The goWholesale Blog

Anti-Valentine’s Day - Trend Alert

February 13th, 2008

There’s a tradition in my family that for any occasion that warrants a card, especially birthdays, the meaner the card is the better. We often try to out do the other contenders and the result is often big laughs. The more insulting the card, the more you’re loved–we have an understanding.

We’re not the only people who share this fun, albeit unusual, tradition and with Valentine’s Day upon us, it appears that businesses are beginning to cash in on this quirky trend. For example, American Greetings Corp. has an entire category of "Anti-Valentine’s Day" cards.

And they’re not the only ones capitalizing on the anti-Valentine’s Day theme. Other businesses are coming up with unique ways to promote their businesses such as a bowling alley in Cleveland hosting a "Love…Spare Me!" event and clothing and merchandise stores selling t-shirts and stickers promoting "single awareness."

So the next time a popular holiday rolls around, try a variation on the theme…you might even start a new trend!

Posted in Generating More Sales, Marketing Your Business | 1 Comment »

IBM isn’t wasting time “Ideating”…are you?

January 15th, 2008

If you’ve been watching any tv lately, you’ll have seen IBM’s commercial for their new campaign "Stop talking. Start doing." If you haven’t…watch a football game or two. I guarantee you’ll see it.

True, it’s lighthearted and humorous but they’ve actually got a good point. It’s easy to get caught up in brainstorming new ideas and even falling into an "innovation trap", which would be the feeling that you can’t move forward without some brand spanking new incredible ideas. While every business is constantly in need of fresh ideas, if you get too wrapped up in it, it will become debilitating not to mention frustrating when you don’t get the results you are looking for.

So what should you do? Well, take a page out of IBM’s book. While they are always working to produce the next big thing in technology, they are now apparently simultaneously looking for ways their business can work with other businesses (and potentially piggyback on a major success!). Look to others to see what they are doing and see how you can help them do it more efficiently, or better. This isn’t to say you should steal other people’s ideas, but there are countless opportunities available for your business to perhaps form some sort of partnership.

No one ever said innovation had to be an individual activity. So take some time to think about where your business might fit into others ideas and you may just find a $wealth $ of benefits in doing so.

Posted in Generating More Sales, Marketing Your Business | No Comments »

Pink is the new….Taser?

January 9th, 2008

I had heard about this a few months back on a local morning radio show and it has become relevant again as I saw an article in MSN.com’s Small Business site that savvy female entrepreneurs are now hosting Taser parties (instead of the classic Tupperware variety). The disc jockeys facilitated the conversation and of course took calls from listeners weighing in.

The topic: Pink stun guns.

The big deal: It’s a genius marketing ploy for a weapon company.

The consensus: Make it pink and it will sell–whatever "it" is.

The women who called in were more than enthused about this development in self protection and some had even already purchased or received the pink protective devices from loved ones as gifts. The general feeling was that before, while they wanted to have a Taser, they were turned off by the standard black or silver ones as those colors (on this particular product) exude masculinity, aggressiveness and thus produce a general fear of holding one in one’s hand. There’s a reason weapons are traditionally black–it’s scary! So when the news that these weapons would come in "friendlier" colors, it made these women feel less afraid to handle them.

Taser has not done anything the fashion industry, cell phone manufacturers or countless other companies with countless products hasn’t done when marketing to their female clientèle. They haven’t come up with a brand new marketing tactic. But what they have done is step out of the conventional box and took a risk. They now offer "fashion Tasers" in a multitude of colors including of course, two shades of pink and even a sassy leopard pattern. And they are selling like mad.

So the moral of this story? You don’t have to invent a brand new, never heard of before, marketing scheme to increase your sales. Simply consider the possibilities that are right in front of you…and don’t be afraid to try.

And that there’s just something about pink .

Posted in Articles, Generating More Sales, Marketing Your Business | No Comments »

New Ebay Radio Site

January 3rd, 2008

WSRadio (the folks who produce the eBay Radio show) has recently launched a website called 50SellingTips.com , which has several audio tips from top eBay selling experts like Marsha Collier, Lynn Dralle, Mike Enos, and Skip McGrath. I thought it might be a good resource for some of you who either are thinking of selling on eBay, or who already do.

Posted in Announcements, E-Commerce and E-Business, Generating More Sales, Starting a Business | No Comments »

The sales tax riddle…

December 10th, 2007

Regardless of what trade your business is in, one of the hardest things to get right is determining what sales tax you’re going to charge your customers. After all, you don’t want to charge too much sales tax and scare them away; yet at the same time, you can’t afford to charge them too little. Here are a few clues to help you get it right.

How to Determine Your Sales Tax Charges

Posted in Articles, Finance and Accounting, Generating More Sales | No Comments »

Here’s One For the Holidays!

December 7th, 2007

As the holiday season is one of the busiest for all retailers, it is also during this season (and particularly in the first few days after the holidays are over) that the risk of return fraud runs the highest. So how can your business avoid return fraud this holiday season? We’ve compiled a list that will help, whether your business is an online one or brick and mortar.

