All organizations have complex surplus asset management needs that vary based on their strategic goals, asset mix, industry, and other factors. Yet every organization also wants the same thing: to achieve the highest possible recovery for their surplus, obsolete, and scrap assets or inventory.
Liquidity Services regularly conducts comprehensive surveys to provide our clients with useful information to enhance their reverse supply chains. Analyzing our recent survey of over 3,500 registered bidders on our online marketplaces for surplus, we uncovered three key strategies that help ensure maximum recovery by driving high levels of bidding. Read on to discover our findings, which are also available as an infographic and white paper.
Leverage Online Marketing Strategies to Reach and Influence Buyers
Effective marketing drives views for your online auctions, resulting in high bids and recovery. Our survey found that search-engine optimization (SEO), online advertising, and broadcast email were the optimal marketing methods for achieving this goal.
- SEO – A robust SEO strategy helps ensure that your auction appears in online search results when buyers scour the internet for the kind of surplus you’re selling.
- Online Advertising – Pay-per-click and display advertising methods are cost-efficient ways to attract buyers searching online for surplus like yours.
- Email Marketing – Promotional emails, targeted by industry and asset category, grab buyers’ interest and convince them to place bids.
Remove Pricing Objections Through Excellent Buyer Experiences
According to our survey, high asset or shipping costs can keep otherwise interested buyers from bidding, limiting your potential recovery.
So how do you overcome these pricing objections without lowering prices? By delivering the high-quality experiences for which buyers are willing to pay more. According to our previous survey research, you can create premium-worthy buyer experiences by ensuring your online surplus marketplace includes these features:
- “Watch list” for assets buyers may want later
- User dashboard for a comprehensive view of account information
- “My activity” portal to track bidding and buying activities
Keep Buyers Coming Back by Providing Comprehensive Information
The top reason why buyers who have previously bid don’t bid again, according to our survey, is lack of detailed asset information. Including this information will help drive the bids and recovery you desire. When listing your assets, make sure to include details such as asset condition, item description, photos and videos, and the original manufacturer brand. This information helps buyers feel confident in the quality of your surplus, increasing the chances they bid early and often.
Following these remarketing best practices will generate high recovery for your surplus. But because surplus isn’t a core competency for most businesses, your organization may simply not have the time and resources to effectively execute these strategies. Partnering with an expert provider ensures superior customer experiences for buyers while freeing up resources to focus on your core business. To learn how an expert partner can benefit your business, contact us.