LiveAuctioneers Seller Success Optimization (LASSO Program)

Best practices and tips for growing your sales online

5 Keys to Unlocking Customer Satisfaction and Growing Your Auction Sales

Intuitively, everyone knows that customer service is important. However, many business owners actually overestimate the time and resources required to provide a world-class customer experience, which every auction company must offer in order to retain bidders and grow auction sales.

At LiveAuctioneers, auction houses ranking in the top 10% for customer service satisfaction generate far more revenue and bidder activity than those ranked in the bottom 10%:

  • 321%

    more auction revenue

  • 798%

    higher sell-thru rate

  • 5x

    more bidders

Whether you’re just beginning to establish customer support services or simply exploring ways to optimize your auction business, check out these five key strategies to help you increase bidder satisfaction and foster a sense of loyalty.

  • Establish Positive Buyer Experiences with Predictable, Streamlined Auction Management

    Our data confirms that bidders buy disproportionately more from auction houses that provide customer support consistent with industry norms because they know they can expect smooth transactions and fair business practices. It is not that an ounce of prevention is worth a pound of cure; it is that a $100 investment can generate $50,000 in incremental auction sales and a loyal bidder base that keeps coming back to your auctions versus finding another auction house on LiveAuctioneers that has higher support standards.

    Instill bidder confidence and provide superior bidder experience by following these three steps:

    Screen Shot 2016-05-25 at 3.42.04 PM

    Hear it from our bidders:

    “They were very communicative, provided timely updates on my purchase, and went above and beyond to get me additional information. I have forged a relationship with them that gives me a strong level of confidence & comfort in continuing to purchase from them any time they present items for auction.“

  • Capture Buyers When They’re Interested by Responding to Inquiries Immediately

    A Forrester study proved that 45% of U.S. consumers will abandon an online transaction if questions or concerns are not addressed quickly. A 2015 Toister Performance Solutions survey reveals that increasingly more consumers expect immediate email responses from businesses and the new response time standard is just one hour, regardless of the time or day of the week. Set a schedule to monitor your email and phone messages regularly, perhaps at 9am, 1pm and 5pm, ensuring to always respond within an hour. In the meantime, create a short, automatic confirmation message for inbound email inquiries when you are away. While bidders understand that your staff might not be available 24/7, a short message informing bidders that their inquiries have been received and will be taken care of in a timely manner will help you retain potential buyers.

    20160525Faster response, better sales

  • Grow Bidder Loyalty through Professional and Pleasant Communication

    McKinsey found that 70% of buying experiences are based on how the customers feel they are being treated, and Harris Poll’s research shows that the number one reason customers stop doing business with a company is interaction with a rude employee. The LiveAuctioneers data team has found that, of the most positive feedback received, more than 54% of those customers can recall one or more pleasant interactions with a professional customer representative. The way in which you directly communicate reflects on your professionalism and strongly influences your customers’ purchasing decisions.

    Hear it from our bidders:

    “Everyone at [this auction house] was extremely professional and courteous. They provide the most extensive provenance of any auction house and always answer questions about their pieces. I recommend them regularly to my fellow antiquities-collector friends.”

    Hear it from our bidders:

    “Very rude and unprofessional staff. Also took multiple emails to get a response from them. I will continue to buy from LiveAuctioneers but I will never do business with [this auction house] again.”

  • Never Miss an Interested Bidder with an Informative Seller Profile

    Seller profile is the first point of contact between you and your bidders. Bidders interested in your upcoming auctions expect to learn more about the reputation and trustworthiness of your business through additional information in your profile and on your website, or by direct contact with your customer service representative. Thus, clearly state your business hours, email address and phone number so bidders know exactly when and how to reach you. If possible, also provide a link to your website, where bidders can find additional details about your auction business.

    20160504AHProfileExample

  • Collect Bids Faster and Manage Expectations by Providing Clear Policies and Thorough Item Descriptions Upfront

    As noted before, 45% of U.S. consumers will abandon an online transaction if their questions or concerns are not addressed quickly. Why not reduce the questions altogether? By providing clear and thorough information to bidders upfront, you’ll be able to collect bids faster, reduce the time spent answering inquiries, and set bidders’ expectations.

    Spend some time formatting your auction terms and information section:

    • Use numbered lists and white space to separate different sections
    • Highlight important information
    • Avoid using all caps for entire paragraphs

    20160525AuctionTermsExample

    Write a thorough item description using a structured format containing at least 70-90 words, and supply at least 5 clear and accurate photos of your item so bidders understand the value of your inventory.

    Detailed descriptions improve customer satisfaction

    To learn more about optimizing item listings to boost hammer price, read A Fool-Proof Checklist for Representing Your Brand And Items In Your Next Online Auction.

A Gartner report predicts that 80% of your business revenue will come from 20% of your existing customers, and it costs 6 to 7 times more to acquire a new customer than to keep a current one. Maximize your auction sales and start investing in your customer experience today.

LiveAuctioneers is the leading live-bidding platform connecting millions of passionate collectors, dealers and buyers to exceptional treasures auctioned from around the globe. To become a LiveAuctioneers partner, contact us at support@liveauctioneers.com

  • 3,600+

    AUCTION HOUSES

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  • $25,387,000,000+

    IN BIDS PLACED

  • 25,000,000+

    ITEMS AUCTIONED

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  • 200,000+

    ITEMS FOR SALE NOW

13,000,000

BIDDERS WORLDWIDE