This story is a great example how your messages are heard even when you don't know it!
Background: 5 years ago I published research project and video titled The Benefit Auction 5%, 40%, 55% Rule. Now I’ll share more about the 5%, 40%, 55% in a moment, but I have to share a little story about what happened yesterday.
I received a call from a potential Benefit Auction client and spent an hour talking about ideas on how to make their special night the most powerful fundraising event in the group’s history (I know we can do this for them)! As the call crested 45 minutes the young lady on the line said “I’ve heard that only 5% of any audience is prepared to spend in the $1000’s, 40% won’t participate in the live auction at all, so I want to focus on the 55%”. O-M-G, my jaw dropped and in few instances am I rendered speechless, but this was one of them.
I thought “this woman was reciting MY rule that I published nearly 5 years ago and she doesn’t even know that I’m the one that did the research”. How great is this, to finally hear that my message landed and that people believe in my words and my work. Whether or not she knew it was me that copyrighted the 5%, 40%, 55% Rule or not, I feel so great about knowing that my message was heard.
"My advice to you, is write, speak, publish, record and be heard, your message will land too"!
So for those of you interested in the details of the 5%, 40%, 55% Rule, here’s the study overview, and the video that was published in 2014.
Connect and Engage Your Audience for GREATER Impact
The Auction Divas 5%, 40%, 55% Rule
As innovative Benefit Auctioneers, we dedicated to developing new strategies to help nonprofits, schools and churches make a bigger impact at their fundraising events.
IMPACT, let’s talk about what that means. Fundraising event impact boils down to three things: 1) Engaging a higher level of audience participation; 2) Exceeding revenue goals; and 3) Delivering a captivating guest experience.
These outcomes are not something we dreamed up; we studied the buying habits of 1000’s of guests from more than 75 of our auctions. What this research told us was that only 5% of any audience is prepared to spend several thousand dollars on live auction items or at appeal. 40% of any audience will not bid on live auction items or support at appeal. That leaves 55% of every audience that are afraid they can’t afford to participate.
This 55% is a HUGE opportunity to increase fundraising impact and while this segment has a spending threshold between $300 and $800 depending on event demographics, there are several strategies that will engage them. Once you meet these donors at their level, you’ll increase the overall number of bidders with first time bidders winning, help exceed revenue goals and leave guest’s energized and excited, taking about the event for days to come.
Buy-In Events, Signature Items, Fair Market Value and High Bidders Choice are just a few of the tactics that get the attention of the 55%. Call us for more detail about these tactics and how to implement them for greater fundraising impact.
Until next time,