Tag : stigma

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163: Why Auctioneers Should Be Careful with Auction Hash Tags (Part 2)

Spring of 2015 was a crazy time for art auctions. In New York alone, auction houses sold $2.3 billion in art.1 There seemed to be a lot of high-profile pieces or collections in the news; and the all-time auction record for art was set, when $179.4 million was the high bid for a Picasso. Many within the auction industry justifiably bragged about the auction method with multiple Facebook posts sharing these jaw-dropping events and transactions.

Predictably, bid callers added the hashtag #OnlyAtAuction to their posts and comments. Like its newer and less-superlative brother, #AuctionsWork, the tag line held the hopes of auction marketers, trying to make hay on headlines. Even a strong, thriving industry hoped to gain more credibility and consideration from onlookers—a worthy goal, for sure.

Pollack Record PaintingFast forward a few months, however; and that record got absolutely demolished. In case you missed it, Ken Griffin, a Chicago-based hedge fund manager, bought two paintings for a combined total of $500 million.

You read that correctly: half a billion dollars. That’s billion—with a b.

Griffin paid $300 million for a Jackson Pollock painting. That’s almost six times the auction record for a Pollock piece, which was set in 2013 at $58.3 million. Along with the Pollock, he also paid $200 million for a Willem de Kooning painting—almost seven times the auction record for a de Kooning piece, also set in 2013. 2

In related news, the current auction record price for a car is $38.1 million, set in 2014 for a Ferrari GTO. That’s definitely impressive—almost as astonishing as another Ferrari GTO that sold privately for $52 million in 2013. The world record for a private residence sold via traditional brokerage is now $301 million. That, too, proves multiple times the auction record for its asset category.

While I was scouring the Internet for this data, I searched and found neither #OnlyWithDealers nor #OnlyThroughBrokerage on Twitter. Same goes for #BrokerageWorks.

Perhaps these successful, professional marketers realize that our culture understands the value of both dealers and brokers. And perhaps auctioneers should follow their lead. It would be in our industry’s best interest, if we did.

If we keep telling consumers that things happen #OnlyAtAuction; and then they happen just as successfully (if not, sometimes, more successfully) without auction, then our claims ring hollow. When sellers see that #AuctionsWork but that sometimes other kinds of transactions #WorkBetter, we invite added comparison. Auctions often win those comparisons, but we can’t pretend that sometimes they don’t.

When we sell clichés instead of solutions, we lose credibility. Lean on empty rhetoric too much, and the industry gets a stigma . . . like the ones we currently battle: that auctions are only for fire sales and distress situations, that auctions are a last resort.

Rather than beating the drum of auctions, we need to pound the message of marketing. 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. When we in the auction community consult with sellers, we need to show them the advantages and disadvantages of each sales method—and then offer to help them with the one that best solves their situation.

Most of my largest clients offer their sellers multiple options, whether that’s buyouts, consignments, brokerage, or one of several kinds of auction. This gives them credibility. That lets the seller know that the marketer is more concerned about the seller’s gain than the auctioneer’s affinity for bid calling.

What will promote our industry best is the cumulative effort of professional auctioneers marketing their sellers’ wares in the best way possible. We don’t need hashtags or slogans to do that. We need more candor and flexibility—and a lot less ego and insecurity. In the end, our results will earn us a platform for competitive viability.

Painting image linked to source.
Stock image purchased from iStockPhoto.com.

1. “New York’s Auction Houses Just Sold $2.3 Billion Worth of Art” by Valetta Zarya, fortune.com
2. “Billionaire Art Collector Ken Griffin Spends $500 Million on Two Paintings by Rain Embuscado, news.artnet.com

31: Using (Negative) Expectations to Your Advantage

Line of MasksWritten on assignment for Auctioneer magazine, March 2009 edition.

If you’ve been in the auction business for any length of time, you’ve had to compete with stereotypes associated with the auction marketing method. Many in the public consider auctions as only a last-ditch effort for distress properties or dire situations. Others see it as a democratic, self-serve [ebay-esque] deal with which they need no help from a professional. Yet others see auctioneers as fitting for a charity fund raiser but not for their personal or commercial assets.

So, how do you combat those preconceived notions? How do you market your profession and your business in light of entrenched skepticism?

To get insight into the practical side of this, I talked to my chiropractor, Dr. Will Likins. While his profession is culturally marred by unprofessional competitors and professional snake oil sellers, his practice was the first and only medical firm to ever earn “Small Business of the Year” in our city–a hospital town with a medical heritage predating its days as a Confederate military infirmary.

“I accept that there are bad chiropractors but recognize they have no influence on my practice,“ Dr. Likins told me. “If I am confronted by a person who has a preconceived idea about what I do, there is nothing I can say to change that.” Then he added, “People don’t care what you say, it’s what you do. Sometimes verbal self defense in itself is suspicious”

You can’t shrug everybody who holds skepticism, though. If you’re like me, you like having something proactive to counter someone’s distrust. Dr. Likins offered me several of his personal guide points that have led him to be rated in the top percentile of chiropractors in the nation.

“Confidence is important, but confidence without compassion is arrogance. If a client describes a horrible experience they had with another professional in your field, resist the urge to immediately begin telling them how wonderful you are—all of your awards and numbers and previous successes. Your fellow professional gave them a sales pitch as well. Acknowledge their negative experience and apologize for what they went through. They want to know you care more than they care about what you know.”

