Archive for August, 2008

Bids and Pieces — October

Friday, August 29th, 2008

I’ve read a couple of great books recently that I want to recommend to you:
Firstly, ‘Purple Cow’ by Seth Godin. This book is very much in harmony with what I teach in this newsletter. Seth uses the phrase ‘purple cow’ as a description of the little marketing tweaks that make a HUGE difference in many businesses. It’s the radical, unusual ideas that separate what you do from your competitors. It’s an easy read, and you’ll get some good ideas from it.

Secondly, ‘Good to Great’ by Jim Collins. This is a book that’s been out for awhile and I finally got around to reading it. I’m so glad I did. The research behind this book is phenomenal. A team analyzed the commonalities among the very best companies in the world, companies that have experienced growth far beyond the average in their industry, going from good to great. Among those featured were Wells Fargo, Walgreens, Pitney Bowes, and Circuit City.

The researchers were careful to avoid letting their own perceptions or viewpoints interfere with their findings, and as a result the discoveries were fascinating. For example, they found that the CEO’s of the most successful companies were universally low key, humble men and women who consistently gave more credit to their team than they took for themselves.

By contrast, two thirds of the comparison companies had leaders with huge personal egos that contributed to the demise or continued mediocrity of the company.

Another interesting find came about when analyzing employees of the most successful companies. The best employees are hired on the basis of their mild temperament, character, natural capabilities and willingness to change direction with the company, rather than specific knowledge, skills or experience.

Most companies hire based on the latter factors and when the company needs to change direction, they face a lot of resistance from employees who stubbornly focus on the previous direction.

Good to Great’ is a really absorbing insight into all the factors that make good companies great, and I highly recommend it to you.

Incidentally, I like to get my books from Amazon.com using their ‘Prime’ service. I like Amazon.com anyway, and their prices are usually very competitive. Prime is an add-on option. For an annual fee of $79, you can get virtually any in-stock Amazon warehoused item, delivered in 2 days, for free. And if you want the item overnight, the cost is just $1.99 - $3.99 depending on what you buy. Your entire household can share one prime account, too.

If you’re an avid book reader, or you buy a lot of items online, Amazon.com Prime is a must. I recouped the cost within a couple of months of using it. Usually there’s an offer for prime on the home page of Amazon.com, but if you can’t find it, just search for ‘prime’ in the help section.

Incidentally, prime is a good example of how to lock a customer into remaining loyal to you. As a result of this offer, I don’t buy books from any other source now. They’ve got ALL my business. Could you do something similar?

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It’s Movie Time

Tuesday, August 26th, 2008

I’m in a movie! Yep, it’s true. Okay, so it’s not a Hollywood movie and Meg Ryan wasn’t involved (sadly), but it’s still an exciting opportunity.

So what’s it all about?

Well, my mentor, Dan Kennedy, who you may or may not be familiar with – he’s the guy behind many successful infomercials on TV, like ‘ProActiv’ – he’s also responsible for the success of countless entrepreneurs. Dan has put together a revolutionary DVD ‘adventure’ that will probably be the most unusual 93 minute DVD movie you will EVER see - and the most USEFUL one you’ll ever own, really!

Released this month, it’s a new DVD movie called ‘The Phenomenon’.

You have undoubtedly had the experience of having your good, promising ideas and best intentions for following through on them picked to death by doubters and critics around you….stifled by lack of resources…..buried under the pressure of day to day responsibilities….finally “back burner-ed” until you can somehow find the time to be more serious about them. Does that sound familiar to you? Some of your greatest opportunities and plans never get up to speed, right? EVERYBODY has these struggles.

The Phenomenon DVD is all about the solution to these challenges.

I’m one of 23 participants in the movie, and we all explain how we’ve experienced ‘The Phenomenon’ in our lives. The Phenomenon is defined as a time in your life where you achieve more personal and business goals in 12 months, than in the previous 12 years. This is not about positive thinking or ‘asking the universe’ to provide you with money. I do believe in being positive, but being positive doesn’t pay the mortgage, does it?! By contrast, The Phenomenon is about WHAT to DO, and HOW to do it. I’m really excited about it as you can probably tell.

