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5 Pricing Strategies To Increase Your Final Selling Price
Are you struggling to achieve the price you want for your items? Are you jealously watching your competitors’ auctions generate more cash?
Use these power pricing techniques and watch your final value explode making you the envy of your competition.
The “I can’t believe the price” technique
The best way to attract the most bids and high selling prices is to start your auctions with a ridiculously low bid price ie 0.99c/p. This will entice more bids and creates ownership……
What do I mean by ownership? Most of us have been there. You bid on that must have item at the ridiculously low price. Then, someone outbids you. You get mad……..How dare they outbid you. It is your item and you’re going to get it.
You make a counter bid. The other bidder follows and makes another counter bid and before you know it, you’re both in a bidding frenzy and have smashed through your maximum bid ceiling and you end up paying more than you planned.
In my experience, this has only happened when I have started an auction with a very low starting price……….To create a frenzy, start low and most of the time you will achieve the selling price you are after.
The double auction technique
I have used this technique to great effect selling high ticket items in the featured listing category at the top of the auction search page. Note – it costs extra to list your item as a featured listing.
List your item with a starting price you would be happy to sell at. If after a few days, you have no bids, list the same product with a high fixed price or high starting price. Your new listing should appear near your first listing because few people use the featured listing category. Buyers look at both auctions and believe they are getting a bargain by bidding on the lower priced item.
The Wal Mart technique
You can use this technique when you are selling similar of identical products to your competition. You simply check the price of competing auctions and do a ‘wal mart’. Simply list your item for less than your competition. Think about it – if there are two listing selling identical products, would you buy the cheapest or dearest?
The “why wait” technique
With this technique you set a buy-it-now price close to the minimum bid price. For example, if you were selling a pair of Nike trainers you could start the auction at $20 but have a buy-it-now price of $30. For a mere $10 more, the buyer can then buy the item without the fear of losing it by being outbid at auction.
The ‘One Time Offer’ technique
I use this technique every season with different products. You can have a summer sale where you offer a one time only percentage discount for a particular item. You then offer an Autumn sale with a different product. Plus, you don’t have to wait for a change of season. You could have an end of line sale or moving office sale – the choice is yours. Just don’t keep doing it with the same product.
Which one should you use? The answer is to test each one and use what works best for your products. Take action, never stop testing and watch your profits soar.
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