186: Is the Dunning-Kruger Effect Costing You Commission?

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.

Being in the Right Place at the Right Time Isn’t Enough

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.

Facebook’s “Next Best Thing” Helps Us Little Guys

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.

182: How to Know What Your Auction Advertising Budget Should Be

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

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181: What Kind of Facebook Advertising Should You Use?

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.

180: How to Build a Brand When Your Auctions Vary Greatly in Value

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.

179: 5 Ways to Make Your Direct Mail Effective in a Digital World

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.

Auction Advertising Tips from the World’s Best Beach

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.

177: Is the Difference Between Marketing and Advertising Costing You Money?

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.

176: A New Tool to Learn More About Your Offline Bidders

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.

175: How to Get National Advertising on a Local Budget

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.

174: 6 Things That Make Your Facebook Ads More Expensive

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

Reach the Bidders You Didn’t Know You Were Missing

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

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172: YouTube Has Revealed What It Knows About Your Auction Buyers

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.

171: The 5 Ways to Outsource Your Facebook Advertising

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.

170: The Oddest Objection I Get When Consulting

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.

169: 2 Adaptive Advertising Technologies Auctioneers Can Afford

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?

168: Beat Your Conference Education Hangover

So, what do you do with this sense of confronted ignorance? How do you incorporate all this new knowledge into your daily life—especially when work is ramped up waiting for your return to the office?

167: 4 Marketing Trends Driving eBay’s Auction Decline

What works for eBay may not work for most of our firms, but we can learn from the trends that their scale and ubiquity illustrate. If their sellers are adapting to cultural changes, we need to help our sellers do the same.

166: Get Better Results From Your Facebook Advertising

While there are groups or lists of people you can’t find on Facebook, there are a lot of specific audiences readily available to make your auction advertising more effective and efficient. Not all buyers are on Facebook; but there are more buyers there on any given day than in newsprint, magazines, or any TV channel. The specificity to which you can market on Facebook is unprecedented and unparalleled.