How to master the Source Connect lead auction

 

The Source Connect lead auction is a fair and transparent way of distributing Outsource Accelerator’s clients (verified outsourcing leads) to the BPO community.  The auction works similar to any online auction.   Anyone can browse the outsourcing leads – for free!  But if you want to bid, then you need to register.  The registration process only takes 10-15 minutes, but it might take maybe a day to process.  To register for Source Connect click here.  So it’s important to get registered now, so that you don’t miss our on bidding for leads.

 

Once you are registered, simply browse the leads in the SC lead notification emails and Marketplace. If you have found a lead you are interested in, and want to make an offer for it, then first consider the maximum price amount you are willing to bid for it.  Enter that amount (in credits) in the auction console, and press ‘Place Bid’.

 

Note:  You have to be signed in as a registered and verified as a BPO before you can place a bid.

 

Source Connect uses an automated maximum bid system to run its auctions (see below).  This ensures easy bidding and secures the highest winning bid for you at the lowest minimum requirement.

 

You will be notified by email on your progress within the auction, however, it is best to monitor the auction within the website dashboard.  The top three bidders will gain access to the contact details, and be introduced to the lead.

 

Please read this full explanation of our refund policy, our bidding strategy, and lead management suggestions.

 

Here are some other things you should know when bidding:

REFUNDS POLICY

Please be aware that our general refund policy is ‘zero refunds for any leads’, except for significantly exceptional circumstances.

Exceptional circumstances refer to rare and unlikely instances of an error on the part of Outsource Accelerator (ie an auction listing was messed up), or preventable fraudulent activity by a client (lead).

Please consider this pricing and refund policy when bidding for your leads. You will find that these are still exceptionally good-value leads.

Please read this full explanation of our refund policy, our bidding strategy, and lead management suggestions.

BIDDING STRATEGY AND LEAD MANAGEMENT SUGGESTIONS

We suggest that you see Outsource Accelerator as your outgoing partner for the cost-effective early stage lead generation for your company.

We urge you not to look to specifically at the short-term success or failure of individual leads, but that you look at batches of leads, and treat it as a numbers game.

For best results, you should seek to connect with 50-200 leads per month – depending on your growth aspirations.

For best results, is critical that leads are placed into a sales funnel, diligently followed up and nurtured.  Leads need to be nurtured, offered value, and coaxed through the entire sales funnel.

Please be aware that our general refund policy is ‘zero refunds for any leads’, except for significantly exceptional circumstances.

Please read this full explanation of our refund policy, our bidding strategy, and lead management suggestions.

Automatic maximum bidding

Source Connect uses an ‘automatic maximum bidding’ function, which makes it easy for you to set maximum bids and automate the increases in minimum increments.  

Automatic maximum bidding is a standard system for online auctions.  It is used by eBay and they consider it to be “the easiest way to bid on an eBay auction”.

The Source Connect bidding system, will bid automatically on behalf of the high bidder against underbidders. This allows bidders to bid very high while at the same time ensuring that they never pay more than the absolute minimum needed to beat the next highest bidder. This is an identical system to eBay’s ‘Automatic Bidding System’.  All you need to do is enter the highest price you’re willing to pay for a lead, and we do the rest (the amount you enter has to be at least 50 points above the current winning bid amount).

When you’re ready to bid on a Source Connect  listing, bid the absolute maximum that you’re willing to pay.  The automated system will then bid on your behalf. If the maximum you entered is higher than the bids entered by anyone else so far, you become the new high bidder. Source Connect “bids up” the auction on your behalf until the current bid is at the minimum increment (50 points) above your closest competitor’s highest bid, but no higher.

If your maximum bid is not the highest bid entered so far, Source Connect registers your maximum bid but continues to bid on behalf of the high bidder, automatically outbidding you by one 50 point bid increment and no higher. They remain the high bidder, at the new, higher winning bid amount.

Source Connect continues to automatically bid on behalf of whoever is the highest bidder at the moment, up to and including their maximum, until auction time runs out.

If you are the winning bid, but then someone comes and outbids you, we’ll let you know so you can decide if you want to increase your maximum limit.

Automatic maximum bidding is the default for all participants in the auction. Source Connect does automatic bidding not just for if you are the high bidder, but for all of your competitors as well.

The current maximum is secret, only the current winning bid amount is known. None of the bidders actually know the maximum entered by the current high bidder. There is thus no way to know “how much is enough” to “just barely” outbid them.

Why you've been outbid immediately

If you get outbid immediately after placing a bid, it’s likely another bidder is using automatic bidding, and has a maximum limit that’s higher than yours. You’ll need to bid again in order to be the highest bidder.

Bid increments

When someone else places a bid, we’ll place a slightly higher bid on your behalf. The amount the bid increases by is known as a bid increment. Bid increments are smaller when the bid price is low, and larger in higher price brackets.

Occasionally you’ll see bids increase by less. This means that someone else placed a bid just slightly higher than your automatic bid amount.

Bid higher than current bid

You must place a bid that is higher than the current winning bid. You can enter a maximum amount you wish to bid, and it your bid will be placed in the minium 50 point increments until it is the highest existing bid, or until it is outbid by another higher maximum bid.

You may pay less than your maximum bid if you win. When you win an auction you always actually pay only the lowest maximum bid – allowing for the minimum bid increment of 50 points.