4 Easy Steps to Avoid Return Fraud This Holiday Season

Posted in Articles, E-Commerce and E-Business, Finance and Accounting, Generating More Sales | No Comments »

What Key Performance Indicators Will Do For You

December 5th, 2007

Key Performance Indicators (KPIs) are measures used to quantify your company’s objectives, as well as chart progress and inefficiencies. Using KPIs can be one of the most powerful tools for driving your business forward and improving overall performance.

Using Key Performance Indicators to Improve Your Company’s Success

Posted in Articles, E-Commerce and E-Business, Generating More Sales | No Comments »

Avoid these Five Mistakes for a Successful eBay Business

June 5th, 2007

Building an eBay business is in many ways similar to building any business. To be successful everything has to work: Marketing, Sales, Quality, Pricing, and Customer Service. Selling on eBay, however, has some unique features that differ from traditional retail businesses.

On eBay, a seller’s customer service reputation (Feedback Rating) is out in the open for everyone to see. Imagine, if every store in the shopping mall had a sign outside where customers wrote comments about their products and service. Would you stop to read the comments before entering the store? Negative feedback is the number one reason eBay sellers fail. A negative feedback rating, however, usually has its roots in other problems.

Here are the top five reasons why eBay businesses fail:

1. Poor Feedback Rating
New eBay sellers typically underrate the importance of quickly building a great feedback rating. I am amazed when I click on an auction description and see a seller with a feedback rating under "10." How could this person know anything about selling on eBay? Experienced eBay bidders are cautious of sellers with a feedback rating under 25 - 50. Admittedly, getting your first twenty-five feedback comments as a seller can be a long process. Don’t forget, feedback comments as a buyer count as well (although eBay does show the difference). Before you rush into selling on eBay, you need to get some experience buying. There is nothing better than putting yourself in your customer’s shoes.

I wouldn’t start to sell on eBay until you have completed a dozen or more purchases, paid for them promptly and received good feedback from your sellers. Don’t be afraid to ask the seller to post feedback in your payment email. Sellers like to be paid quickly. Sending payment by credit card or PayPal will build your feedback rating quickly as well.

When starting your eBay business, you should bend over backwards to provide exceptional service. Remember, you are fishing for compliments. When you have a positive feedback rating over "100" bidders will look at your rating number and then make their decision on whether or not they like your product. If your feedback rating is less than a 100, people tend to actually look back through your comments and read them. There is a big difference between "Nice transaction — good seller" and "FIVE ***** SELLER, EXCELLENT PRODUCT- FAST SHIPPING" Whether you are a new seller, or a veteran eBayer, building excellent feedback comments should be a daily goal.

Poor communications between buyer and seller is the leading cause of negative feedback. Make sure your first email to the successful bidder is clear, and complete. You should not only be polite, but be effusive in your congratulations. Remember: Some people shop on eBay for bargains, but most people shop on eBay for fun. Make the transaction a fun experience. Be personal. Don’t sound like a bureaucrat or a big corporation. Make the buyer feel good and close the sale by complimenting them on the great deal they made.

Make sure your payment instructions are clear and your shipping methods and charges are clearly spelled out (this should have been in your auction, but many people can’t remember). If a buyer wants to pay by credit card, suggest PayPal, or explain how to access your secure credit card server. If they want to use a check, explain how they can speed up the payment and delivery by using PayPal’s electronic check service.

I am not trying to be a walking advertisement for PayPal, but the simple truth is: it works! Anything you can do to speed up payment, shortens the time it takes a customer to receive their purchase. Nothing will improve your feedback faster than getting purchases to your customers quickly.

As the seller, you have the most to lose by negative feedback. It is only a question of time until you run into a difficult or irrational buyer. He or she may be rude, or unresponsive, or both. Once your feedback rating is secure in the high hundreds, you can afford to take a tough line and weather the negative feedback that inevitably follows. But while you are building your feedback rating, sometimes you just have to swallow hard and be extra diplomatic. I always give people the benefit of the doubt and try and work something out. I would rather lose a sale than risk negative feedback from an irresponsible person. If a buyer won’t complete the transaction, its better to report them to eBay, than to get into a feedback war. Once eBay determines they are a non-paying bidder, they will not be able to leave feedback against you.

To summarize, make your communications fast, friendly and complete and your feedback rating will soar!

2. Not Accepting Credit Cards Turns Away Bidders
Thousands of bidders worry about Internet fraud. Several studies by eBay and Yahoo have positively concluded that accepting credit cards will increase your auction bids anywhere from 100% to 300%. This is even more true on web site sales, where accepting credit cards can boost sales over 500%!

Setting up a merchant credit card account can cost between $195 to $425 in set-up fees and anywhere from 2.5% to 7.5% per transaction.

Fortunately, Paypal offers an elegant solution. There are no set-up fees and transaction costs are 2.2% or less. Here is an important tip: Some buyers don’t know what Paypal is, or how it works. Place a PayPal logo on all your auctions and a link to PayPal in emails to your successful bidders.

In your auction, place a line of text above the PayPal logo that says: "To pay with a credit card, click on the PayPal logo below." Do the same in your email to winning bidders. Use a statement such as: "If you would like to pay by credit card, click on the link below to register and pay securely using Paypal." Then place your PayPal referral link after your signature.

