We’ve all heard of PowerSellers, but have you become a PowerfulSeller? What’s that, you ask?
PowerfulSellers know how to make more money without increasing the number of auctions they list. They use knowledge of the market to give buyers exactly what they’re looking for, rather than guessing and missing out on simple ways—ways that take little or no extra effort—to increase sales or profits.
Becoming an eBay PowerfulSeller
Take my friend and associate Steve Nye, for example. He needed a new bike rack. Now, most people would just go to the store and buy one. But not my buddy Steve. Instead, he decided to use HammerTap to figure out when and how to buy a certain product I'll refer to as "item X" (I've encrypted the name of this product to protect Steve's financial interests). To do this, you’d look for the least successful listing types, the worst duration, the worst ending day and time, etc—and you buy then.
He bought his "item X" for $80. Then, just for fun, he used HammerTap to see how to get the optimal price for "item X". He was excited to see that he could make a lot more by listing it right. Once he did the research (about ten minutes, in all), he turned around and listed it. And sold it for $160.
He’s done this repeatedly now.
So, how is this a good example of being a PowerfulSeller? Let’s back up a step. What if the original seller—the one who sold "item X" for $80—had sold it the right way? What if that seller had listed "item X" in a way that enticed more buyers and produced more competition for the item?
Would listing that item the right way have taken a lot more effort? No. It would have taken ten more minutes (to do the research). Then, if that seller were to sell several more "item Xs", it wouldn’t take any more effort. $160 more a pop, rather than $80. That’s $80 more in pure profit per item, without working any harder.
Tips for Improving Your Powerful-Selling
I hope that in your experience, you’ve been using HammerTap to do some Powerful-Selling. But just in case there’s some room for improvement for you, here are some tips and suggestions:
- eBay Analytics Course: Retake my eBay Analytics course, with the new HT3. I’ve updated the course to go along with the new interface. With HammerTap3, you can research specific competitors, do category research for up to six months (with 3 months of recent data and 3 months of YearAgoTM data).
- Findings Window: Check out the new HammerTap3 Findings window. It gives an even better quick look at how you can create powerful listings.
- Save Research Over Time: Because the market is constantly changing, you’ll need to save your research over time and keep an eye on your buyers’ habits. Remember, they are human, and their habits change, depending on the season and several other contributing factors.
I’m so excited for you and your business. Please send me your success stories. I’d love to hear them!