Auctions

Written by Linda Alexander
Bookmark and Share

Auctions have been around for hundreds of years and continue to be a favorite way to buy and sell goods. Ever since ebay was started, the popularity of online auctions has risen steadily. An innovative way to run a contest is to turn it into an auction.

Marketing with Auctions

This kind of auction may go something like this: ask participants to purchase specially marked packages of your product. Then, they go online to register their points and bid on prizes. The highest bidder wins the auction. To get more points, they have to purchase more products.

In order to do this successfully, your prizes have to have a high perceived value. If they are devalued, there won't be interest in bidding on them and the contest will be a flop. But with good prizes, competition among players will grow and so will momentum for your products.

If auctions aren't feasible for your company, you can always sponsor somebody else's contest or sweepstakes by donating prizes. That is a less expensive way to get your name out there. It will increase visibility, generate buzz, and spread a marketing virus throughout the audience and participants.


Bookmark and Share