What To Sell On eBay :: Make Money Selling On eBay
Make Money Selling On eBay?
Do you know how to make money selling on eBay? It's really simple ... sell stuff people want!
Course, that isn't as easy as it sounds, because the next question is: how do I know what people want?
This is a really big question that is written about, debated on and argued about by tens of thousands of people on the Internet. You have an opinion, I have an opinion and so do literally millions of sellers, but the truth is that there's only one real, authentic, can-absolutely-be-relied-upon way to know.
Let's say that you list a book or a piece of jewelry on eBay. You've researched before you listed, and it seems to be an in-demand item. So, you cheerfully put it up and wait ... and wait ... and wait. But nothing happens.
So, you relist it.
And nothing happens.
So, in despair you give up.
But, do you know WHY it didn't sell? Was it your
* Title?
* Price?
* Poor pictures?
* Weak description and unanswered questions?
* Your reserve?
* Your shipping costs?
* Timing?
Or something else entirely. The point is, you don't KNOW why it didn't sell. And unless you know, absolutely and beyond a doubt, you're just floundering in the dark, guessing and hoping.
Not exactly a good biz model, is it?
I like this quote:
“A single measurement is worth a thousand opinions.”
For a long time in my business, I didn't know how to get answers to these kinds of critical questions, but now I do – and it has made an enormous difference in my profitability. The answer is simply this ... test. And then test some more.
Recently I bought the best book on testing that I have ever seen! And here's a great example of why it's critical to test, if you really want to know what sells on eBay, or anywhere else:
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Scenario: You sell a $50 product, and convert 1% of your visitors. 100 visitors will earn you $50. How much of this is actual profit will depend on your costs. If it costs you $40 to get these visitors, you're making a profit of just $10.
In other words, you'll need a lot of traffic to make a lot of profit. If you wanted to make $1000/month profit you need at least 10,000 visitors/month. And getting that many unique visitors can be hard work.
But, what if you raise your conversion rate from 1% to 2%? Now every 100 visitors gives you 2 sales, so now your sales are $100, but the cost of your traffic is still $40. So your profit is now $60. In other words, you've just increased your profit from $10 to $60, without spending any more money. In other words, your increase in profits is $500%!
Better still, if you could go from 1% to 3%, your profits are now $110 ($150 in sales - $40 in costs), so your profits have risen by 1000%.
Now if you want $1000/month in profits, you only need 910 visitors, instead of 10,000.
- - -
This book has taught me how to test so many new things like product and book titles, backend sales, email and how to follow up on visitors without it.
It explains about how to figure the element of “chance”. Let's say 100 people sign up for your newsletter based on 2 different ads you've run:
Ad A: 53
Ad B: 47
Is this a REAL result, or is part of it due to chance? I've never understood how to figure this before. (It's chance, in case you were wondering. :-)
This isn't some simple little book that you read through in 45 minutes. I've now read it four times and know I haven't mastered all of it. I just feel like I've gone from Testing Kindergarten to Testing College. And, if you get it, be sure to get the script now. Several times I haven't downloaded something because I thought I'd get it when I needed it – then I go back, and it's gone.
How To Test Anything, Anwhere!
Guessing, speculating, arguing, hoping, praying and wishing you knew how to make money on eBay is a waste of your precious time and energy. Instead, do your own testing and know.
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