Traditionally, sports teams gauge the success of their auctions by two metrics: did we raise a lot of money, and did we sell all of our items?
One could argue, that these metrics are out dated. Of course, we want to raise money and sell all our items, but the digital auction provides so many more opportunities for a sports franchise to drive further business. Here are two examples:
- Fan impressions: Do you believe it would be useful to know who has been visiting your auctions, how long they were there, and how many times they interacted with your auction? Strong numbers in these categories could prove useful in having a sponsor partner with your auction and utilizing auctions as a marketing vehicle for your club.
- Meaningful items: Teams come in all shapes, sizes, and ages. For this reason, auctions should not be exclusive to memorabilia or jersey auctions. Items should be utilized to support other areas of a sports franchises’ business. To elaborate, some teams will have 50% of fans attending their games as a first-time ticket buyer. Wouldn’t it make sense to offer items that drive fans to come back to games for a second and third visit?
As the trend of digitizing auctions continues to grow throughout sports, the purpose of auctions will vastly differ among teams and leagues. No two teams are the same, nor their fanbase. Driving the highest dollar amount is not always the indicator of true success.