What is the difference between a silent auction and a raffle

The authors conducted a fascinating experiment to compare five fundraising methods. These findings seem to make sense. Entering a raffle is simpler, trusted and certainly less daunting than the escalating rounds of competitive bidding in a bucket auction. This is an amazing finding. Participants bids were much higher despite knowing they would probably lose their bids. Perhaps there is some psychology at play because of the competitive nature of the Bucket Auction. Last, in terms of highest revenue, the Bucket Auction dominated, raising double that of the Raffle and All-pay Auction formats.

It also raised four times more than a Hybrid Version and amazingly five times more than a Live Auction. Overall, they found it that Live Auctions are not really too effective and Bucket Auctions are much better by comparison. Sash Neser 6 February 5 minute read Raffles and auctions are tried-and-true methods for fundraising, yet there are many variations on the traditional methods used so often by fundraisers. There are endless variations to auction and raffle formats with variations including: The size of the bid or ticket cost The timing of when you may bid or buy a ticket How many bids or tickets are available The visibility of other peoples bids or ticket purchases Whether all bids are collected or just the winning bids You might assume that the most commonly used auctions and raffle methods are the most effective, but are they?

Did your bid sheets have minimum bids and mandatory bid increments. Community support — The size of your community and the amount of supporters you have is another big factor. With raffles, you need more reach. With silent auction fewer people, but more motivated to participate in the auction bidding. Number of volunteers — How many volunteers you can count on is another consideration.

It takes far fewer people to coordinate a raffle than an auction. But, you also need people willing to sell the raffle tickets and that takes some effort. Raffle ticket sales — For a raffle to succeed, you have to sell a lot of raffle tickets.

Usually, that means having a lot of people available to sell their share of the tickets. At a minimum, you want to price your tickets to produce double the cost or fair market value of the prizes.

Additionally, because the items being auctioned have been donated to the organization, the nonprofit does not lose any money in procuring them and reaps the full benefits of the auction. Attendees at a silent auction spend the first part of the event checking out the items for auction.

At most silent auctions, there will be a minimum bid amount as well as a minimum increase requirement. The minimum increase requirement dictates how many dollars more a bid must be than the last. Once the bidding has ended and the winning bids have been announced, winners will be able to collect their items in a check out area where the transactions will take place. Every silent auction is different, but there are a few key rules most of them follow to ensure a successful event.

Like any event, running a silent auction is a hefty undertaking. Here are some of the basics organizations should consider when planning and running a silent auction.

The most important step in planning a silent auction is choosing an auction software. Participants will register, make bids, and pay for items all through the auction site.

Organizations are still responsible for soliciting the items, taking pictures of the items to display, and setting starting bid amounts. Because these auctions take place online, the bidding period is usually longer than an in-person auction; some accept bids for a few days, while others accept them for a few weeks.

There are many auction software solutions that could work for your nonprofit to organize a silent auction. Some of our favorites are:. Source: G2. Learn more about Handbid. The demographic and profile data will be shared with third parties ONLY on an aggregate basis. Furthermore, Vendeze shall have the right to retain records of all data pertaining to use of the website and applications including, but not limited to, usage, activity logs, and click-throughs. Vendeze may disclose such data to third parties provided it is grouped with other Vendeze users' data and is presented in an aggregate form.

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