Hello & Welcome to the Easy Auction Business newsletter!
Can you hear it? Jingle bells, jingle bells, jingle all the way!
Yes! Christmas is around the corner and if you’re an online seller, this means the year’s busiest time as well!
Sure, everyone loves easy money – and Christmas is definitely a time when it’s much easier to sell, to increase sales volume and to get rid of old stock. During the December’s shopping madness people buy WITHOUT rational reasons. Yes, even now, with all the recession, job loses etc. there are still plenty of happy money spenders out there!
Nothing’s wrong with that, right? But as an online seller, you should know that it’s going to get very slow in January. Sure, it depends on the niche you’re working in, but generally speaking – it’s going to be a tough time.
BUT it’s a perfect time to spend some quality time on optimizing your selling processes as you’re going to have more spare hours to invest. Today, I’ll try to cover one of the easiest ways to increase:
LTV or Customer Life Time Value
Profit at the end of the day!
What is it? It’s called:
Why is it so powerful? Think about it – you have already done the hardest part of the sales process:
You have a product for sale on eBay;
You have a interested buyer looking @ your offer;
You have a Buy Now button in place.
Now – if the lead is qualified, if the product is OK, if the price is OK, if the design & the layout of your listing is OK, if your feedback is OK – the sale should be triggered almost automatically, right? Theoretically yes, but in the real life things are a little bit different…
To become a sales master, you should always analyse the reasons WHY so many people leave your listings or website without buying anything. The reason is very simple – it’s so much easier to increase your conversion rate than to get more traffic to your website or auction listing! And it will become even more difficult in the years to come due to the increasingly growing competition in e-commerce.
Generally speaking, you can divide your visitors into 2 groups:
You’re not interested in Information seekers as it’s almost impossible to convert them into buyers. Information seekers just look for product descriptions, pictures, reviews, feedback, and forum posts about any particular product to make a buying decision later on.
On the other hand – shoppers are the ones on which we should spend most of the time as they are READY TO BUY!
The question is – Do you have an OFFER for them?
We’re Back To My Favourite One – Give Your Buyers OPTIONS!
I think it’s obvious – if you can give several options to your buyer during the sales process AND after the sales process, you’ll make more money! As simple as that. So without further ado, let’s get started on the exact strategies:
How to Set Up an Efficient Up Sell System on eBay!
1. Get a hosting account (if you haven’t done that already)
2. Create a 1px, white image
3. Upload the newly created image to you hosting account
4. Create a re-direct via your hosting account
5. Insert the white image into your listings
6. Link the image to re-directed URL
Now you have an easy way to manage your up-sell campaigns. Whenever you want to run an up-sell, cross-sell or down-sell campaign, just:
1. Upload campaign’s banner to your hosting account (just replace the old 1px image keeping the same file name).
2. Change the re-direct link to your needed auction
If you want, you can insert several up selling blocks into one listing – just use separate images & re-directs for each block.
Up Sell Ideas
Lets cover some commonly used up sell ideas you can start using IMMEDIATELY to increase your eBay sales!
• Higher Quality – do not underestimate buyers whose main concern is quality, there are plenty of them out there! If you’re selling different quality/range goods – let them know!
Example – you sell iPhone pouches. Probably you have products with different styles, different price tags & quality for sale. So let the buyer know: “Hey, OK – if this is not what you’re looking for, we have other stuff for sale as well”! In cheap product listings offer higher quality items and in higher priced listings you can promote lower-end stuff – this will be called Down Selling.
• Greater Quantity – this one is really simple! If you sell 1 item, promote a listing with 3 items, ideally with some kind of discount or FREE shipping! This works really well for everyday items, such as ink cartridges, paper, stickers, and all kinds of hobby supplies, packaging materials and similar products (the ones where people would be interested in buying more identical products to save some money. This won’t work with Laptops for example)
• Additional Products & Services – Have you ever tried to purchase a domain name through GoDaddy.com? They’re the up selling monsters! They up sell so many additional services that I get sick of them and haven’t used for years. But it works J
Typical examples of up selling additional products and services would be:
If you sell laptops, up sell 2nd battery or a bag;
If you sell mobile phones, up sell screen cover or a pouch;
If you sell video game consoles, up sell games or a 2nd controller;
You can also up sell services, like:
24h Express Shipping;
Phone Support with assembly;
As you can see – the opportunities are endless!
• More Advanced – works very well in electronics & specific niche markets where you know what you’re doing (knowledge-wise). So for example – you sell different types of price tag guns. In the cheaper item listings you can up sell more advanced price guns.
• Packages – up sell several related products as a bundle and offer a discount! This is one of my favorite techniques as it works perfectly and allows you instantly increase sales volume.
• Buy 2 get 1 Free – yeah, I know – it sounds so “over used” but trust me, everyone is using this one because it SIMPLY WORKS! People love FREE stuff and they’ll love you if you give them something for free. This technique will be perfect if you deal with high profit margin items.
• Volume Discount – again, an ideal strategy if you sell all kinds of supplies or products that are usually bought in quantity. One of the easiest ways to give a volume discount on eBay is to set up FREE shipping over a certain order value.
Now, depending on the niche you’re selling in, you can create unique up selling strategies but the ones I mentioned are the most popular ones – I have tested almost all of them and can honestly say to you – this stuff works!!!
Where to Get Banners?
If you’re anything like me, you’re not a Photoshop guru! The thing is that you DON’T have to be! All it takes is a product image and a few lines text. If you don’t have Photoshop or any other image editing software, you can use FREE online services, like http://banner.fotor.com
Alternatively, you can outsource this process to a professional for as cheap as $5 a piece on Fiverr.com.
For more professional designers, take a look @ Upwork.com.
That’s it for today! Another year has passed by and we’re finishing the first season of my EAB newsletter. I would like to say a big ‘Thank You!’ to all those people who have been active community members, by sending me e-mails with their stories, suggestions & feedback. Remember – I do this for you, so keep those e-mails coming in!
Next year I have some BIG, really BIG plans for us to come! First off – I have created a plan on how to fix the credit crunch problem for my newsletter subscribers. I’ll tell more about it once we return from holidays.
Next, I’m already in process of creating an invaluable piece of software for eBay sellers. It will be totally free and will save a lot of time for you and on top of that will help you make more money in next year.
Finally, I have great news for all those people who didn’t get onto my first ever personal coaching program – 60 day Blueprint! I’m working to get the phase 2 over to you already in April next year.
The program has worked really well and the first success stories have started hitting my inbox! Amazing brands have been created and I’m sure that the Version 2 will be even better! So those who are planning to build a successful online business next year, mark April in your calendars as a starting point!
OK, that’s it for today! Wishing you Merry Christmas and a Happy New Year, bye for now and see you next year!