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Guys, here's a little tip I started doing lately to grow my business.
Do you notice the 1 thing that almost EVERY single person on eBay is doing? Trying to make a profit on every item they sell!
Here's the tip: don't make a profit. (didn't see that coming did you?)
Find a product that is absolutely essential to a niche, source one of your own somewhere, make sure it is the GREATEST quality you can get (within a reasonable price), and list it cheaper than the other guys. Completely DESTROY your margin if you have to. Just sell as many as you possibly can! (HINT: If you choose the right niche, you almost always can beat the other guys price this way, cause you're not trying to make a profit, they are.)
Here's the catch - inside each package, you include a coupon of some sort that people can use at your online store for another, more expensive product (one with a much larger margin!). And now that you have them buying from your store, you can upsell them on other products as well. AND you can collect their email address.
KEYS: It helps to have a little twist on your initial product in addition to being cheaper, and make your coupon a super attractive offer that they cannot refuse, like a landing page for a direct response marketing campaign (because that's basically what it is.)
Now, what if you just listed your initial product on eBay trying to make a profit? You might sell 1 or 2 a day and make a small profit, OR you could sell 10 (or more) a day, and advertise a product with a much larger margin than the initial product. If you sold 2 products a day on eBay with $10 profit, you could make $20. If you lower the price and sell 10 a day, and 1 of those buyers goes to buy your other product that has a $40 margin, you just doubled your profit
(And that's if you weren't making any profit at all on your eBay product, and if the person who goes to your store doesn't buy any more products/upsells etc. Not to mention the fact that you have their email and they might buy again/tell other people about your brand.)
You can list your other, larger margin products on eBay as well, but make sure you have one that acts as a tripwire for your business. It's too easy not to take advantage of it. But make sure the tripwire product is absolutely essential to your niche! That is the key.
This isn't a full business plan, but if you currently have nothing, you can be bringing in cash and accumulating customers in no time. If you have a GREAT product, and you use this method the right way, you might not even need much other marketing. Repeat customers and word of mouth will carry you from here.
Like any business, great products make marketing easy, and it doesn't get much easier than this.
Do you notice the 1 thing that almost EVERY single person on eBay is doing? Trying to make a profit on every item they sell!
Here's the tip: don't make a profit. (didn't see that coming did you?)
Find a product that is absolutely essential to a niche, source one of your own somewhere, make sure it is the GREATEST quality you can get (within a reasonable price), and list it cheaper than the other guys. Completely DESTROY your margin if you have to. Just sell as many as you possibly can! (HINT: If you choose the right niche, you almost always can beat the other guys price this way, cause you're not trying to make a profit, they are.)
Here's the catch - inside each package, you include a coupon of some sort that people can use at your online store for another, more expensive product (one with a much larger margin!). And now that you have them buying from your store, you can upsell them on other products as well. AND you can collect their email address.
KEYS: It helps to have a little twist on your initial product in addition to being cheaper, and make your coupon a super attractive offer that they cannot refuse, like a landing page for a direct response marketing campaign (because that's basically what it is.)
Now, what if you just listed your initial product on eBay trying to make a profit? You might sell 1 or 2 a day and make a small profit, OR you could sell 10 (or more) a day, and advertise a product with a much larger margin than the initial product. If you sold 2 products a day on eBay with $10 profit, you could make $20. If you lower the price and sell 10 a day, and 1 of those buyers goes to buy your other product that has a $40 margin, you just doubled your profit
(And that's if you weren't making any profit at all on your eBay product, and if the person who goes to your store doesn't buy any more products/upsells etc. Not to mention the fact that you have their email and they might buy again/tell other people about your brand.)
You can list your other, larger margin products on eBay as well, but make sure you have one that acts as a tripwire for your business. It's too easy not to take advantage of it. But make sure the tripwire product is absolutely essential to your niche! That is the key.
This isn't a full business plan, but if you currently have nothing, you can be bringing in cash and accumulating customers in no time. If you have a GREAT product, and you use this method the right way, you might not even need much other marketing. Repeat customers and word of mouth will carry you from here.
Like any business, great products make marketing easy, and it doesn't get much easier than this.
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