Did you ever see auctions for big ticket items start at $.01? It turns out that those sellers aren’t so crazy after all. According to a blog post at Psychology Today, these sellers are taking advantage of several basic psychological principles that can help them sell their product at a higher than normal rate.
The Simple eBay Success Formula
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Product + Traffic + Conversions = Profit
The title of this post outlines the simple formula to online success. While the formula is simple in concept, it’s sometimes difficult to execute. It’s easy to get overly focused on one variable of the formula such as driving traffic to your listings, while neglecting the other aspects that significantly influence online profits.
Product – Successful internet sellers make money their money when they buy – not when they sell. Profitable product sourcing involves researching and discovering niches in which there is sufficient demand to support your entry into a market that is also under-served by professional sellers who can market their products well. It also involves finding credible and reliable sources for these products at wholesale prices – not a simple task for the uninitiated.
Traffic – Best Match Optimization only one way to increase traffic to your auctions. Independent sellers don’t depend on eBay to drive customers to their listings. They take matters in their own hands.
Conversions – What happens when the potential buyers arrive at your auctions. Do they bid, or hit the back button? The appearance of your listings is often all the potential bidder has to judge your credibility as a seller. By presenting a professional image in your auctions, you can significantly increase your sales.
The success formula is simple. What are you waiting for?
Product + Traffic + Conversions = Profit
Making the Most of Imperfections in Your eBay Listing Description: A Study in Marketing Genius
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I’d never heard of the Holga camera until my wife, the photographer, decided that we needed to add one to her collection. I wasn’t very impressed when it arrived. Frankly, it’s a cheap plastic Chinese thing that most kids wouldn’t even be caught in public with. The only thing is… it has developed a cult following among shutterbugs.
The description on the side of the box it came in is a case study in marketing genius. It celebrates the camera’s flaws and poor workmanship in such a way that makes hipster photographers drool. Read more
How to Market Your eBay Listings on Twitter
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Twitter is all the rage these days and many sellers are successfully using the social media tool to market their eBay listings. In fact, eBay sellers were promoting their listings at a rate exceeding 1200 “tweets” an hour yesterday. It follows that the rest of us eBay sellers might want to join in, but, as with most things, to do it effectively, it’s not as simple as it looks.
What is Twitter?
Twitter is a social networking and microblogging service, enabling its users to send and read other users’ messages called “tweets.” Tweets are text-based posts of up to 140 characters displayed on the user’s profile page. Users may subscribe to other users’ tweets—this is known as following and subscribers are known as followers. Read more