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A recently introduced concept in Australia, SMS reverse auctions have been proving a hit with consumers in the UK and Europe for several years.
In 2004, the phenomenon went global with SMS reverse auctions being run in markets in the Middle East and Asia. In September 2004 an Indian prime-time TV show ran an SMS reverse auction for a diamond necklace featured in the show. The concept proved so popular, it generated 6.7 million text messages over 14 days.
With a proven track record around the world, now is a great time for Australian promoters to embrace reverse auctions as a way of engaging consumers.
Dialect Interactive offers first hand experience in running reverse auctions. Dialect continually monitors international and local promotions trends to help our clients design innovative promotions that best meet their objectives.
In particular, we can help you ensure the right prize, the right entry mechanic and channel, as well as the most successful ways of promoting your reverse auction so that you and your clients get the exposure and consumer engagement you’re looking for.
Please feel free to contact one of our professionals for ways in which our services can work for you. |
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So what exactly is a reverse auction?
Unlike a traditional auction, where the highest bid wins, in a reverse auction, the lowest unique bid wins.
At the end of the reverse auction the ‘winner’ pays the amount of the lowest unique bid to obtain the item. For example, a winner might walk away with a Plasma TV that they have paid only a few cents for. |
