There are four mistakes that remarketers make in marketing a sale. Here’s how to avoid these errors.

1. Have a Plan

The objective in marketing a successful sale is to increase auction attendance and enhance overall portfolio sales value. The first and foremost pitfall is not having a well conceived, premeditated, strategic marketing plan that includes quantifiable results and a comprehensive pre- and post-sale analysis of remarketing activities and benchmarks.

The marketing strategy should be based on a comprehensive historical review of all aspects of marketing communication and consumer education, including telemarketing, broadcast faxes, e-mails, mailers, industry publications, and promotional events. In addition, auction trends and shifting market conditions, such as 0-percent interest rates and diminishing lease portfolios, must also be considered.

Your marketing plan should be reviewed and modified, if necessary, on a quarterly basis. This review will contribute to the formation of a successful plan.

2. Fight Complacency

Just because sales have always been done a certain way doesn’t always mean that it is the best way to get the highest returns. A key pitfall is complacency when results exceed benchmarks. It is imperative that you don’t fall in the complacency trap. You must continually seek to improve your marketing management skills by considering new and outside-the-box ways of marketing your sale, such as public sales, Internet, and simulcast sales to reach the maximum number of buyers.

3. Be Creative

We are constantly bombarded with promotional materials; most are undistinguishable from each other. With the high level of industry competition, it is essential to break the mold and create a memorable marketing campaign that remains in the consumers’ memories long after the sale is over.

4. Don’t Forget the Buyer

Without the buyer, we do not have a sale to market. The buyers’ historical data provides a wealth of information in terms of buying patterns and cycles. Marketing a sale should then be focused on reaching the largest number of potential buyers, while taking into consideration seasonal adjustments in inventory.