When they first appeared on the scene, online auctions were
used mainly by people looking to get rid of old heirlooms or
collectors in niche markets (stuffed collectibles, etc.).
Now, it seems like everyone is participating in online
auctions. People are also beginning to realize that auctions
can be a great way to promote a business and test products.
I have to admit it -- I'm an eBay junkie. I'm probably on
their site at least 4 or 5 times a week, looking for items
to add to my various collections, and the more I visit, the
more I'm seeing businesses using online auctions in creative
ways.
For instance, there are many people who have started to make
their living solely through online auctions. However, if you
don't want to become one of these "full-timers", you can
still use online auctions to help you with your business.
Here are a couple of thoughts on ways to do that:
- Use auctions to gauge new products. If you are
considering adding a new product to your business, auctions
are a great way to see what kind of demand there might be
for it. Do an experiment -- put one of the products up for
auction and see how many people bid on it (you might even be
able to track how many people look at the auction without
making a bid). If you have good response from the auction,
it can be a good indication that you should add the product
to your inventory.
- Use auctions to determine prices. One question that I
get a lot from clients is, "How much should I charge for
so-and-so?". If you have this kind of question, auctions can
be a great way to gauge prices. Put your item on auction and
see how much people are willing to bid on it. Don't just
look at the high bid -- remember that there are some "insane
bidders" out there -- rather, look at the maximum bids from
all bidders to get an idea of what customers are willing to
pay for your product.
- Link your auction to your business. Now, before I go any
further, I have to warn you to read your auction service's
policies CAREFULLY -- many services will not allow you to
put a direct link to your web site in your auction
description.
Even if you can't put a link directly in your auction, you
might still be able to promote your business. For instance,
many services will have an "about me" page where you can put
a link to your business. Also, there is nothing keeping you
from linking the sites in the other direction -- putting a
link to your auctions on your web site, for instance.
One of the things that has always impressed me about the so-
called "net gurus" is their ability to be creative in their
advertising and promotion efforts. Online auctions seem to
be a great candidate for that type of creativity.
Ron Sathoff is a noted speaker and manager of DrNunley's
http://InternetWriters.com He provides copy-writing,
marketing, Internet promotion, and help for business
speakers. Reach him at ron@drnunley.com or 801-328-9006.
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