In my experience, e-auctions are often used and abused for the wrong reasons. However, if you use them strategically, they can be a very powerful tool in your sourcing tool kit.
In today’s show, I explore the critical success factors that determine the successful of your next e-auction. Alun Rafique and Anya McKenna of Market Dojo explain the necessary steps you must take at all stages of an auction – from pre-event preparation to post-even communication.
“There are two things you need to really make an e-auction a success; definition and liquidity.”
In this episode, you will learn:
- They key steps to a creating and executing a succesful e-auction:
- Preparation phase:
- What kinds of products or services are suited to an e-auction?
- How do you convince suppliers to participate?
- How can you bring credibility to an event?
- Considerations in building your event strategy
- Does the duration of an event have an impact on the result?
- How do you ensure your participants are ready to participate?
- Event execution:
- How should you be communicating with participants during the events?
- What do you do if nobody bids?
- What can you look for to see if participants are acting inappropriately?
- What do you do if there are technical difficulties?
- Post event actions:
- The importance of following through on your commitments
- How to ensure you maintain credibility for next time you invite participants to an event?
- Preparation phase:
Episode Transcript (PDF):
- Click here to download a copy of today’s episode transcript (PDF).
Links and Resources:
- AOP Episode 18: When and How Can You Use E-Auctions as Part of your Sourcing Tool Kit?
- The Art of Procurement / Denali Market Intelligence Giveaway Contest
- Subscribe to The Art of Procurement
- 50 Lessons from 50 Shows: Art of Procurement Free Report
- Alun Rafique and Anya McKenna on LinkedIn
- Market Dojo Home Page and YouTube channel
- Market Dojo Guides and Templates to help you set up a successful e-auction (you really need to check this out if you are interested in e-auctions! – Phil)
Thanks for Listening!