Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.

Types of Auctions:

Different types of auctions take place around the world. Below mentioned are some types of auctions:

1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.

2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.

3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.

Examples of Auctions:

Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:

1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.

2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.

3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.

4. Horse auction: Bidders can bid for young horses of the best breed.

5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.

The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:

1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction

Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.

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Advertising is a common practice of brand promotion widely adopted by brand owners and advertisers to popularise their brand image. Advertising is of various types and means. Depending upon the tools used, advertising is classified as television ads, radio ads, print ads, outdoor ads, internet ads, mobile ads etc. In this article, let us exclusively discuss about the significances of OOH advertising and how it leverages robust business for various brand owners.

OOH Advertising plays a significant role in contemporary brand advertising by topping the chart of advertising mediums. The launch of various rich tools and applications, the ready availability of brand message for customers when they move out of home to work, shop or whine away, the changing consumer behaviorism all these create more opportunities for outdoor advertisers to launch unique promotion campaigns for their brands.

How OOH media leverage robust business for brand owners?

Its time to say bye to television & print ads and switch to OOH media for brand advertising. Ensuring effective brand communication to brand owners, OOH media has leveraged robust business for a wide range of brand owners and advertisers. Though OOH Advertising is the oldest means of brand promotion, the pendulum of brand advertising opportunity still swings towards OOH ads. Small and big advertisers both invest in this means of advertising to promote their brand business in the market place.

Why OOH ads have to pass the crucial creative test?

An OOH Advertising campaign has the potential to provide proven brand communication solution. However, any OOH ad has to pass the supreme creative test before it finally gets live through a particular OOH media. Outdoor ads stand out from other modes of advertising because of its originality and creativity. With technological tools and applications, OOH Advertising is presently creating a huge upsurge in brand promotion activities.

How OOH Advertising emerged as the ultimate means of brand advertising?

Some marketers consider OOH advertising as an afterthought means which is precisely true. Television ads were considered as dull adaptations from radio and print ads and that was how television advertising became an effective means of brand promotion. However, in today’s world, people do not have much time to watch television or read newspapers to stay informed about what is new in brand advertising. Print ads take 10 minutes to comprehend the brand message while people usually reach home late (post office) and usually don’t have time to switch on the television to watch ads. Such hectic lifestyles of people further encourage outdoor advertisers to indulge in more OOH advertising campaigns so that their customers stay informed about various brand messages through OOH ads.

Do OOH ads assure successful brand message?

Yes with no ifs and buts. However, as mentioned earlier, OOH ads have to pass the supreme creative test in order to provide the targeted impact on the customers. The creative stream in any OOH ad should keep flowing so that customers find it alluring and pay attention to the brand message.