Category : Direct Mail
If we’re not adapting to buyer self-interest, then whose self-interest is guiding our advertising?
Unless we as the advertiser is also the one buying our services or assets, why should we expect that strategy to work?
If you’ve not been segmenting, start now. Other marketers have a head start on you. Other auction companies are already using this tool for years. Start gathering data now so that you’ll be more competitive a year from now and have more marketing choices.
The interesting thing is that it doesn’t take much more time to use the above principles than not to use them. What they do require is courage to move away from auction industry standards toward communication principles proven to be more attractive and effective in the marketplace. It’s not about creativity—at least not in my daily work.
The irony is that Bonhams showed more restraint for expensive items than we often do with much lesser lots. Maybe it’s not ironic, since most of us sell utilitarian items instead of luxury goods. Regardless, while it’s impractical for most auctioneers to put these principles in action to the degree Bonhams did, we can all move in these directions for advertising that competes in the marketplace—not just in the auction industry.
I’ve bumped into multiple auction companies that tout their decades-old prospect list or the quantity of people on their in-house list. It’s an odd boast, since those lists are filled with budget-sucking ghosts. The age of a list isn’t inherently bad, but it can contribute to the following four issues most auctioneers face with their in-house database.
Usually I get a request like, “Where do I find people who want to buy [insert asset here]?” There is no such list of people with intentions. There are, however, multiple resources for lists of people who categorically are more likely to be interested in specific assets or services. I’ve narrowed them down to seven categories.
Regardless of whether your advertising arrives in mailboxes, on newspaper stands, in websites, or between sign posts, your content has competition. Are you confident it’s winning that competition? If not, what would need to change to be the best?
