With the competitive nature of auctions of property and other valuables, it’s important to be equipped with auction bidding strategy that can better prepare you as to what actions your competitors might be planning on utilizing.
Competitor Analysis is a smart, supportive tool to help you gain auction insights before bidding on an auction, enabling you to prepare an appropriate, actionable bidding strategy. It can provide very specific insight regarding how your competitors might act during the auction, allowing you to react accordingly.
Both live and online auction bidding requires an actionable strategy to support a winning plan. Properties, jewelry, antiques, classic cars, sports memorabilia, and more, are all valuables that necessitate a smart course of action supported by Competitor Analysis.
Research is Key for Auction Insights
Buyers need to act quickly and make equally fast decisions when participating in an auction. Auctions can accelerate quickly, gaining momentum until prices start soaring. So it’s critical to have an auction bidding plan in place.
According to Frances Christie, head of modern and post-war British art at famed auction house Sotheby’s, research is essential to the success of any auction.
Auction bidding strategies aren’t exclusive to live auctions, as many auction houses are including online bidding on computers and mobile devices now. The renowned auction house, Christies, has extended their live auctions to suit the digital world, and now facilitates online auctions of valuables.
With the landscape of auctions expanding, and the increased viability and popularity of purchasing properties and other valuables at auctions, it’s becoming even more crucial to prepare yourself with proper auction insights.
How Competitor Analysis Can Help Building Auction Bidding Strategy
Competitor Analysis provides accurate, detailed assessment about competitors that will enable you to have foresight as to how they might bid at an auction. Competitor Analysis is backed by thorough research, which is the key component to any successful bidding strategy.
- Competitor Profiling Includes insight into competitor financials, their business background, location, personnel, marketing strategies, and more.
- Competitor Intelligence Encompasses insights or forecasts of competitor strategies, obtained through predictive analytics.
- Competitive Advantage Includes a thorough evaluation and overview of your competitor’s marketplace so you can determine your comparative position, and take advantage of it.
Auctions of properties and other valuables are high stakes and can become expensive quickly during competitive bidding. When there’s more monetary value at stake, it’s an asset to have some insight regarding the potential moves of your competition.
What Kinds of Questions Can Competitor Analysis Answer?
Competitor Analysis, along with more generalized research and analysis, can provide critical information about a diverse number of highly specified details. Not only can analysis equip you with insights about how your competitors might bid, but it can also offer crucial data regarding auction items, and the auction house.
Questions that Can Be Answered via Competitor Analysis
- Who else is likely to attend the auction? What individuals or businesses are likely to be your biggest competitors?
- What items or valuables are your competitors likely to show interest based on their company, business model, market, and financials?
- Historically, what have they bid on in the past?
- How much are they likely to spend on an item?
- What is their perceived budget?
Key Insights on Auction Valuables:
- What price has the item, or similar items, typically reached in previous auctions?
- What was the historical cost of the item?
- Has it received a lot of press or interest in the general public?
- Does it cater to a particular niche or segment of interest, like a specialized style of art, or is it more generally appealing, like a modern home in an ideal location?
Auction House Research
- How did the auction house acquire the item? Was it a bank foreclosure? Was the item donated?
- How much of a percentage will the auction house receive on the item after auction closure?
- Has anyone contacted them expressing a particular interest in your desired item?
- What’s the average price range of objects the auction house typically sells?
- Is the auction house live, or online?
Auction Bidding with Confidence
When planning on bidding on expensive, or luxury items, arm yourself with knowledge about your competitors. Be it a historical property, art, or jewelry, sought-after items that are almost certain to become subject to the momentum of high stakes bidding.
Competitor Analysis from an experienced professional agency can ensure that the information you receive is accurate and thorough, backed by trusted data-derived insights.
Research Optimus, with over a decade of experience as research and analyst specialists, is positioned to provide you with the foresight you need to support a successful bidding strategy. For more information on how to start with and have a person-to-person discussion on your auction bidding strategy, Contact Research Optimus today.