Their service is super simple: upload the clips you recorded into their site, type in some direction as to what you’d like the finished product to be, select how long you want the finished video to run, key in your credit card information, and then wait for the link to their finished product. You can also choose upgrades like expedited editing and even a 15-second teaser video to use for Instagram and other social media.
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.
Facebook isn’t the first company to offer this demographic extrapolation and replication service. They are, however, the first to do it for free. Also, with more than a decade of consumer data and more than a billion users, they have more datapoint to use for comparison.
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.
The difference between wholesale and retail prices should be enough incentive to investigate changes to our workflow, terms, and marketing. Your path to consumer-driven prices might be on very different paths than these five options. That’s okay. What’s important is that we’re interacting with the marketplace, evaluating our processes based on the feedback we gather, and then making changes to our practices to adapt.
I hate taking auctioneer’s misdirected money. I typically don’t up-sell. In fact, my clients will tell you that I often advise against extraneous media. That said, I regularly accept paychecks to build ineffective proposals. It’s true. Sure, they will represent aesthetic upgrades from their old materials; but the final product doesn’t always have my confidence
You can have hundreds of people click to your website from your email blast or thousands from social media. If the only people who show up at your auction are the ones who saw the sign, though, that traffic is empty. If your YouTube video went viral or your phones have been ringing off the hook from a press release that’s hit all of the local news, but most of your bidders all brought your direct mail piece to the auction, then the buzz didn’t bring you buyers.