Category : Auction Marketing
While my company will gladly still design direct mail, newsprint ads, and banner ads for auctions with firearms, I will no longer create Facebook advertising for auctions with guns in the catalog. The stakes are too high for me. Take time to evaluate whether they are for you, too.
As of right now, the best way to advertise an auction with guns is to create a separate catalog for the guns. This way, you can run Facebook ads for the other lots that will sell or sell higher because of Facebook exposure. The gun catalog can be promoted separately via email, direct mail, newsprint, etc. (Lists of both gun dealers and people with hunting licenses are not only available but reasonably priced.)
I would contend that we spend much of our time uneducating the room. By that I mean that we have to lead people out of counterproductive advertising strategies and practices that have become engrained into the industry. We do that because using new technology with old approaches just multiplies the audiences for bad advertising.
Over the past 20 years, social scientists have been documenting the phenomenon that those who know the least about many topics actually have the most confidence in their understanding of them. According to the Dunning-Kruger effect, not only is ignorance bliss; it’s also incredibly deceiving.
If you’re trusting that being in the right place at the right time is enough, know that those pragmatic auction marketers are connecting with more and better prospects than you are.
Thankfully, Facebook invented the next best thing within the past couple months. I’ve been experimenting with it on behalf of several clients, and it’s killer.
Click on any of the illustrations below to enlarge them. — If you read business news, you run into the term “big data” on a regular basis. I used to associate it with corporations mining our transactional histories to extract scary quantities of data for creepily-predictive advertising. After teaching part of the Auction Marketing Management course
The biggest confusion I encounter when teaching people how to advertise on Facebook is the difference between an ad, a promoted post, and a boosted post. Part of that confusion comes from Facebook using similar buttons and terms to describe both. Don’t be fooled, though. These are very different tools with different purposes for savvy advertisers to use.
Most auction companies book deals with a great disparity of values. And not just in real estate. Estates, business liquidations, and farm packages come in all shapes and sizes. So do their advertising campaigns.
It won’t surprise most of my readers that an auction company hired me to design more than 120 different postcards last year or that the people on their mailing list purchased millions of dollars’ worth of assets from them in 2016. What might surprise you is that this client mailed each postcard to less than 1% of their mailing list database—or that this same customer spent at least three times as much on Facebook per auction than they did on that very successful direct mail.
That’s true, whether the asset is a $3,600,000 home or a rental house, a $350,000 combine or a twenty-year-old manure spreader, Marilyn Monroe’s $4,800,000 dress or a collection of Beanie Babies. While consumers might have to be convinced of a price point, they already know whether something appeals to them or not.
Marketing is the strategic pursuit of qualified prospects.
Advertising is the media through which marketing decisions are communicated.
In other words, advertising is just a part of marketing. It’s the louder, more flamboyant part, but it’s only a part.
While I’ve not yet got to play around with this tool, its potential is exciting—especially for auctioneers who issue post-auction reports to sellers. The more data point you can use to validate your marketing strategy, the better.
Have you ever been asked to market anything that had a national appeal, but the asset value didn’t allow a national advertising campaign? It happens to my clients on a regular basis. My advice for that situation has recently changed, as a burgeoning technology helps solves part of that problem.
Facebook advertising is billed in terms of cost per click (CPC), but that price isn’t uniform. CPC is determined by algorithms and invisible auctions. Ads compete for eyeballs, as Facebook allows only a certain number of ads during a user’s time on the service. Facebook wants ads to be appeal to its users, so that they aren’t annoyed off the platform. Because of this, the world’s largest platform wants paid content to match user interests as much as possible
There’s a sneaking suspicion in many auction marketers—and definitely in their sellers. We wonder if there was a stone unturned, a motivated bidder that wasn’t reached by our advertising. Did we cast a big enough or tight enough net? What people weren’t in our mailing list broker’s database? Who didn’t read the newspaper during the
YouTube is now the second largest search engine in North America. Web surfers watch almost five billion YouTube videos every single day. It’s a safe bet that Google, who owns the video streaming service, is learning a lot from all of the data it’s collecting. That data must be valuable enough for Google to lose $1.8 billion a year to keep YouTube up and running.
As a vendor, I’ve learned the advantages and disadvantages of the five different ways you can outsource your Facebook marketing. I’ve assembled a brief overview of each here, in case you’re wondering which option is right for your business.
I’m not telling you how or where to spend your money. I’m just letting you know that neither you nor I can trust our assumptions.
With each new technological capability, auctioneers have needed to fit more tools into their marketing tool boxes, but they’ve also gained more and better ways to find motivated buyers and sellers. Is your advertising updating itself after you cut it loose? Is it adapting to buyer interests? If not, how much of a head start are you willing to give your competition while their marketing is?
