Snap or Social Auction: Which is best for you?
Rhys Lawson @rhyslawson / March 6, 2023 • 5 min read
When it comes to auctions, there are many options to choose from. Two popular options are snap auctions and social auctions, but which one is right for you?
First, let's define each.
What is a snap auction?
A snap auction is a quick auction that is often announced with little notice and lasts only a short period of time. It's used in markets where there's a lot of competition among buyers to create a sense of urgency and increase prices.
What is a social auction?
A social auction is a type of auction that takes place on social media, where the seller makes a post and invites people to bid in the comments. It's a fun and engaging way to reach new customers or donors, and can increase the chances of the auction going viral!
The main difference
The main difference between a social auction and a snap auction is the platform.
A social auction takes place on social media, where people bid in the comments, while a snap auction is a short auction that is typically held in-person for things like real estate or storage auctions.
A social auction is about engagement and interaction, while a snap auction is focused on maximizing the final sale price.
Which brings in more $$$?
Another difference is the potential for profit. Snap auctions can potentially generate more money for because there's a time pressure for bidders. Social auctions, on the other hand, typically have less of a time pressure because they last longer, BUT they have the potential to bring in hundreds, and if you're lucky, thousands of dollars worth of marketing and exposure.
Which reaches more people?
It depends on several things like the audience, the platform, and the level of promotion.
A social auction has the potential to reach a larger audience since it takes place on social media platforms that have a large user base. Additionally, social auctions can be shared and reposted by participants, allowing them to reach even more people.
On the other hand, a snap auction may not reach as many people as a social auction since it is typically conducted with little notice and has a short duration. However, snap auctions can attract a high level of interest and competition among buyers, leading to higher prices and more revenue.
Whether a social auction or a snap auction is better depends on your goals and your target audience.
A social auction is a great way to engage with customers or donors on social media, reach more people, and grow a larger audience. It can be particularly effective for organizations that are looking to build awareness, promote a cause, or encourage participation.
On the other hand, a snap auction is useful for selling items quickly and generating a sense of urgency among buyers, which can result in higher prices. It's a good option for sellers looking to offload items quickly or for those who have items with limited availability or high demand.
Finally, both types of auctions have their advantages depending on the seller's goals and target audience. So pick what's best for you!
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