Advanced Internet Business Strategies

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Here are some advanced strategies once you\'ve started to build an eBay or Internet business.

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Advanced Internet Business Strategies

  1. 1. Advanced Secrets and Strategies for Selling on the Internet By Joel Elad
  2. 2. Today’s Agenda <ul><li>Wholesale and dropshippers </li></ul><ul><li>Determining what to sell on which site (eBay, Amazon, Yahoo, etc.) </li></ul><ul><li>Opening your own store (eBay/Yahoo) </li></ul><ul><li>How to Sell on Amazon </li></ul><ul><li>Saving money when shopping retail </li></ul><ul><li>The power of referrals </li></ul><ul><li>Getting noticed on the Search Engines </li></ul><ul><li>Getting paid on other people’s sales </li></ul>
  3. 3. I’m assuming you know the following… <ul><li>What eBay is and how to buy and sell </li></ul><ul><li>How to use an Internet web browser </li></ul><ul><li>Using the Internet to research prices </li></ul><ul><li>You’ve heard of or used the following sites: </li></ul><ul><li>Yahoo, Google, eBay, Amazon, Overstock, Craigslist, etc. etc. </li></ul>
  4. 4. Step 1 Find your Products to Sell
  5. 5. Start with what you can get… <ul><li>Great place to start: storage/attic </li></ul><ul><li>Friends and family – Do they (or their workplace) have a product to sell? </li></ul><ul><li>Liquidation Auctions (Storage comp.) </li></ul><ul><li>Local manufacturers / distributors </li></ul><ul><li>Trade shows/craft fairs – Hobbies Hey… what about buying wholesale? </li></ul>
  6. 6. Wholesalers <ul><li>Wholesaler: You buy direct from a wholesaler to get better prices, usually in large quantities and then resell the items online. They typically provide pictures and descriptions for you to use, some link to eBay. </li></ul><ul><li>GOOD: Better discount than going retail, you have a dependable source to get more if a product is profitable, usually have selection. </li></ul><ul><li>BAD: You pay up front and have to store, pack, and ship the merchandise yourself. Most wholesalers don’t take returns, so if it doesn’t sell, you have to liquidate at a loss. </li></ul><ul><li>DO YOUR HOMEWORK BEFORE YOU JOIN! </li></ul>
  7. 7. Most wholesalers let you order through their website <ul><li>Create and monitor your orders </li></ul><ul><li>Get product descriptions & pictures </li></ul><ul><li>Alert you to new products </li></ul>
  8. 8. Some wholesalers use e-mail to alert you to new deals
  9. 9. Drop-Shippers <ul><li>Drop-ship: You sell the item, THEN you buy it from a wholesaler, and THEY ship out the item directly to your customer. </li></ul><ul><li>GOOD: No up-front investment for the item, no time needed to ship out the item. </li></ul><ul><li>BAD: Your reputation is on the line, and you usually never get to meet your drop-shipper to see their operations. If you’re part of a wholesale “club”, you’re competing against other members. </li></ul><ul><li>DO YOUR HOMEWORK BEFORE YOU JOIN! </li></ul>
  10. 10. Some examples <ul><li>WorldwideBrands.com - Directories </li></ul><ul><li>DOBA.com (Wholesale) – Annual fee </li></ul><ul><li>LiquidXS.com – Certain categories </li></ul><ul><li>Genco.com – Buy 1+ pallets of stuff! </li></ul><ul><li>Alibaba.com – Buy direct from China! </li></ul><ul><li>Liquidation.com – Business surplus </li></ul><ul><li>GoWholesale.com – Portal of info </li></ul>
  11. 11. The Definitive Resource for Product Sourcing <ul><li>Find the Products Buyers Want </li></ul><ul><li>Locate Legitimate Suppliers </li></ul><ul><li>Sell Profitably in the eBay Marketplace </li></ul><ul><li>eBay Certified Service Provider </li></ul><ul><li>Co-author Best Selling Book “ What to Sell on eBay and Where to Get It ” </li></ul><ul><li>Contributing Editor Entrepreneur Magazine Product Sourcing Radio Show </li></ul><ul><li>Featured Speaker 2005 & 2006 - eBay Live! Product Sourcing Panel </li></ul><ul><li>Monthly eBay Workshops on Product Sourcing </li></ul><ul><li>Featured in Top Publications and Radio Shows, Including eBay Radio </li></ul>
