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Auction Tactics Newsletter December 26, 2006
This week our newsletter covers the following topics: This week our newsletter covers the following topics: How to Price Your Items
Many new sellers don’t realize how important pricing is when it comes to eBay auctions. Many don’t even realize that ‘pricing’ needs to be done. eBay is an auction site after all! But eBay auctions are not quite the same as the auctions you attend in the offline world. In fact, quite a bit of work goes into determining and setting prices.
Essentially, there are only three prices that can be set for an eBay auction: the ‘buy it now’ price, the reserve price, and the starting bid price. Of these three, the starting bid price is the only one that is required for an eBay auction. The reserve price and the ‘buy it now’ price are optional. The starting bid price is fairly simple – never set it higher than $50 or so – no matter what your item is really worth. This low opening price will get bidders to your auction.
Setting low starting bid prices creates the need for a reserve price. A reserve price is the absolute lowest price that you want to get for your item. You may sell the item below the reserve price, but you will not be required to. In other words, if you set your reserve price at $100, and your highest bid is only $50, you do not have to sell the item to the highest bidder. You can close the auction without any negative feedback or repercussions. Set your reserve price at the absolute lowest price you are willing to sell your item for. Keep what the item is worth, as well as what it cost you in mind.
The ‘buy it now’ option will allow you to set a price, and buyers can buy the item immediately, without bidding, for that set price. This option can be used for any type of item, and it should be set to match your reserve, give or take a few dollars. This option is great if you have multiple identical items to sell.
Shipping has a price, and potential buyers take this into consideration when they are looking at an auction. If you can see your way clear to offer free shipping, you will find that people are placing more bids. Make sure that your potential buyers realize that you are offering free shipping!
Before setting any prices, you need to determine what the item is really worth. The value of the item in different markets might be quite high. However, you are selling on eBay, and it is a different world altogether! Find out the price that similar items sold for on eBay before setting any prices. If it is a collectable, or a high ticket item, have the item evaluated to ensure that you aren’t going to lose money!
What Is It All About?
eBay University is the learning program that eBay established to help people become successful eBay merchants. For convenience, eBay classes are held in many locations throughout the United States, and classes may also be completed from home, using your computer.
You should note that all of the information you will learn through eBay University can be found on the website – for free. However, understanding that free information isn’t always easy. eBay University will teach you how to open a seller’s account, how to conduct research and create listings, how to improve listings for greater success, how to integrate Paypal with eBay, how to monitor your auctions, and how to complete transactions.
Once you’ve finished the Selling Basics course, you are ready for the ‘Beyond the Basics’ course. This advanced course will teach you how to start and grow an eBay business, how to choose and create listing formats that sell, how to use all of the eBay resources, how to market your business, how to pack and ship your items, and much more. Both courses are reasonably priced, and well worth the short amount of time that it takes to complete each course.
If starting an eBay business is your goal, as opposed to just auctioning a few items off for some extra cash, you need to use the eBay business solutions that are available to you. Because eBay’s success depends on the success of its sellers, they strive to help you at every turn. eBay Business Solutions is the key to starting an eBay business.
eBay Stores is one of the better solutions for eBay business owners. An eBay store will allow you to list multiple quantities of the same item, and allow you to keep them listed for longer time periods. eBay Store owners also enjoy lower auction fees, and have access to advanced merchandising tools. Eventually, you should consider upgrading to an eBay Pro Store, which will allow you to customize your storefront with your own brand and web address. There are many other eBay Business Solutions, such as seller tools, the eBay solutions directory, and the merchant solution center, but you should definitely start with your very own eBay store, followed by an eBay Pro Store.
The Silent Sales Machine Hiding on eBay How are things going today? We hope all is well. Jenny and I just completed shipping 2 pallets of merchandise to one of our bigger customers. Order like that don’t come very often, but when they do, it is great!
Today we wanted to introduce you to Jim Cockrum. Many of you have already heard of Jim. He is an eBay expert, and he is the author of the #1 Best Selling eBay success ebook every written!
We met Jim last spring, and saw him again at eBay Live! He is a great guy who really knows his stuff! Jim’s book, The Silent Sales Machine Hiding on eBay is a must-have, must-read, must follow for every person who is really serious about long-term eBay success.
We own this book. It is one of the foundation ebooks that we have read and that we follow.
To learn more go to the Silent Sales Machine.
THE SUPER
GIFTS GIVEAWAY CONTINUES!
HELP YOURSELF GIVEAWAY CONTINUES! With Christmas quickly approaching, it's also the time of year when we start to think about the New Year ahead and to what changes we want to make to our life in that year. What changes are you thinking of making? What is it that you want from your life? More confidence, giving up smoking, losing weight, improving your relationships, finding a new hobby, learning a new language? Only YOU know for sure.
This is the very first event of it's kind! Get your gifts at The HelpYourself Giveaway! .
Bob Hamilton can be contacted directly at Bob@OnlineAuctionsMadeSimple.net. All inquiries will be answered. However, due to the volume of mail I receive, please allow up to 72-hours.
Bob Hamilton is a business author, online business writer, business consultant and trainer. He can be reached at: http//www.OnlineAuctionsMadeSImple.net http//www.MarketingSuccessCenter.com, http//www.OpeningaDollarStore.com WINNING BASICS – A Story of Leadership, Communication and Inspiration (ISBN 1-4137-9684-2.) ALL RIGHTS RESERVED Copyright 2006. Copying or reprinting of this material without the express written permission of the author is prohibited. Business Authority Limited 17265 SW Swank Road Sherwood, OR 97140
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