Draw customers in with popular products, then up sell!
Corey Kossack is a Managing Partner at Game Change Ventures, focusing on partnering and consulting with startups in the areas of social media, consumer Internet and e-commerce. Corey is also an Operating Partner at Game Change Ventures' first Internet startup, Addoway, a social marketplace that helps you buy and sell with your friends and the people they know. Formerly Corey was one of the world's largest retailers on eBay, built a $1M company from scratch at age 23, has led multiple startups and received numerous awards for his entrepreneurial achievements.
Latest posts by Corey Kossack (see all)
- Local Marketing in 2014: 3 Tips to Thrive on Main Street - January 18, 2014
- Why you Need to Build a Startup Family - October 16, 2010
- Will Smart Phones be the New Driver of Local Commerce? - September 3, 2010
With eBay insertion fees being the cause for some eBay sellers to lose out on much of their profits, it is becoming increasingly important to implement some major strategy to pull buyers into your eBay store without spending an arm and a leg on fees.
One of the oldest tricks in the book is to create a strategy that will drive buyers to a complimentary product. List a popular product in an auction or fixed price format, then offer a product that goes along with it in a store inventory format (maybe at a higher than average price).
Example: Let’s say you’re a company that sells electronics. You may consider listing an iPod in an auction or fixed price format. You don’t try to make a killing on the iPod (as this is surely a price competitive product), but instead try to make your money on accessories. Sell the iPod at a relatively low price (as long as you’re not LOSING money), then offer iPod accessories in your eBay store at prices a few dollars above the average. You’ll pull the buyer in with the iPod, and then they’ll likely be happy to add an accessory or two at a slightly higher price for convenience sake, not to mention that they might be able to qualify for shipping discounts buy purchasing additional items from you.
Corey Kossack is one of eBay’s “top sellers” through his eBay store, Koss DVD. He is also author of eBay Millionaire or Bust and creator of ProfitBuilder software that maximizes profits for eBay sellers.