Reverse Auctions – Saving Time, Money and Stress
Executive summary about reverse auction by Patrick Hesselmann
reverse auctions
You’re busy and focused on the primary needs of your business, but you need various services to get things done: Your website designed or upgraded; brochures created for your business; an improvement to your premises. In the first one, where you review a few suppliers from the Google search and contact one, you know little about the supplier and have only your own estimate of what the job should cost. In the second case, you have a rating from the website recommending the suppliers, and you hope that it is useful. The supplier’s prime motivation is to close the deal with you. There’s an alternative to these approaches: Service auctions or reverse auctions.
First, register with a service auction or reverse auction website and post your project in enough detail for someone to bid on without contacting you. The website then will inform registered suppliers in the category and location you’ve specified that a project has been posted. Frequently the website administrators will also assist in the process of getting bids on your project, sending invitations out to further suppliers.
Suppliers review your posting, may ask clarifying questions through your posting, and submit a bid. Generally, these bids are visible to other suppliers, and they compete with each other for your business, asserting their qualifications, emphasizing their licensed status, their ratings on the site, and so on. When the job is completed, you return to the website to rate the supplier, and they return to rate you as a customer (was your description accurate? Did you pay on time? Etc.)
This saves you time in searching for suppliers, gets you enough bids to know what the market is charging for the job you have in mind, and allows you to make a choice without having to face pressure from individual suppliers. Many sites will charge a fee for this service: A membership fee, listing fee, completion fee or a combination.
Check out other information on online reverse auction
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