In all honesty, I kind of hate those “1 penny” auctions on eBay. It’s something that can definitely work, but for the average product, it’s just not happening – unless you know how to turn that “penny” into hundreds of dollars. Do you know how to do that? Are you on eBay selling, and are looking to increase your sales? Well if so, then you will want to learn the secrets behind those 1 cent auctions.
The first thing you should know is that most of the items that sell successfully that START at 1 cent are usually well known items that everybody wants to buy. For example, selling the PlayStation 4 or the new Xbox One right now with a minimum bid of 1 cent can easily get over 100 bids, and possibly sell for $400 or more. For the seller, it’s a great auction. For the buyer, it’s a great deal – especially if they win it.
What kind of products do you have to offer in your niche that you think would be very successful at the starting price of 1 penny? Think carefully about it. There are a few items off the top of my head that I’m thinking of. I imagine that REAL, luxurious jewelry can sell well starting at 1 cent. The latest brand new cell phones on the market can sell well starting at 1 cent. The latest digital camera that has every feature imagination can sell well starting at 1 cent. But what about lesser known items?
Well, if you plan on selling lesser known items, test it. But don’t test it too much. Generally with a good product on eBay, even if you promoted it horribly… there’s still a good chance that it would sell – and sell at a good price. But if you decided to go on eBay and auction off your year 2000 cell phone, at a starting price of 1 cent… don’t expect to make hundreds off of it.
Sure, someone may buy it at 1 cent, but would be the benefit in that? Nowadays most people are into iPhones and Androids. Year 2000 flip phones? I don’t think so. So before you list your next item at a 1 cent starting price, make sure it is “saleable”. Meaning make sure that it’s high in demand, and make sure that you can (at least) cover your investment of selling on eBay, and even make a profit in the process.
BUT… there is still a way to make good money while selling a 1 cent product on eBay. How? It’s called “backend marketing”. This is simply the process of selling your other products to the people who’ve bought from you in the past. This is actually a good strategy. And this is where most of your profits on eBay will come from.
Your past customers are the prime group of people to sell things too. The more of them you have, the better. eBay is a place where people go to BUY something. So they won’t searching for “information”. It’s your job to convert them into repeat customers. And with higher priced products than the initial one that you sold them… you can make a lot of money doing this technique over and over again. The more customers you get, the better.
eBay is simple and straightforward. I hope you have what it takes to make it a success for you! Good luck.