If your bid wins, you must buy. Your bid on an auction is a legally binding contract. If, when time runs out, your bid is the highest, you have purchased the item and must pay the seller for it.  Bids can not be reversed, nor edited, once you have placed a bid, even if the auction is still active.

Other bidders may be using the automatic maximum bidding system. And may already have a maximum bid set for higher than yours.  If this is the case, then once you place your max bid, you may immediately be outbid.

First come, first served

If multiple people have placed bids using automated max. bids, the first person to bid will secure the next price increment position.  Thus, you might see multiple people (in auction history) with identical bid amounts. This is best explained by examples:

Scenario 1:

If two people bid a maximum of 1000 credits, then the person to first bid that amount will be the winning bidder at that point.  

Thus, there is an advantage to setting a higher maximum bid amount earlier.

Scenario 2:

the current highest bid is 500 points, but that person (A) has set a maximum automatic bid limit of 1000 points.  Person (B) bids a maximum of 700 points. That 700 points will be bid at 700, and person A will have an automatic bid placed at 750 (allowing for the 50 minimum increment).

Top three bidders win

The auction is designed to get three quotes for the lead.  This offers the lead better insight into outsourcing, and creates a healthy competitive environment for the outsourcing suppliers.  Plus, this means that each BPO supplier might not bid as much for being one of three lead winners, as they might have to if only one person would win the lead.  Thus the leads come cheaper, and in theory, the lead/client will be won by the best service provider offering the best fit to the clients needs.

The top three bidders will be notified by email, and their points will be deducted.  Only the minimum required points will be deducted – not the maximum amount set within the automated maximum bidding.

Cloaked auction history

The auction history is cloaked during the auction, but will be revealed after the auction.  This is to prevent collusion between bidding parties, and make it fairer for everyone.

Auction listing times (48 hrs) - and extensions

All Source Connect auctions are set to run for 48 hours only.  If insufficient bids have been placed in that time, it can be extended for 24 hours.  It can then be extended one more time (twice total), for another 24 hours.  Thus, most auctions will conclude in 48 hours, but could be extended up to a maximum total time of 96 hours (excluding weekends and holidays). 

The auction needs a minimum of two (winning) bidders to participate, for the auction time to not be extended.

Add to watchlist and track

You can add any listings to your watch list.  The listings will be added to your dashboard. You can add any listings to your watch list.  Any auctions that you are currently bidding on, will automatically be in your watch list. You will also be emailed with any auction updates and results.

Cash back for client and BPO

To incentivise both parties to ‘do a deal’, we offer a generous cash-back incentive.   If a deal is done between one of the top three winning BPOs and the lead / client (contract-signed), we pay out a 30% cash back to the winning BPO (30% of their winning bid amount – payable in credits) and a 30% cash back to the client (payable in cash equivalent of the face value of the BPO points).  

A bid is a contractual obligation

Bidding on items can be exciting, but it is a contractual obligation. When you’re deciding on your maximum bid, be sure you’re happy to pay that amount if you win the auction.  When bidding, double-check that you’ve entered the correct amount – especially when making a last minute bid. Placing a bid cannot be reversed.

How to purchase more points

You can purchase more points through your dashboard using Stripe which accepts all major cards and payment methods.  You need to be registered and a verified BPO before you can bid for leads.

Allocated funds

You will need an available balance of BPO credits in order to bid in an auction.  Once you have bid an amount within an auction, that amount of credits will be temporarily moved from your ‘available funds’ to your ‘allocated funds’.  

The allocated amount will be equal to the maximum amount that you have bid.  The allocated funds cannot be used for any other purpose until the conclusion of that auction.  

If you are a one of the top three bidders (winner) on conclusion of the auction, the corresponding winning bid funds will be consumed and deducted from the allocated funds.  If you are not one of the top three bidders, the credits will be returned back to your available balance, and you will be able to use them again. The credits will be either deducted, or returned back to you immediately on conclusion of the auction.

If your winning bid amount (applicable to top three bids), is below the maximum bid amount that you entered, the balance of the maximum bid credits will be returned to your available balance.

Please note that any bidding, at the point of bidding, is a contractual obligation, and cannot be edited reversed.

Premium Listing: a boosted power-lead

Listings that have been marked as a power lead are a premium listing, and likely to be of higher value to the BPO.  A Premium Listing means that the client has completed all three analysis forms, and has paid for this listing.  This demonstrates that they have invested both time and money into this process, which demonstrates that they are a serious candidate.  Outsource Accelerator also spends more resources in promoting these leads to the community.

Bidding using 'BPO points'

The auction uses BPO points for the bidding.  More points can be purchased from your dashboard when signed in to your account.  The dashboard and bidding is only available to registered and verified BPOs.  If you want to register for Source Connect (as a BPO) – click here.

Points vary in value and cost, depending on the volume of points that you buy.  However, a guide, a BPO point is worth approximately USD0.50 (ie 50 cents) each.

You can also earn extra points from Outsource Accelerator by doing extra tasks.  Tasks such as completing your company profile, writing blog articles, and joining BPO Rewards can all earn you significant BPO points.  All of which you can spend on the lead auction.

How to register for Source Connect

We invite all Philippine-based BPOs to register and join Source Connect.  Anyone can browse the outsourcing leads for free, however only registered and verified BPOs can participate in the bidding.

To ensure that we are connecting our clients to only top-quality BPOs we need to verify your company.  This is a super quick and super simple process though, so don’t worry.  It should only take 10-15 minutes tops!

To register for source Connect, click here.

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