If you are reading this, then you are no doubt interested in excelling at EBay auctions. The world has been taken by storm by e-commerce and EBay is leading the way to individual successes that we often read about online. It was thought to be impossible to generate suffice income online, but there are people who earn up to $150,000 per month just by selling items on EBay. And if they can do it, why can’t you? Cliché as it is, we need to know how they have done it. In this article we will discuss the 6 great steps that will help you excel in EBay and, generally, auctions.
1. Know your product and Research its Market. It is obvious that you should know something if not everything about the product or item you are auctioning. You should thoroughly research an item such as knowing an antique’s history or a product’s complete specification so you can better inform the bidders. You should also know the people who will be interested in the item you are to auction by joining online communities or forums that discuss relevant information.
2. Write a Marketing Article and Advertise. Write a catchy marketing article that employs psychology, like using the word “rush” to create a sense of urgency in bidders. Also, make it easy to understand and avoid high-fallutin words as much as possible. Then advertise the item you are auctioning in affiliate sites or pages such as your blog site.
3. Give Promotions. By giving promotions, you will provide bidders the feel that they are bidding for more than what they are aiming for. For example, a promotion for prioritizing the first 100 bidders will provide a sense of security to the really serious bidder and also it appeals to their sense of pride.
4. Go as Low as you can. You can only achieve this if you know the manufacturing cost of the product or the product’s appraised value. So if a product sells for $50 while manufactured for only $10, then you can sell it for $15. This would be the same for appraised items.
5. Start a bidding war. This maybe considered cheating but this is business, and its war out there. So once people start the bidding, be sure to advice your friends to bid for the item as well in increments of even a dollar, thus increasing your profit.
6. Create good credentials. There is nothing better than a good name. A good reputation will echo to your next successful transaction. Be sure that what you promise is surely what you will deliver.