  12. 12. Business Building Strategies <ul><li>How to Find the Products Buyers Want </li></ul><ul><li>Translate Trends into Products ™ </li></ul><ul><li>Tune into Trending Information through Idea Hotspots ™ </li></ul><ul><li>Profiles of Today’s Hot Retail Niches </li></ul><ul><li>How to Build a Fresh Dynamic Product Line </li></ul><ul><li>Locate Suppliers for Any Type of Product </li></ul><ul><li>Strategies to Work With All Kinds of Suppliers </li></ul><ul><li>Use Multiple Sourcing Venues to Expand Your Product Line </li></ul><ul><li>Creative Selling and Marketing Strategies to Maximize Sales </li></ul><ul><li>Add Value to Your Products and Services </li></ul><ul><li>Define a Unique Selling Position </li></ul><ul><li>Drive Repeat Sales through Customer Retention </li></ul>
  13. 13. <ul><li>Subscription Based Website </li></ul><ul><li>Hundreds of Professional Strategies </li></ul><ul><li>Continually Expanding Library </li></ul><ul><li>All Original, Exclusive Content </li></ul><ul><li>Step-by-Step Techniques </li></ul><ul><li>LIVE Monthly Member’s Only Teleseminars </li></ul><ul><li>Audio and Video Training </li></ul><ul><li>Interactive Member’s Only Discussion forum </li></ul><ul><li>No Long Term Contracts </li></ul>Get the What Do I Sell.com Advantage ™ Training Methodology http://www.whatdoisell.com/joelelad
  14. 14. eBay Reseller Marketplace <ul><li>Only available to PowerSellers </li></ul><ul><li>Wholesale lots </li></ul><ul><li>Reputable Sellers </li></ul><ul><li>eBay benefits http://www.ebay.com/reseller/ </li></ul>
  15. 16. Step 2 Determining the Right Channel
  16. 17. So, why should I care about different channels? <ul><li>Variety of users eBay has 244 million users Yahoo has 50-60 million shoppers Amazon has 57 million shoppers Craigslist and Google have TONS </li></ul><ul><li>Things don’t sell as well on one channel as they might on another channel </li></ul>
  17. 18. The type of good can be a dead giveaway… <ul><li>Books/Media – Look at Amazon 1 st </li></ul><ul><li>Rare/One-of-A-Kind – eBay Auction </li></ul><ul><li>Commodity good – Your Own Store </li></ul><ul><li>Heavy/hard to move – Craigslist </li></ul><ul><li>High-priced collectible – Niche site </li></ul><ul><li>Homemade/Original good – Everywhere </li></ul>
  18. 19. Research to find your answer <ul><li>Use the website’s search engines to see if that product sells on that site. </li></ul><ul><li>If it does sell, see if it’s a popular item on the site. Compare the prices the item gets vs. other sites. Was it easy to find? Are there lots of reviews associated with the item? </li></ul><ul><li>If it doesn’t sell, find out if it’s legal to sell on that site </li></ul><ul><li>Use Google or Yahoo to see where the item is popping up </li></ul>
  19. 20. Shopping Comparison sites <ul><li>Froogle.com </li></ul><ul><li>Shopzilla.com </li></ul><ul><li>Shopping.com </li></ul><ul><li>Yahoo! Shopping (shopping.yahoo.com) </li></ul><ul><li>PriceGrabber.com </li></ul>
  20. 21. See what other eBayers are bidding on! <ul><li>http://pulse.ebay.com </li></ul><ul><li>Seller Central </li></ul><ul><li>“ What’s Hot” Categories Report </li></ul><ul><li>Most Watched Items </li></ul><ul><li>Merchandising Calendar </li></ul><ul><li>Buyer Behavior Report </li></ul>
