I once heard an eBay executive say that people who visit eBay like cheap products.
And I believe this is true, but it depends on your own interpretation of the phrase ‘cheap products’.
To me, the word ‘cheap’ could be interpreted in several ways.
Cheap could be interpreted by some to mean rubbish! So, is the eBay executive saying that to be successful on eBay you need to sell rubbish tat that falls apart after one use?
I don’t think that’s what he actually meant but I would have thought he would have chosen
his words a little better, don’t you?
What he was getting at is that people want to find ‘bargains’ on eBay, the place to go to
get a good deal.
That’s all well and good, but it inst really the big ‘HURAH’ eBay sellers want to here.
I mean if all the sellers get into a ‘Race to FREE’ price war with each other, profit
margins will fall through the floor and there isn’t be much point selling on eBay..
OR is there..
I don’t know about you but joining the race to FREE is not my idea of good business practices
so I wont be participating in that race. Instead, what I will be doing is ADDING VALUE to
my products and offers. In fact, that is what I’ve always done and I believe is the methodology
of increasing the buyers perception of value in exchange for the price paid.
Whilst everyone else is currently cutting their prices and earning less and less, I’ll be putting my prices UP!
Yes you read that correctly. In fact I increased the price of one of my best sellers just last week and
guess what..
It made just as many sales, If not more sales than at the lower price point.
I also added value to the offer not by sending more products but by amending the image and the
item description. I ‘INCREASED THE BUYERS PERCEPTION OF VALUE’ and the buyers are still coming back to eBay
and getting a bargain in eBay’s eyes.
So, when an exec at eBay mentions the word ‘cheap’ you could look at it in a bad way or a good way, but it’s
how you add value to make your products appear as bargains that will ultimately determine your return on investment.
So no more of this ‘cheap talk’ please Mr eBay executive!
By the way, if you do want to buy products ‘cheap’ to resell on eBay, you will find lots useful information in my newsletter and video series..
Sign up for the Auction Guerilla Newsletter and Video Series here
john
Its never about “cheap” really, people are always looking for a product that is valuable to them personally, so if you give value at a “Fair” price you have the “Best” opportunity of being succesful no matter what business you are in!
Nick
Oxford.UK
Too true Nick, it’s about the perceived value of a product. And it doesn’t have to be a physical product. I can remember spending days trying to figure out a problem with my website when I should have just hired someone to fix the problem for 30 dollars. The time I wasted trying to fix that problem was worth a lot more than 30 dollars. If someone would have asked me at that time to give them 30 dollars or even 100 dollars, I would have paid them right away to save the time I lost and spare the frustration. The value of a solution offered at the right time to the right person can be a lot more than the value perceived by others who are not experiencing the problem that the solution offers.
Hope to hear from you again Nick
Hey John,
Love the way you have most probably ironed out a wrong message pelted out towards confused eBay sellers!
I touched upon adding value in a webinar with fellow internet marketer Ron Barrett, “eBay is the place online to go to, in the eyes of a buyer thats wants and is willing to PAY MORE to get better value rather than a cheaper price from a seller with the buyers interests at heart”!
I think that says it all, in complimenting your sizzling *hot* message in your latest post John, great content as usual….Ed.