Take advantage of online auctions to reach more buyers and sell your construction equipment.
When selling important assets like high-dollar equipment, it is critical to effectively market the equipment to reach as many potential buyers as possible.
Online auctions provide a way to reach more potential buyers. Expanding to an online audience will positively impact your sale because bidders from all over the world are exposed to online inventory. And online auctions provide the most qualified bidders with access to the highest quality inventory. Online bidding can also dramatically impact online sales, driving prices higher than ever. You will get repeat business because happy buyers will continue buying from you, enabling you to quickly and easily grow your online customer base.
You should choose an online provider that understands your business and shares parallel goals with your company. A good online auction provider offers services that will increase the success of your business, and an even better provider will do this in an easy, cost-effective manner.
Pick a provider that is easy to use and simple to manage. Make sure the provider has a strong network of online bidders, and the service should give auction companies the flexibility to operate on their own time. The provider should also have a solid support system with a consulting service. These are all crucial components to a successful and enjoyable online experience for both buyers and sellers.
Whether you manage your sales directly or work with an auction company, follow these best practices to bring your auctions to a global, online audience. You will see a dramatic increase in repeat buyers, overall buyer participation and buyer satisfaction. Plus, your buying community's frustration and disappointment will significantly decrease.
Post Your Auction Early
A longer online lead time will increase search engine optimization (SEO) efforts - this guarantees that potential buyers will find you in the search results. By promoting your auctions online, every potential bidder will be exposed to your valuable merchandise.
Make the Bidder's Job Easy
Purchasing your items should be a simple process. Do not deter online bidders by having stringent participation requirements. The requirements for online bidders should be the same as those for on-site bidders. Reputable online providers will have fraud protection tools in place to document detailed information about every bidder, ensuring trustworthy participants.
Communicate With Bidders
Buyers will participate in auctions when they feel comfortable with the amount of information that is provided. Clearly lay out all payment instructions, shipping requirements and fees. Also, provide detailed item descriptions and multiple pictures of each item at different angles. Buyers appreciate the transparency, and you will receive fewer questions.
Make the Bidder's Experience Authentic
Take an extra step, and provide audio and video for your online buyers. They will appreciate your efforts to make their experience as close to the on-site experience as possible. The more interactive your event, the better your online results will be, and more bidders will likely come back for your next auction. If you have a timed auction, you can still provide a video clip of the equipment in the auction catalog.
Stay in Contact With Bidders
Provide instant gratification by sending an invoice immediately following the auction. This will confirm the bidder's confidence in their valuable purchase and give you an opportunity to promote your next auction at the bottom of the invoice. Also, send regular email updates about upcoming prospects.
Review Past Auctions
Identify trends, consistencies and inconsistencies, and use them to improve your next auction. Your job will get easier with every auction.
Location is often the barrier between a serious bidder and a high-priced sale, but it does not have to be this way. Why should contractors in Beijing not be able to bid on heavy equipment in Texas?
The online auction marketplace can easily open doors for your sale on a grand scale. Your sales results will increase exponentially when you add online bidding to your offering. Take advantage of the global interest in heavy machinery and contracting equipment, and give buyers access to your inventory online.
Construction Business Owner, August 2011
