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Hosting a product auction on Instagram is an effective way to generate quick revenue for your business and create awareness for your brand. It's most effective for products where supply is limited, and demand is high. One of a kind, limited runs or artistic pieces are ideal items to build up excitement and auction off on Instagram.
We've run a few auctions on Instagram for our custom wood and resin watches with high success.
Here is a breakdown of the top things to think about and implement to help you create a successful auction on Instagram.
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**RESIN ART AUCTION** . THE RORSCHACH (BUILD 193) . LIST PRICE - $589 USD . This all resin watch was inspired by the Rorschach Test. It's a psychological test that records people's perceptions of inkblots, which are later analyzed. The Rorschach test is used to examine a person's personality characteristics and emotional functioning. . You can look at this resin watch case from many angles and see something new every time. It's a bold art piece that's going to have a lot of people googling "Rorschach Art" as you tell the story of why you acquired it for your collection. . **IDEAL BIDDER** . 💭 Has an imaginative mind . 🎨 Infrequently, frequents art galleries . 🌚 Not fond of the grey area in life . **RULES** . All bids are reflected in USD. If there is a Canadian winner the winning bid will be converted at the market exchange rate and invoiced in CAD . Opening Bid = $100 USD . Minimum bid increment = $20 USD . Bidding closes tonight (Jan 22nd) at 9:00PM EST and will rollover till the last bid stands for 5 minutes. . You MUST submit your bid via comment on this post only. We will not accept bids via DM or email. . Winning bid total is inclusive of shipping to the USA and Canada. International winners will pay flat rate of $50 for shipping. The winner will have 24 hours to remit full payment. Failure of full payment results in the watch going to next highest bidder. . Canadian residents are subject to provincial sales tax. . Full watch features can be found on our website at https://www.makerwatchcompany.com/collections/the-vault/products/the-rorschach-build-193 . #rorschach #resinwatch #Rorschachart #Rorschachtest #Watchforsale
Clear rules are essential to ensure the auction runs as smoothly and fairly as possible. Below are the rules we implement on our Instagram auctions. Take this as a guide and feel free to use, amend or add to these in whatever capacity makes sense for you.
CURRENCY & METHOD OF PAYMENT:
"All bids are reflected in USD. If there is a Canadian Winner, the winning bid will be converted at the market exchange rate and invoiced in CAD."
Be clear on the final currency that the customer will need to settle up in and how they will remit payment.
An opening bid will set the least amount the product can sell. We vary the opening bid based on the product value. Generally, a lower floor will capture the attention of more people who scroll past your post but may also attract more unqualified bidders.
MINIMUM BID INCREMENT:
This will vary, but generally, the lower you go, the more bids you may receive. We've learned the serious bidders are willing to part with at least an extra $20. Depending on your product value, we would recommend an increment of as low as $10 up to $100.
CLOSE OF AUCTION:
"Bidding closes tonight (Jan 22nd) at 9:00 PM EST and will roll over till the last bid stands for 5 minutes."
"You MUST submit your bid via a comment on this post only. We will not accept requests via DM or email."
You would be surprised, but each time we have gotten bids via DM, reply to story or e-mail that we do not accept and direct the bidder to post on the feed post. The auction is most effective and transparent when the bids are open for public viewing.
SHIPPING & PAYMENT DEADLINES:
"The winning bid total is inclusive of shipping to the USA and Canada. International winners will pay a flat rate of $50 for shipping. The winner will have 24 hours to remit full payment. Failure of full payment results in the watch going to the next highest bidder."
"Canadian residents are subject to provincial sales tax."
Keep the taxman happy - enough said here.
You can implement all of the advice we've listed here and have poor results if you do not promote the auction ahead of time.
Instagram auctions are quick wins for sales and engagement but use them sparingly. We limit our Instagram watch auctions to a maximum of once per month with no promises to even do one. We do not want our community to get into the mindset and expectation that they are going to wait for an auction to scoop up a product. We also do not want to de-value a client who has paid in full. We generally auction off products that are sitting in inventory or are more experimental and in which we would likely not produce again.
If you have any questions feel free to reach out to us via DM on Instagram @makerwatchcompany
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Best of luck with your Instagram product auction!