A few days ago I interviewed Dan Kennedy about the movie, if you’d like to listen into that interview, you can get that (it’s free) at: www.registerforthetraining.com. If you’d like to invest in the DVD, goto: www.grabthedvd.com - by the way, if I wasn’t in the movie, I would still be recommending this to you, because it contains a LOT of great advice that will have a positive effect on your personal and business goals, IF you apply it. Head over to www.grabthedvd.com right now and get your DVD before you forget! And obviously I’d love to hear what you think of it.

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Renegade eBay Strategy– Subtitle Secrets

Saturday, August 23rd, 2008

In the world of eBay, the subtitle is the line below the main listing title. It’s an optional add-on (‘listing upgrade’ in eBay speak) that currently costs 50 cents on the eBay.com site (35p on eBay.co.uk). Now, if you listen to the chatter on many of the eBay forums (don’t do that by the way), you’ll hear countless sellers dispense the advice that you shouldn’t bother with the subtitle because it’s too expensive. Well of course it’s expensive if you’re running hundreds of listings every week like most sellers do! More on that in a moment. You can see a subtitle circled in the listing example below:
So you understand what we’re talking about, right? Renegade eBay sellers use the subtitle effectively as a marketing tool. Let me explain. Since the title is ONLY used for keywords in a properly prepared listing, the subtitle provides a great way to SELL the sizzle. By that I mean, the benefits rather than the features which tend to be covered by the title. Let’s look at an example. In the next image you can see the title keywords that are purely factual. They do a good job of getting the listing to appear in the search results, but what then? This seller
has done the smart thing and included a subtitle where they provide some persuasive reasons to view the item, such as ‘new in box’, ‘mint’ and ‘over 20 years old’. Generally speaking none of these would be search terms, so the seller did the right thing in including them in the subtitle rather than the title.

Renegade eBay sellers use the subtitle feature as a marketing tool.”

As with the title, it makes sense to use every available character you’re allowed, but few people do that. You’re paying the fee whether you use two words or ten, so why not use the most you can?

Since subtitles appear in the search results, that’s another good reason to use them. On a typical page of search results, the listings that have subtitles will stand out from the crowd naturally.

I saw a great example of this recently when I went to buy a battery for my Dell laptop. You can see the search results page that came up in Exhibit B. Guess which listing I clicked on and bought from?

The answer should be obvious when you look at the options. One seller used the subtitle, and they used it really well to state the product was ‘original, not a cheap replacement part.’ Maybe the other sellers also sold genuine parts, but that note was enough to convince me to buy from that seller rather than anyone else.

Of course, if you find that for some reason many sellers in your niche are using subtitles, then you’ll probably get better results by not using one, because that’ll be a way to get your listing to stand out. Renegades go against the flow, they stand out from the crowd. A word about the fee. If you’re being smart about what you sell, and limiting yourself to just a few, powerful listings for products that you’ve created (ideally information based products) then you have nothing to worry about. 50 cents is nothing compared to the profit potential of the sale, AND the lifetime value of being able to sell over and over to even one customer from each listing. Once again, here’s a resource that is ignored by most eBay sellers for stupid reasons because their reasoning is fundamentally flawed. Shhh, let’s keep it our little secret.

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eBay Feedback — Keeping it Positive

Wednesday, August 20th, 2008

If you’ve ever received a negative feedback rating on eBay and you’re genuinely passionate about providing good service, you’ll know how crushing it is. Usually sellers take it personally and feel emotionally wounded. I’m serious.

The fact is, eBay feedback IS important. Actually, it’s vital for your success, and although the system has its weaknesses and flaws, overall it accomplishes what it set out to do. What’s that? To protect users from individuals who abuse their standing as a buyer or seller.

A quick reminder of how it works – in each transaction both the buyer and seller can rate each other with a choice of a positive, neutral or negative rating. Notice I said ‘can’. It’s not required or compulsory to leave feedback, but most eBayers do, because they like to receive as many positive ratings as possible.

The vast majority of transactions go well and each party awards the positive rating to each other.