  21. 22. Look at what eBay is telling you about sales data <ul><li>http://pulse.ebay.com </li></ul><ul><li>eBay watches their sales data like a hawk, and here, they tell you: </li></ul><ul><li>The 10 hottest search terms per category </li></ul><ul><li>The 5 largest stores per category </li></ul><ul><li>The most watched items per category </li></ul>
  22. 23. Look at what eBay has learned from their own sellers… <ul><li>http://pages.ebay.com/sellercentral/ </li></ul><ul><li>eBay gives you functions like: </li></ul><ul><ul><li>Category Tips: Learn what’s In Demand through the Pulse program, read Seller’s Edge stories on category advice, or study actual Seller Profiles. </li></ul></ul><ul><ul><li>Advanced Selling - Seller OnRamp: Schedule an appointment with an eBay consultant for business selling on how you can grow your eBay business. </li></ul></ul><ul><ul><li>Best Practices: Advice on everything from Research & Pricing to Merchandise & Shipping. </li></ul></ul>
  23. 24. What else can Seller Central tell me? <ul><li>What’s Hot – eBay tells you which specific subcategories have the greatest amount of growth </li></ul><ul><li>Merchandising Calendar – Find out when eBay is promoting specific products on the home page </li></ul><ul><li>News and Updates – Find out about listing sales, item specifics changes, etc. </li></ul>
  24. 25. What is the Buyer Behavior Report? <ul><li>This report is a first in a series of detailed eBay usage reports highlights how buyers use eBay. (Go to Advanced Selling, Data & Research) Use this information to better understand eBay Buyer Behavior, refine your listing & merchandising strategies. </li></ul><ul><li>This report covers the following topics… </li></ul><ul><ul><li>Number of unique visitors to eBay.com per month </li></ul></ul><ul><ul><li>Visit patterns (by day of week, category, and time spent) </li></ul></ul><ul><ul><li>Typical user paths through eBay.com </li></ul></ul><ul><ul><li>Visitor demographics </li></ul></ul><ul><ul><li>Market research on active eBay buyers </li></ul></ul>
  25. 26. Advanced Research through Data Analysis! <ul><li>Study pricing data for the last month, quarter, or year! </li></ul><ul><ul><li>Terapeak – www.terapeak.com </li></ul></ul><ul><ul><li>PowerDesk – www.hammertap.com </li></ul></ul><ul><ul><li>eBay Marketplace Research </li></ul></ul><ul><ul><li>Prices range from FREE to $25/month </li></ul></ul>
  26. 27. What can Data Analysis tell me? <ul><li>The performance of a category over time </li></ul><ul><li>How a “seasonal” category performs over a year </li></ul><ul><li>Average rates of returns and sell-through ratios </li></ul>
  27. 28. How precise can my eBay listings be with Data Analysis?
  28. 29. Step 3 Build your own Storefront <ul><li>eBay Store </li></ul><ul><li>Inventory Listings </li></ul><ul><li>Using Auctions to draw Attention </li></ul><ul><li>Cross-Promotion </li></ul><ul><li>Reports and features </li></ul><ul><li>Steady sales </li></ul>
  29. 30. Why get an eBay Store? <ul><li>All your items in one place </li></ul><ul><li>Fixed URL web address </li></ul><ul><li>You can create up to 300 custom categories </li></ul><ul><li>Advanced FREE reporting options </li></ul><ul><li>Advanced marketing techniques </li></ul><ul><li>Great cross-promotion options </li></ul><ul><li>Buyers can search only YOUR listings! </li></ul>
  30. 31. What options are there? <ul><li>Basic store - $15.95/month </li></ul><ul><ul><li>Free telephone support </li></ul></ul><ul><ul><li>Unified storefront for unlimited items </li></ul></ul><ul><li>Featured store - $49.95/month </li></ul><ul><ul><li>Free Selling Manager Pro ($15.99/mo value) </li></ul></ul><ul><ul><li>More marketing options </li></ul></ul><ul><li>Anchor store - $299.95/month </li></ul><ul><li>In addition, you pay up to 10% of monthly sales as Final Value Fees </li></ul>
  31. 32. What does an eBay Store look like?
  32. 33. How do I manage my eBay Store?
