Hi Ebay Sellers,
Here's a slightly controversial topic to be talking about here.
Put simply, lead generation is when you get someone to make contact with you, so you can market to them at your lesiure. Usually you order a free report or CD, or subscribe to an online newsletter.
Then you can send them your sales material, whether it's emails, letters, whatever. The reason why this is a million dollar technique is because it is 6 - 8 times cheaper to sell something to an existing satisfied customer than it is to get a new customer.
And the reason it is a bit controversial here, is because it implies that you can do the transaction outside of ebay. Now, ebay please note:
I am not advising ebay members to complete any transaction outside of ebay.
In fact, it's easy to get repeat purchases through your seller id. Take stepup1895, for example. This seller has a fairly large percentage of buyers coming to him again and again. And if they first bought a Mal Emery product, then they are even more likely to come back.
This means his listings are much more likely to end with a bid or purchase.
How can you implement this in your eBay business?
First, you really must run your eBay business according to my 5 eBay Powerseller's Laws. These are:
Always use direct response marketing
Never be the first to leave feedback
Always communicate with your buyer
Always generate repeat business
Always deliver massive value
Stepup1895 definitely looks after his buyers, making sure the transaction is as quick and painless as possible. He gives them great value too.
Email can be a wonderful way to get people to buy from your auctions again. Simply email links to your listings or store, and a certain percentage of people will buy another similar item.
Of course this works far better once you have more than 100 customers.
In fact, I believe eBay works better as a lead generation tool than as a marketplace. You don't want to do 'cafeteria' sselling, that is, lots of small different items that requires that the buyer look through tons of listings to find what they want. Most buyers will not do that.
You don't want to confuse them for a second. Take their hand and lead them to what you want them to buy. As long as they want what you are offering, and are in a position to buy, most will. Don't leave a thing to chance, get them into your marketing funnel. (More about that later).
A satisfied customer is a highly targeted customer, because you know they want similar things to their initial purchase. So what do you do? Give them what they want! You must give them what they already want, not what you want them to want. Don't waste time and money trying to educate the marketplace, let the CPAs and MBAs do that at their company's expense.
You want to do business as cheaply and as efficiently as possible. Although you should have a package costing several hundred dollars available in your store just in case, don't rely on that for your food and shelter. You want to market that in a competitive vacuum, as close to one on one with your buyer as possible.
Use eBay to get the details to add to your list. Your customer list is the most important asset your business has. It represents the ability to make money in the future. If you don't have a list, then your future is not as certain.
Then of course, offer all your products as permanent items in your store, to satisfy the gestapo, sorry, I meant ebay.
See you next week,