Something that’s very important to understand about eBay feedback is that you ONLY receive ONE feedback point for a transaction with another user – be they buyer or seller. Let me give you an example. If you bought 3 items from the same seller, you’ll only receive one feedback point. So the number in brackets after the user ID is the number of unique eBayers you’ve transacted with, but the actual number of transactions is probably a lot higher.

From what we’ve already discussed about feedback, you can probably see that it’s a topic that generates a lot of buzz among eBay members. Here’s how I handle feedback. I set up Selling Manager Pro to automatically reciprocate positive feedback. That’s it. So if someone gives me a positive rating, the system will automatically return the compliment. Beyond that, I don’t touch the feedback system. Why? Because it can be VERY time consuming to generate and leave feedback. Remember, we’re running a business, and we want to do that efficiently. Do people occasionally insist that they want me to leave feedback first? Yes, of course. Do I? No! For one thing it’s too time consuming to do it manually, and there’s no guarantee that they’ll reciprocate.

Unlike most eBayer’s, I haven’t fallen into the trap of believing that you can never have too many feedback ratings. I’m convinced that you can reach a point where having thousands of ratings makes you look unapproachable to buyers – like a big, impersonal business.

If you’re sensible there’s no reason why you’d ever accumulate more than a couple of undeserved negative feedbacks. ALWAYS check a sellers feedback before buying from them to avoid problems down the line, and ALWAYS block users with less than 0 feedback, which is a definite warning sign. That’s easy to do within the ‘my eBay’ control panel settings in your account. Go to ‘my account’ then ‘preferences’ then click on the ‘buyer requirements’ option under the selling preferences tab. It looks like this:

You’ll also notice that in this example, anyone that’s received 2 unpaid item strikes within the last 30 days is blocked from buying. That’s a sensible option to leave on as a default setting.

If you do find yourself the recipient of a negative feedback, regardless of the circumstances, always try to resolve the matter and encourage the other person to agree to ‘mutual feedback withdrawal’ through the eBay system.

The number one key to acquiring automatic positive feedback is to communicate well with your customers. Above all else, that will gain you friends on eBay. Nothing frustrates buyers and sellers more than someone who can’t be contacted.

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The Secret Shopper Secret

Sunday, August 17th, 2008

A friend of mine in England is occasionally employed as a secret shopper. The company she works for asks her to visit various stores around the region where she lives , to assess all aspects of the way employees interact with customers. Also known as mystery shopping, the aim is to get honest feedback about what’s really going on inside the business.

I’ve heard plenty of stories about her ‘stealth’ observations over the years – like the receptionist who was sound asleep for more than one hour while numerous potential customers came, waited, and then left without being served, or the outburst of abuse given by a store manager to a staff member who was serving a bust checkout line – the employee was then left to carry on serving the customer while still in flood of tears.

My friend used to say that the worrying part of her job was that there was little middle ground. Most of her experiences were either delightful of painful. Which brings me to the key point I want to make to you:

When was the last time YOU secret shopped your own business?

That’s right, I’m suggesting that you need to evaluate your own business, even if you don’t have any employees. I’ll explain. You need to examine every interaction you or someone else has with customers and objectively decide whether it’s being done well, or whether improvements can be made.

For example, a common area that’s left to chance is the answering of the phone. Have your employees been coached on exactly what to say, or is it a random greeting depending on hoe they happen to be feeling on any particular day? With most businesses that’s exactly what happens. To even suggest that there should be a system is a surprise to most business owners. But why would you want to leave it to chance? If you’re the one that answers the phone then you should record the calls for a while, listen to the recordings, and honestly seek to improve based on what you say and how you say it.

Luci and I visited the business of a friend of ours in Chicago recently and we had to tell him that his receptionist was sour and unwelcoming. Let’s face it, she’s probably the lowest paid staff member BUT she’s the person t hat the customer’s have their first interaction wit, both on the phone and when they visit the clinic. The way she dealt with us set the tone for the entire visit. What an enormous mistake!

By the way, our friend had no idea that the receptionist was lousy, because he’s never secret shopped his own business.