  33. 34. Should you use Yahoo for your e-commerce store? <ul><li>1 in 8 stores on the ‘Net is a Yahoo! store </li></ul><ul><li>Full range of tools offered </li></ul><ul><li>Easy to use </li></ul><ul><li>Starts at $39.95 per month </li></ul>
  34. 35. Why Yahoo? <ul><li>You own your own domain name </li></ul><ul><li>They provide 300+ templates, shopping carts, and website tools </li></ul><ul><li>They provide powerful reporting features </li></ul><ul><li>You get discounts on popular marketing programs (credit towards Search Engine ads) </li></ul><ul><li>Free telephone support and advice during 1 st 60 days of operation </li></ul>
  35. 36. Yahoo provides lots of different functionality
  36. 37. Yahoo Merchant Solutions <ul><li>Starter- $39.95/month + 1.5% </li></ul><ul><li>Standard - $99.95/month + 1.0% </li></ul><ul><li>Professional - $299.95/month + .75% </li></ul>
  37. 38. Other Website Solutions <ul><li>GoDaddy: $9.99-29.99/month </li></ul><ul><li>1and1: $9.99 and up/month </li></ul><ul><li>ProStores: $6.95/month (<10 items) </li></ul><ul><li>Free websites – They own ads </li></ul><ul><li>Your ISP – get some space? </li></ul><ul><li>PayPal Shopping Cart/Buttons - free </li></ul>
  38. 39. Why should you want your own website? <ul><li>Unlimited number/type of products </li></ul><ul><li>Independence </li></ul><ul><li>Focus </li></ul><ul><li>Lower cost </li></ul><ul><li>Build repeat business </li></ul><ul><li>Create a brand – your website is the center of that brand </li></ul>
  39. 40. What can you sell? <ul><li>Products </li></ul><ul><li>OPP – Other People’s Products </li></ul><ul><li>Advertisements! (Google) </li></ul><ul><li>Information </li></ul><ul><li>Your own branded products (CafePress) </li></ul>
  40. 41. What do you need to open your online store? <ul><li>Storefront provider (Yahoo, etc.) </li></ul><ul><li>Merchant Credit Card account (PayPal) </li></ul><ul><li>Business paperwork (Permits/licenses) </li></ul><ul><li>Set of policies (Privacy, Return, etc.) </li></ul><ul><li>Contact Information (Skype, eFax) </li></ul><ul><li>A plan! </li></ul>
  41. 42. Coming Feb 2008 – Web Stores Do-It-Yourself for Dummies <ul><li>Step by Step guide </li></ul><ul><li>Yahoo, ProStores, 1&1 case studies </li></ul><ul><li>Build, launch, and promote your online store </li></ul><ul><li>$24.99 retail </li></ul>
  42. 43. Selling on Amazon <ul><li>Earth’s Biggest Bookstore </li></ul><ul><li>Today, 43 product categories </li></ul><ul><li>As of last year, over 925,000 people sell on Amazon 57 million shoppers, less than a million sellers? </li></ul><ul><li>30-37% of Amazon’s sales is from third-party people like you! </li></ul>
  43. 44. How can you sell on Amazon? <ul><li>Marketplace </li></ul><ul><ul><li>Books </li></ul></ul><ul><ul><li>DVDs </li></ul></ul><ul><ul><li>Music </li></ul></ul><ul><ul><li>Consumer Electronics </li></ul></ul><ul><ul><li>Computers & Video Games </li></ul></ul><ul><ul><li>Musical Instruments </li></ul></ul><ul><ul><li>Cameras & Cell phones </li></ul></ul><ul><ul><li>Everything Else! (not in their main catalog) </li></ul></ul><ul><li>Auctions </li></ul>
  44. 45. Why sell on Amazon? <ul><li>List something in under 60 seconds </li></ul><ul><li>In most cases, no photography, no lengthy description </li></ul><ul><li>Buyers are coming specifically to shop, not browse like eBay </li></ul><ul><li>No upfront listing fees – pay only when it sells </li></ul><ul><li>They ensure you get paid every time </li></ul>
  45. 46. Cost of using Amazon <ul><li>Books, DVD’s, Music – 15% + .99 </li></ul><ul><li>Everything Else – 10% + .99 </li></ul><ul><li>Electronics – 8% + .99 </li></ul><ul><li>Computers – 6% + .99 </li></ul><ul><li>Payment processing is included </li></ul><ul><li>Get paid every 2 wks from Amazon </li></ul><ul><li>Pro Merchant - $39.99/month (No .99/item) </li></ul><ul><li>Shipping profit </li></ul>
  46. 47. How do you sell something on Amazon? Look for the Sell Yours Here button!
