How to sell a product online and come out on top. There is an art to online selling
g that you need to understand
Estimated reading time: 6 minutes
- Why are you selling online and where is your audience
- Anything will sell it is just how you go about it
- Remember that benefits get the sale
- The pricing conundrum
- Fix your price before you hassle.
- The Street market tactic of small margin.
- Do your research first
- Don't cry over spilled milk
- If the price is right it will sell
- Conclusion
- How to sell a product online and come out on top by Peter Hanley
Why are you selling online and where is your audience
Online sales are happening all the time and some do it very well and others struggle and come out poorer for the experience. So what is the difference?
The first thing is understanding your audience and finding a channel that best captures a wider target of spenders.
We don't all hang at the same venues. Maybe it is age, location, or industry but each one has a following.
I have not been near eBay for a hundred years and yet my wife sells products there nearly every other day. My Grandaughter is an Etsi fan and another uses Facebook and we all sell products.
Anything will sell it is just how you go about it
The beauty of online selling is that your buying public is massive. It could be millions of eyes looking at your information and all you need is one buyer, admittedly the right one.
If you have chosen the right audience then you need to dress up the product and make it exciting and irresistible to the right buyer.
Don't be bland, think about the big specialty shops and how they display products and copy them. Make your photography better than anyone else and ensure light quality is perfect so the product jumps off the page.
Never lie but highlight the best features that showcase the product.
Remember that benefits get the sale
People buy because they will get benefits from the purchase and those benefits are what you must push.
Features are what it does and benefits are what it does for you.
A nice wool-lined jacket lets you stay on the snow field longer.
That pretty dress that makes you look slim will win the heart of any man
The Rolex watch tells the time, Makes you look above average
Car makers are experts at this. They don't sell cars they sell the experience, Open roads, bush bashing, pretty girls shopping, and the occasional speed assault for the rev heads.
So push the benefits and let the product sell itself.
How to sell a product online and come out on top with the best price
The pricing conundrum
The more you are selling online the better you will appreciate it is a price-based issue. buyers expect to bargain and sellers will be offended until they find a common ground somewhere near the middle.
The debate becomes a struggle of power more than price as winning the argument is as important as meeting the amount. Neither wants to give in but a result is important so someone has to give. That someone has the better story.
The buyer may say there are others like this a lot cheaper than I have looked at. This immediately implies you are overpriced.
The seller however may say this is a limited edition and will go up in price so I hate to part with it creating imagined value
So the best storyline is going to win the day.
Fix your price before you hassle.
This applies to both sides and the important thing is to not be persuaded by emotion.
If you have a minimum and it is not realized then walk away. There is more than one buyer/ seller on the market and wait to fight another day.
The Street market tactic of small margin.
If the street market guy was selling a watch for say $100 he will know it has a cost price of about $20 and anything above that is a gain.
However, if you stay by the rules of street shopping and offer half price ie$50 he will be mortally offended. He may take a stance at $70 and come down to $60 but will argue over every single dollar like it is his next meal ticket.
What he understands is that you are ready to buy so every extra dollar is a bonus.
The next buyer comes along and offers $70 and again mortal injury at giving such a precious gift away for under $80. Tears roll when he counts the money and declares how much his loss is.
The final buyer comes along and says the guy down the road has this for $30 will you do the same? The debate then hinges around getting $30 nearer to $40. The exact same watch in three different sales. Which one are you?
My point here is that they maximize the offer because they know you are a buyer it is just getting the best return and making both feel like they are winning.
How to sell a product online and come out on top through good research
Do your research first
Have a look at what is being sold online and at the prices offered so that you understand the market when you get into it.
You can build your pricing model and the reason your product is better than all the others being sold so that you can get that extra dollar in value.
Don't cry over spilled milk
When it is sold the deal is done, negotiations are over and it is time to move on to better things. If you were unhappy with what you achieved it is too bad and too sad. It is over and you will learn from the experience so take a positive attitude and remember that at least you moved some product and you will do better next time.
If the price is right it will sell
How often this is true will surprise you. A great example is selling a house, a high-ticket item.
You have the conversation with the realtor that really wants a listing so he agrees with your estimated house value. A month later he returns and says the market really indicates it is worth less than we thought so we should bring the price down. When you finally find the right price the property sells. You wasted a couple of months by overpricing.
The same could be said of cars and boats that will sell quickly when proceeding right.
The price is not your emotional investment. It is a market value based on realism.
Conclusion
It is hard removing emotion from parting with much-loved articles that have served you well. Your perceived value is often much more than reality so try to find an objective ground by following a few rules.
- * Pick your target market.
- * Sell the benefits
- * Check your competition
- * Price it correctly
- * Be prepared for the arm wrestle
- * celebrate the sale
Happy selling on whatever avenue you choose.