If you have a web site (most successful auction sellers do), instead of setting up a merchant credit card account, you can now use PayPal’s WebAccept to take credit card orders on your web site. Connect to PayPal’s "Web Tools" link, and type in the product, pricing and shipping info. Then copy/paste the html code onto your web page. You now have a credit card shopping cart for each individual product.

3. Weak Headlines and Poor Auction Descriptions Lose Bids
There are over seven million items listed on eBay every day. Your headline must stand out above the competition to attract bidders. A great headline should contain two key elements: "Key words" that are searchable, and "emotional words" designed to attract attention.

Over 60% of bidders find the item they are looking for by using the "Search" feature. Unless you use the key words bidders are looking for, you will miss many bids. For example, if someone collects Ferrari Formula 1 model cars, they will search "Ferrari" rather than "Formula 1" or "model cars." A search of Ferrari turns up 41 items, while "Formula 1" turns up a few thousand items. A search of "Blue & White" will turn up thousands of listing in the pottery section, but a search for "Liberty Blue" (a specific type of blue & white pottery) turns up only a few hundred items.

Your headline should also include "emotional" words designed to attract a bidder’s attention. These words include: new, rare, unique, sexy, secret, unbelievable, super-value, etc. You should not call something "rare" if it is not. But, there are other adjectives that work well in headlines. Besides the emotional words you can use words such as exquisite, charming, wonderful, mint, perfect, clean, superb, etc. Just make sure you are accurate.

Once you catch the bidder’s attention with a great headline, you need to "sell" them with your item description. Too many bidders simply describe the item they are selling. Yes, it is important to completely and accurately describe the item, but too many sellers leave it at that. Take the time to "romance" your item. Sell the benefits.

Before writing the auction description, ask yourself: "Why would someone want to own the item you are selling." If you are selling something you use, say so. Tell the potential bidder why you owned the item, how you used it, what benefits it brought you. Sell not just the features, but the benefits and the romance.

Here is an example:
"This Sterling Silver bracelet is five inches long set with zirconium stones that look just like diamonds."

Now lets add some romance:
"This exquisite Italian Sterling Silver bracelet is set with five glimmering zirconium stones that sparkle like diamonds. The silver is finished to a high polish. It’s so bright, it looks like white gold. Whenever I wear this bracelet my friends ask: "Wow, are those real diamonds? Where did you get that bracelet?"

Your auction descriptions must also be complete. A clear photo is critical to the success of the auction, but remember, photos don’t always show all the details a bidder needs. If you are selling an antique, collectible or any used item, be sure to describe any and all flaws. The fastest way to build negative feedback is to over-describe the item, or over-promise performance.

4. Poor Images Can Turn Off Sellers
The saying "A picture is worth a thousand words" is never more true than with on-line auctions. Not having a photo of your item will greatly reduce your bids, and lead to unprofitable or unsuccessful auctions. Not only must you have a photograph of what you are selling, the photo must be accurate and revealing.

It is not necessary to be a professional photographer. Ebay bidders understand that most sellers are taking snapshots of the products they sell. But, your photo should be clear, and show the product as completely as possible. Here are some tips for good photos:

�If the size of an object is not obvious, use a reference such as a ruler or a coin.

�Show any flaws or defects. Point them out in the caption if necessary.

�Don’t use a flash. It causes reflections. Take your photos in open shade or using indirect window light.

�Do not use "stock" photos. Bidders want to see a picture of the actual item they are bidding on, not a scanned photo from a brochure.

�Use a tripod to make sure your shot is sharp.

�Keep your photos to less than 300 pixels. Larger photos take too long to load and impatient bidders will click away from your auction. The "e-mail" setting on most digital cameras works just fine for most auctions.

�Except for flat items such as prints, photos, stamps, cards and so on, scanners often produce an inadequate image for most items. If you don’t have a digital camera, you can now take a 35mm photo to most Kodak processors and they will digitize your images and return them to you on a floppy disk or CD. This will cost just a few dollars more than the processing.

5. Not understanding your costs is a prescription for disaster
It is very easy for a new seller to get caught up in the excitement of selling and not pay attention to the costs involved in selling. Before deciding whether to sell an item on eBay, and what to sell it for (i.e. reserve or Dutch auction price), you need to understand all the costs involved.

First of all there is the "listing fee." There is also a "selling fee" that will be set by what price the item actually sells for. There may be a fee to process a Billpoint, PayPal or credit card sale. If you use an auction management service such as Andale or AuctionWorks then you have their fees. Don’t forget shipping, and the cost of the shipping materials.

If you are selling items you purchased wholesale, were there shipping charges to get it to you? Did you pay sales tax on the item?

Many businesses fail because they are either under financed, or because they do not understand their costs. A program such as Quicken’s "Quick Books" could be one of your best investments. Quick Books will allow you to track every expense, down to the penny, and allocate the costs to different categories so you will fully understand where every dollar is going and if it was well spent.

Posted in E-Commerce and E-Business, Generating More Sales, Starting a Business | No Comments »

Next Entries »