  47. 48. Step 1 – Select Condition & Write some comments
  48. 49. Step 2 – Pick a price and Shipping Locations
  49. 50. Step 3 – Review my Sales Information
  50. 51. How can I save money at retail? <ul><li>Shop at Best Buy, Circuit City, Target, Barnes & Noble, etc? GIFT CARDS! </li></ul><ul><li>People sell coupons online! </li></ul><ul><li>Read Sunday ads in advance </li></ul><ul><li>FatWallet, & other ‘coupon code’ sites </li></ul><ul><li>Anandtech Forums (www.anandtech.com/forums) </li></ul>
  51. 52. How do you market yourself? <ul><li>Search engine ads </li></ul><ul><li>Newsletters </li></ul><ul><li>E-mail marketing </li></ul><ul><li>Blogs (online journals) </li></ul><ul><li>Sell on other sites </li></ul><ul><li>Writing articles in your subject </li></ul><ul><li>Participate in discussions </li></ul>
  52. 53. Getting picked up by the Search Engines <ul><li>SEO = Search Engine Optimization </li></ul><ul><li>Using keywords </li></ul><ul><li>Using keywords wisely </li></ul><ul><li>Not abusing the keyword placement </li></ul><ul><li>Submitting to the search engines </li></ul><ul><li>Getting those referrals from others </li></ul>
  53. 54. Referrals are key <ul><li>Search engines judge your popularity by “incoming links” </li></ul><ul><li>Link Exchanging </li></ul><ul><li>Getting mentioned in blogs </li></ul><ul><li>Writing and distributing articles </li></ul><ul><li>Getting quoted in other articles </li></ul>
  54. 55. Where to put keywords? <ul><li>Domain name/subdomain widget.widgetsales.com </li></ul><ul><li>HTML Title of web page </li></ul><ul><li>Name of the web page </li></ul><ul><li><META> tag </li></ul><ul><li>Words that are linked to other sites </li></ul>
  55. 56. Make money from other people’s sales <ul><li>Google AdSense – make money by hosting search engine ads </li></ul><ul><li>Amazon Affiliate – Customer buys a book, you get a percentage </li></ul><ul><li>Clickbank Affiliate – You sell someone’s information product, you get a big %. </li></ul><ul><li>Affiliate Marketing in general </li></ul>
  56. 57. Examples of Affiliate Marketing on your site Google AdSense Amazon Affiliates
  57. 58. The top sites for Affiliate Marketing <ul><li>Commission Junction – www.cj.com </li></ul><ul><li>Amazon www.amazon.com/associates/ </li></ul><ul><li>Google – adsense.google.com </li></ul><ul><li>Clickbank – www.clickbank.com </li></ul><ul><li>VistaPrint – www.vistaprint.com/join </li></ul><ul><li>Barnes & Noble – www.bn.com/affiliate/ </li></ul><ul><li>Shareasale – www.shareasale.com </li></ul>
  58. 59. List of Marketing Resources and their WWW addresses <ul><li>Search engine advertising </li></ul><ul><ul><li>adwords.google.com </li></ul></ul><ul><ul><li>searchmarketing.yahoo.com </li></ul></ul><ul><li>E-mail marketing </li></ul><ul><ul><li>www.constantcontact.com </li></ul></ul><ul><li>Blogs </li></ul><ul><ul><li>www.blogger.com </li></ul></ul><ul><ul><li>www.wordpress.com </li></ul></ul><ul><li>Articles </li></ul><ul><ul><li>www.articlemarketer.com </li></ul></ul><ul><ul><li>www.ezinearticles.com </li></ul></ul><ul><ul><li>www.articlesbase.com </li></ul></ul>
  59. 60. Conclusion <ul><li>There are lots of ways to make money that not everyone is doing. </li></ul><ul><li>Make your own brand, control your sales, and build a customer following. </li></ul><ul><li>For help or to ask questions: [email_address] </li></ul><ul><li>THANKS FOR COMING!!! </li></ul>

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