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?
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?
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.
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.
Most of the folks that attend my seminars represent sole proprietorships or family-size businesses. Based on the feedback I get before and after my talks, I sense that many auctioneers feel unable to keep up with the growing media landscape. In particular, they tell me they don’t have the time, energy, or expertise to manage
No matter how the transaction is conducted, the marketing that brings the buyer to an auction or to a listing or to a dealer is pretty much the same. Savvy marketers know to determine the likely buyer and then build a campaign of the multiple media, public relations efforts, and/or interpersonal interactions that are most likely to attract those potential buyers.
You know who doesn’t use #AuctionsWork? Ritchie Brothers, Christie’s, Barrett Jackson, Sotheby’s, and eBay. They don’t need it. Neither do we.