The secret shopping should extend to every aspect of customer interaction. For example, have some packages occasionally shipped to another address you have access to so you can see how items looked when they’re delivered. What’s your impression of the package when you receive it? Were all the items in good condition, well packed? If you usually enclose special offer inserts or coupons, were they on the box? Were they easily visible or could they have been thrown away without realizing?

Again, these test are not exclusive to large businesses with many employees. Apply the principle to your business even if it’s just yourself or a small family business. You WILL learn valuable lessons, I guarantee it

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A.L.O Technique — Give Buyers a REASON to Buy

Thursday, August 14th, 2008

A.L.O. is a term I coined (deliberately similar in style to S.E.O.) which stands for ‘Auction Listing Optimization’. It can be defined as ANYTHING you can do within the eBay environment that increases the number of buyers, or that prompts buyers to go directly to your website. Each month I discuss an A.L.O. technique that you can implement in your eBay business…

Take almost any flight these days and as the plane reaches the gate you’ll hear an announcement along the lines of: “we realize you have a choice in which airline to fly, and we thank you for choosing _______”. This probably sounds a little cliched to many seasoned travelers because it’s so ubiquitous, but it’s done for a reason. The message is true - it acknowledges how competitive the industry is and thanks customers for their choice.

It’s ironic that more eBay sellers don’t realize the very same thing applies to themselves. Buyers have a choice. Even if your product is completely unique, they still have a choice to buy, or not. So let’s talk more about this important aspect that is ignored by most sellers.

Within your main listing description you need to provide numerous reasons why people should buy from you rather than anyone else. Most sellers assume that people will want to buy from them as soon as they come across the listing (and ignore the competition) but that’s not the case. Most buyers will browse and compare before making their final decision.

Interestingly, you may have seen this phenomenon in action on Amazon.com where they now tell you what percentage of people bought a particular item after looking at the listing. In the case of my ‘eBay exposed‘ book, Amazon reveals that 70% of people currently end up buying my book (the remaining 30% is divided up among four other eBay books).

Incidentally, I’m very happy about the 70% figure, as many books have a percentage below 50%, which means that the sellers didn’t do a good job of convincing people to buy their product. So now that you’ve realized that people DO shop and compare, what can you do to persuade them to buy from you, rather than a competitor?


Amazon.com shows what percentage of people buy a particular product

Firstly, aim to establish a rapport with the buyer from the outset, as well as throughout the listing description. You can do that by using a friendly, approachable, and conversational writing style, rather than a stiff, corporate tone like many big entities do. Try and imagine one person in front of their computer rather than trying to ‘speak’ to all Internet users. For example use ‘you’ instead of ‘everyone’. Why? You’re addressing one person at a time, not a crowd of people, which tends to comes across as impersonal. It’s a subtle but important difference.

Convince the buyer that you are honest and trustworthy. Emphasize your great feedback record and include testimonials within the listing. Reassure the buyer that you will ship the item promptly, and that you always provide outstanding customer service. Provide a guarantee without any small print or ‘get out’ clauses (which can destroy the effectiveness of an otherwise good guarantee by the way). Finally, have a trusted friend or family member read through your description to check all these points independently. It’ll make a real difference…

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How To Make Your eBay Listings Stand Out From The Crowd

Monday, August 11th, 2008

There’s never been a time in history when we’re more bombarded with advertising than now. Everywhere we turn we’re confronted with a marketing message in some form or another, assaulting our eyes, ears and in some cases our noses (think of the perfume scented pages of many lifestyle magazines).

The downside from an advertiser’s perspective is that with so many messages in the mix, it’s becoming increasingly difficult to get people’s attention. Also, we’re all becoming better at tuning out the bombardment. In some cases we’ve even been given tools to help us, such as the ‘30 second skip’ feature on a TIVO, which has the sole purpose of allowing users to jump through commercials and quickly get back to the program.

Fortunately, within the eBay environment these challenges are lessened because when people use the site they are naturally in buying mode. They WANT to buy. That’s a huge advantage compared to many other forms of advertising which can be classed as interruptive. However, it’s not all plain sailing. More on that in a moment. If you’ve been a reader of this newsletter for some time, hopefully you’re training yourself to look out for examples of how other business owners have managed to stand out from the crowd. Actually it’s a fun exercise, and of course the point is to see how you can adapt these ideas to your online or eBay business.

