How to Execute a Successful E-Auction

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.

iTunes | Subscribe | Rate & Review

“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?

Links and Resources:

• AOP Episode 18: When and How Can You Use E-Auctions as Part of your Sourcing Tool Kit?
• Subscribe to The Art of Procurement
• Alun Rafique and Anya McKenna on LinkedIn
• Market Dojo Home Page and YouTube channel