How To Technology

064: How to Execute a Successful E-Auction, w/ Alun Rafique and Anya McKenna

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.

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“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?

Episode Transcript (PDF):

  • Click here to download a copy of today’s episode transcript (PDF).

Links and Resources:

Thanks for Listening!

About the author

Philip Ideson

Philip Ideson is passionate about the role that procurement professionals and leaders can plan in creating competitive advantage for their organizations in ways that go beyond the traditional value proposition.

Philip founded Art of Procurement as a way for the procurement community to learn from each other, increasing the impact they have on their organizations. In 2017, he co-founded Palambridge, a virtual platform of procurement experts, technology, and intelligence. Palambridge provides a broad range of flexible procurement solutions, available on-demand.

Prior to Art of Procurement and Palambridge, Philip enjoyed a career that spanned the procurement value chain, working across three continents for organizations such as Accenture, Procurian, Ally Financial, Pfizer and Ford Motor Company.

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