On these two pages you can see some fantastic marketing messages that do an excellent job of standing out from the crowd.

The clever design and placement of the mouth makes for the ultimate 3D ad. We all know that exhaust fumes are polluted and disgusting, so there’s a perfect fit with the message about giving up smoking.

This ad for Benjamin Moore paints makes use of the colors in the sky to create an ever changing jumbo color ‘swatch’

What’s your favorite? I think mine has to be the smoker spewing out polluted smoke fumes on the back of the bus. The other advantage to placing the ad on the bus is that it’s constantly moving around town, which means the message will be seen by many more people than a simple static ad. Genius. The ad itself is a brilliant match that dramatically reinforces the message in a way that no written ad ever could.

This innovative ad for a ballet school makes great use of both color and style to instantly say ‘ballet’ without even reading the text.

All these examples match up well with the fundamental principle of what a renegade eBay seller is about. To maximize your success (and profits) you MUST be different from everyone else.

It’s obvious that all these examples were the result of some creative thinking, and the same is true with your eBay business. A good starting point is to consider how you might do the opposite of other sellers in the same niche. For example, if everyone’s competing on price, make yours the highest price offering in its class. I guarantee you that you’ll get plenty of buyers as long as the (other) important elements of customer service, testimonials, reassurance of customer service etc are in place. But those elements cost you nothing. They just require some creative thinking and the boldness to be different. From now on, don’t accept anything less than the renegade approach for your business. Stand up and stand out.

HAVE A BRIGHT IDEA?

To comment on this or any other article in this newsletter, or to suggest a topic that you’d like discussed, please email us at: support@renegadeauctionseller.com. We’re always pleased to hear your suggestions and comments.

This clever campaign makes use of the existing rail in a subway car to provide the basis for the weights, and the effect is even better as soon as a passenger grabs the bar.

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How Much Money Are You Losing?

Friday, August 8th, 2008

So, I was just looking at my financial statements for this last moth in an eBay business I have. What I saw was a thing a beauty.

First, I’ll say that this particular eBay business has 4 income streams built within it: (1) sales from eBay, (2) backend sales of a high priced info product to current customers. (3) joint venture deals. And (4) affiliate sales through my email list to past customers. It’s the last one that I notice a change on.

The first two income streams make up the bulk of my business. Backend sales to current customers made up over 40% of my income until now.

Affiliate sales to my email list have done something fantastic! I believe it has hit a critical mass. What the heck does that man? Well, it has hit a point that i make more in a week pitching other people’s products then i do selling my front as end products!

Since day one in this internet business world I have heard, “ the money is in the list”. I trusted that wisdom and followed it from the start, but until recently it was still mostly theory! Sure, i get the majority of my backend sales through sending offers though my email list, but now the affiliate aspect of business has caught up.

I now make over 75% of my income, in this one business, solely from my email list! In case it isn’t obvious, here is what that means; If you dont add your eBay customer names and email to an autoresponder system you could be LOSING OVER 75% of your potential income.

To learn what autoresponder are you need to go to this websites: www.ezmailsender.net and learn.

So each week I add several more emails to my autorespoder series. To date I have over 80 emails that go out to my customer that comes int my autoresponder series.

Clickbank.com

when I am looking around for something to pitch in my emails, the first place I go is Clickbank. I then go Promote Products, then Marketplace. I then search of products within the categories that closely match my products. Nearly all the products I find on Clickbank have tools for affiliate like prewritten emails that you can send out to your list All you have to do is add your name and affiliate link, which they simply give you. You add that email to your autoresponder list and away to go.

After I run out of similar products to offer in my autoresponders, i jump to other products and service that my customer could generally use. Think of what more your customers could use from you and go find it in Clckbank. And that is just the start, there are other places you can find affiliate products to sell to your customers, like at www.cj.com.

So don’t be crazy and let 75% of your income be lost to the net or your competitors, get your autoresponder series going or kicked into full gear. If you don’t have an autoresponder service you can go to www.ezmailsender.net.

Article by Jeremy frandsen

www.Internet-Business-Mastery.com

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No Listing Fees For September — What’s the Scoop?