“Give them more than they are expecting. This is where a stereotype can be an asset. In a world of crazy chiropractors, I have a genuine opportunity to stand out. A skeptic who is proved incorrect through compassion, outstanding results, and first class service will become a larger referrer than a client who expected that service to begin with.”

“Never speak badly about other professionals (or anyone). If a client brings up a horrible competitor, resist the temptation to join in and share stories. Listen and empathize, then bring the conversation back to your client’s needs. These conversations waste valuable time and reduce you from a positive professional to a negative gossiper. No one refers to a negative gossiper, even if they initiate the conversation.”

The underlying premise is this: you can redefine your prospect’s perceptions of your industry by being the new, exemplary lens through which they view it. You accomplish this through superlative customer service, and you earn the opportunity to change their minds through superlative branding.

Lexus’ advertising looks higher end than Toyota’s, even though they represent almost identical vehicles. With their recognizable branding, Jiffy Lube earns more trust (and revenue) than the more-talented pole-barn mechanic in most communities. Grocery stores still sell far more name brand items than very-similar store-label products.

Why?

In our culture, perception trumps reality. So, as you build a full-service reality, spend equal attention to wrapping that in respect-earning branding.

Guard your logos and colors and fonts like your brand depends on them—because it does. Build templates for each size ad and direct mail type you use. You want them to be practical for the space but clearly connected to the other formats.

Hire a proven professional to design your advertising, so that your work has a consistent, corporate feel—regardless of media. Work with them to develop a range of flexibility within a standardized look.

Use larger images and less text, larger mailers to fewer people, more web content and less small-point type in your print media. Use small pieces/ads for your shotgun advertising and dominating impact for your targeted advertising.

Look at large national brands and their materials. The more your stuff looks like theirs, the less likely you will be categorized with unprofessional competitors. You don’t need Fortune 500 budgets to look corporate. You just need to fight for visual consistency and make sure your look matches your niche.

No matter the size of your company, you can meet and surpass expectations by looking at your company through the skeptic’s eyes. Show them service and attention they do not expect, and illustrate your advantage through intentional, professional branding.

Put these principles into practice, and you’ll need Dr. Likins’ final piece of advice for me: “Be the best at what you do, but don’t let it go to your head.”

___________________________

Dr. Likins full response shown below, as interviewed for March 2009 Auctioneer magazine article.

The most irritating aspect of stereotypes is that there is typically an element of truth to them. There is no denying that there are chiropractors who abuse their privileges and adopt strange philosophy simply to increase patient volume and business revenues. They have very little basis for what they recommend and in the process alienate themselves from the surrounding matrix of healthcare providers. To ignore this would permit me to develop a negative, defensive attitude which would carry over into patient interactions. If there is no chip on your shoulder, there is nothing for others to knock off. I accept that there are bad chiropractors, but recognize they have no influence on my practice. My primitive side finds solace in the fact that there are some horrible medical doctors as well.

Some important points I have learned over the years on this topic:

  1. No one cares what you say. If I am confronted by a person who has a preconcieved idea about what I do there is nothing I can say to change that. If it is a patient (which begs the question, why did they come in), I will often say “I can talk about this until we are both blue in the face, but until you start to feel better it’s not going to matter”. People don’t care what you say, it’s what you do. Sometimes verbal self defense in itself is suspicious.
  2. Confidence is important, but confidence without compassion is arrogance. If a client describes a horrible experience they had with another professional in your field, resist the urge to immediately begin telling them how wonderful you are, all of your awards and numbers, and your previous successes. Your fellow professional gave them a sales pitch as well. Acknowledge their negative experience and apologize for what they went through. They want to know you care more than they care about what you know.
  3. Give them more than they are expecting. This is where a stereotype can be an asset. In a world of crazy chiropractors I have a genuine opportunity to stand out. A skeptic who is proved incorrect through compassion, outstanding results, and first class service will become a larger referrer than a client who expected that service to begin with.
  4. Never speak badly about other professionals (or anyone). If a client brings up a horrible competitor resist the temptation to join in and share stories. Listen and empathize, then bring the conversation back to your clients needs. These conversations waste valuable time and reduce you from a positive professional to a negative gossiper. No one refers to a negative gossiper, even if they initiate the conversation.
  5. Tell your clients you appreciate them every time you speak with them. This can be a variety of ways: “I appreciate you, I always enjoy working with you, Your a great lady, I wish I had a million more clients just like you.” You are not the only provider they have to chose from. Let them know it really is an honor to serve them. This is important not only for them, but for your own state of mind as well.
  6. Send a handwritten note or personal call to anyone who refers to you and let them know that you appreciate their trust and will take good care of their referral. You never get too busy for this. Let’s say you get on average $1000.00 per service from a referral. If a person walked up to you on the street and handed you $1,000 dollars you would stop and thank them. Do the same for referring clients.
  7. Treat your staff the way you want them to treat your clients. If you treat your staff badly, when your not around they will convey that to your clients. If you treat them with the respect and compassion of clients, they will naturally do the same. Staff is your greatest source of referrals.
  8. Be the best at what you do but don’t let it go to your head.

[footer]Stock image purchased from iStockPhoto.com ©2009[/footer]

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