid's Recipe Book, which you can use to inspire your fundraising ideas
📈 Measuring Success
- Revenue Contribution: Track how much revenue travel items generate compared to other auction items. Analyze whether these auction packages help increase overall fundraising totals.
- Bidder Engagement: Measure bidder interest and engagement, such as the number of bids and final bid amounts on travel items. High bidder activity can indicate that these items are attracting attention.
- Cost vs. Profit Margin: Calculate the profit margin by comparing the consignment fee with the final sale price. Evaluate if the return on investment justifies including similar items in future events
💥 Interested in learning how utilizing ClickBid and unique auction items can help your fundraising efforts? Chat with someone on our team today!