Thursday, July 2, 2015

What is a multi-vendor auction? How to sell on Facebook

What is a multi-vendor auction (MVA)? 

It is simply just that. An auction hosted on a fan page with multiple vendors. :) It is an opportunity to allow bow makers and crafters from all over to list during this time. Your products will be listed on the hosts page and available for all subscribers to view and place bids. Auctions are great for making a little cash but they are also a great way to land NEW fans for your pages and be seen.

What do you do to be in an multi-vendor auction (MVA)?

First, join the groups that host often you are interested in. Pay attention for sign up dates. Some auctions fill up fast.

Does it cost money to participate in multi-vendor auctions (MVA)?

Most... YES! The hosts work very hard to advertise, organize, load, share and tag highest bidders and winners. But... the fee is very small for the exposure you receive in my opinion.

Now... Where to go to sign up for auctions?

I Like Big Bows hosts large multi-vendor auctions weekly. Anyone is welcome to participate. We do have a cap on how many participants are allowed in each auction. PLEASE NOTE: These auctions are usually BIG (meaning there will be a wide variety of listings) due to the demand in participation. If you are not comfortable selling with a large group of competitors then this may not be the auction for you. There are so many on Facebook. However, more participants = more of their subscribers popping in due to sharing on their pages! This could result in more views and fans for YOU :)

To join the I Like Big Bows vendors only group CLICK HERE.  
More questions about I Like Big Bows auctions? 
Contact Christina with Fab Creative Creations (<click).

Some other great ones to check out. . .
Please note: the auction groups are for vendors ONLY! If you are not a vendor but would like to check out their pages to see their auctions I will list them below.
Click each name to be directed to the vendor ONLY groups to join! 

Sweet Stitches and Little Britches (SSLB)
Simply Crafty Auctions
Sugar Creek Auctions
The Geeky Chicks
Blooming Bows

Now, there are a ton of auctions of Facebook. Ask around!  This is only hitting a few.

Here are the fan pages for the groups mentioned above:
Click each name to be directed to the fan pages to follow!  

What happens after you sign up for an auction?

Pay attention to each hosts requirements. Different auctions allow different amount of items, format for your listings and time/dates due. Be sure to read and agree to their rules. Take note of items they may not allow.

Once you have that information, the sooner you get your album in the better. You will create your album on YOUR business page. The first photo should be your business profile graphic, followed by the pictures of your items to be auctioned. Remember the photo sells the product... CLICK HERE to see some information of taking quality pictures. Be sure to add descriptions to each photo with the auction information. For I Like Big Bows they ask it is in this format...

Seller name:
BRIEF description (one line, please)
Starting bid: (SB)
Shipping amount:
Special instructions (leave pp info/Ready to ship/Shipping time etc.)
Due to allergy concerns please include in your descriptions if there is smoking or pets in your home.

Remember less is more with descriptions. Here is an example. . .
5" OTT mermaid bow
SB: $10
Shipping: $3 (combine shipping)
Please leave clip preference and pay pal email with bid. Ready to ship.
Pet and Smoke free home.

Once your album is ready and follows all of the hosts guidelines, copy the link of the album on your page and post it in the designated location in the hosts group. Some ask they are posted in events set up, others will have a thread going they prefer.

Now, its time to wait until Auction Day! :)

How to decide what to put as a Starting Bid (SB)?

Now this is hard to answer, mainly because it really varies. Be sure your retail price is correct before you start deciding this. Your retail price varies on experience, detail, size etc.

Once you are comfortable with that, a good base line is your SB will be a rounded number of 40% less than your retail.

So... Retail - 40% = roundabout SB to look at. This does differ with certain bows and auction styles. Its your items, so start the bidding at what YOU are comfortable with. 

You will see items start at $1 at times.This is a great strategy that can either work awesome at getting traffic to your item or really hurt at close. Its a risk but sometimes worth taking.

Some auctions allow you to list a Buy It Now (BIN) price to your items. Some people LOVE these. If you do, I highly suggest adding a cut off point. For example. . .
SB: $10
BIN: $16 (not valid after first bid) or (not valid after bidding reaches $12)

What's your job once an auction has opened?

Advertise!!!! Share your items, tell people where to go to find them. Yes, its awesome you are already being exposed to a whole new audience but you never know if your current audience might want to bid as well. So SHARE SHARE SHARE. A good rule of thumb is to share at least once per day.

Remember sharing is caring! Be sure to not just go through liking and commenting on your items but share the love and comment and like others. Exposure for everyone just helps you even more. 

Unless otherwise stated, you will not be tagging highest bidders and/or winners. Admins normally take care of all of that.

Also, When commenting or answering questions, on your items, it is best to try to do so from your business profile. It gives them another opportunity to click something to get to your page. :)

What happens once the auction closes?

Invoice quickly! Once paid, ship ASAP!  Now get ready for your next auction.

Hope this help! Any questions be sure to comment below or come visit us in the I Like Big Bows chat group!

Until next time,
Megan with Little Miss Bowtique
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