Tuesday, August 5th, 2008

On August 29th, eBay.com announced that there would be no listing (insertion) fees for the entire month of September. Why have they done this and is it a good deal? If you just read the article about data and looked at the ‘number of users’ chart, you’ll have realized that September is on average the quietist month of the year, so an initiative like this to drive more sales is a good thing.

Before you get too excited, as with all offers from big companies, there’s some small print to be aware of. Note that your starting price needs to be $9.99 or less, and you MUST buy at least a gallery upgrade at a cost of 35 cents. There are some exclusions, such as all eBay motors listings (which are popular year round).

So what’s the bottom line with this promotion? Is it a good deal? Well, you’ll probably save some money but it’s not as exciting as eBay want you to believe. The regular listing fee for an auction that starts at 99 cents is just 20 cents. If you don’t normally use the gallery upgrade for 35 cents, you’ll actually be paying 15 cents more than you usually do!

If you normally use the gallery upgrade (you should), then you’ll just be saving the 20 cent insertion cost on each listing. Realistically, it’s a token gesture from eBay to help boost overall sales - for you and I it’s not going to make much difference. It’s a bit like saying the price of gas is going down by 5 cents for a few weeks, you probably wouldn’t notice the difference if no one had told you.

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Rewarding Research

Saturday, August 2nd, 2008

I’ve never been a fan of number crunching or compiling data, in fact that’s putting it mildly. Truth is it makes me shudder just thinking about it, but I’ve come to realize that whether I like it or not is irrelevant. Research data is valuable, so it needs my attention (and yours too). I’ve also learned that I don’t have to be the one to pore over the excel spreadsheets – there are plenty of other people who get excited at equations and graphs and charts and algebra. I bring this topic up because this stuff is important to any business, including selling on eBay. For example, by taking the trouble to research the data, here’s just a few of the important stats I’ve learned about eBay users:

  • The busiest days for visitors to eBay are Monday and Tuesday evenings.

  • 77% of visitors to the site go to the search box first, the remainder login to their account.

  • The most popular category in terms of number of monthly visitors is ‘Business and Industrial’ followed by ‘clothing, shoes & accessories’ followed by ‘collectibles’ then ‘computers’.

  • The largest demographic of eBay users are in the age range of 25-55.

  • The gender split is 47% female and 53% male.

  • The number one reason that attracts people to use the site is the availability of unique items. Price is near the bottom of the list.

I suspect like me, that some of those statistics surprised you. Some preconceptions I had about eBay proved to be completely untrue. For example, I definitely assumed that the majority of users were female, whereas men in fact have a slight edge in the demographic. I also expected to see a significant teens audience, whereas that’s not the case – the 17-24 group accounts for only 7% of the eBay market.

While most people continue to believe that Sunday evening is the best time to end an auction, hard facts again show that not to be true in most cases.

The fact that more than ¾ of eBay visitors go directly to the search box as their first action is an extremely important thing to understand. It means that above all else, your title is what will attract someone, not the fact that they’re browsing a category – because the facts show that only a very small percentage of people do that.

Another source of data I came across revealed the overall level of buyers on the site throughout the year (See exhibit A). For 2006, you can see that February to April were quiet months, but there were big spikes in May, June and July (times when most sellers believe the site is quiet due to people on vacation etc). Again, the data reveals facts that are contrary to popular belief.

What about after Christmas? We all know that there’s always a buying frenzy before Christmas every year – that’s entirely logical, but look how early it occurs (and stops). It starts in late October and finishes early December. I would have expected it to stop much later than it does, but that’s not the case. This of course means that you should begin planning NOW to take advantage of the enormous increase in traffic you’ll see during October through early December.

Interestingly too, there’s a huge spike for the first week in January, when I guess people are selling all those unwanted gifts! This kind of trend is obviously consistent from year to year.

I hope you get the point. If we didn’t take the trouble to research this kind of data (fortunately you have me to do much of it for you) we’d never know the true picture of who uses eBay, and how and when they interact with the site. You should ideally do this kind of analysis with your customers so that you get data that’s specific to your business as well as the overall picture we discussed here.

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