Auction Insight
The premise of an auction is to establish a mutual understanding between buyer and seller of the value of a good, service, or a future value. There are other uses for auctions, for example; promotional, where the value is not within the transaction. These are not mutually exclusive concepts, although in isolation they can serve very different purposes. Realising value is about having the correct moving parts for the process, and establishing a critical mass of either buyers (for a forward auction) or sellers (in a reverse auction).
In our experience this forms the basis from which we start the process of helping your business leverage a successful auction system.
Tools and information are one of the lynch pins in a good auction model. To establish “value” enough information must be presented to enable the buyer (using a forward English auction model) to ascertain the value of the lot being auctioned. In it’s simplest form this is enough data about the item (if it’s a commodity or service) for an informed bidding decision to be made. In its more complex form, where a buyer is bidding regularly, tools to monitor current lot values and look at historic trending (from their own auction history, or as an aggregated market view) are also useful.
The converses of the buyer tools are suitable for sellers. In some cases reverse prices are given and, as a result of this, an initial pre-conceived value needs to be set by the seller. Tools and data should be made available to understand this, looking at buyer behaviour, demand matching and price trend analysis.
The subject of auctions is expansive, our experience allows us to add more than just the technical expertise, we help you to realise value. Auction approaches, driving buyers to the auction and from there to be able to find lots of interest, providing simple bidding interactions and more are all intrinsic to our approach.