Consignment is a simple concept ? taking other people's products and selling them for a percentage of the sale. According to renowned eBay PowerSeller Skip McGrath, of http://SkipMcGrath.com, ?Consignment selling is the fastest growing phenomenon on eBay. The key to successful online consignment is marketing your services.?
He recommends four techniques to help you promote your business and build up a customer base: advertising, public relations, networking, and creating a web site.
1. Advertising. The market you're in will determine your course of action here.
The Retail Market ? selling products for ordinary people:
? Door hangers.
? Classified ads in small- to medium-sized market newspapers.
? Flyers.
? Posters.
? Radio spots.
? Attorneys ? estate executors and bankruptcy processors.
The Business to Business Market ? selling excess inventory for retailers and manufacturers:
? Classified ads in business journals.
? Direct mail.
? Attorneys ? bankruptcy processors.
? Local charities and not-for-profits. Rather than always asking their supporters for money, they can ask them to donate products you know will sell. So you're building relationships that are profitable for everyone.
2. Public Relations.
? Write a press release, print out a copy and mail it to all your local newspapers. Often, they'll promote a new business in hopes that they'll advertise with them in the future.
? Community groups ? the Lions, the Jaycees, your local chamber of commerce are ? especially useful for business marketing. Your chamber of commerce should have a newsletter that you can advertise in and that every chamber member in town will get. However, if you do sign up for a community group, volunteer for something. You'll make more connections, and be taken more seriously, than if you just show up at the meetings to gain contacts.
3. Networking.
?Implement the McGrath 3-foot Rule. Explains McGrath, ?I always have business cards on me, and anyone that gets within 3 feet of me is going to learn what I do.?
?Cold call on potential customers. Walk around the business section of town (for retail, try your neighborhood), and let them know that you can help them liquidate their surplus merchandise. If businesses seem reticent, offer to let them give you one or two pieces as a trial, and then make sure you do a good job selling those.
?Build a database of your customers. Collect business cards and stay in contact periodically. Send an email; send a Christmas card. Retaining customers is easier than finding new ones.
4. Create a website
? Try to include your city and the word ?consignment? in the title ? these are very popular search terms right now.
? Give your consignors a link to your site so they can check the status of their own auctions.
? Send out emails or a newsletter through your web site to your customer database.
You may find some methods work for you better than others, but the main thing is just to let the world know you're there.
Think about it this way: You have a client list of 100, and your conversion ratio is 10%. Thus, you sell 10 products. In stark contrast, you have a client list of 1000. With a conversion rate of 10%, you would sell 100 products. Or, you could have a low conversion rate of only 5%, but still sell 50% products. Although the mathematical calculations are simple, the value of volume in your client list is dramatic.
There are several strategies you can partake in which will build your email client list:
*Engage in a strategic alliance: The tried and true method of growing your client list is to find a strategic alliance partner that has synergies with your business. For example, if you sell accounting software, partnering up with a small business consultant could be a fortuitous strategic alliance. You can either choose to exchange your client lists, or provide each other's clients a discount, which will lead to additional referrals that grow your email list.
*Select targeted clients: One of the most cost-ineffective mistakes business owners make is purchasing email lists from companies. There is a difference between a real lead for your client list in comparison to a list of emails. There is a high probability that nearly all of the people on the email list you purchase will not be interested in your product or service - it is too generic. The key is to target clients that are niche to your product or service offerings. For example, if you sell wedding invitations, your niche audience is very niche, and buying a general email list is essentially useless.
*Utilize a squeeze page: Properly implementing a squeeze page can significantly increase your client list, as well as your conversion rates. In a good squeeze page, it details exactly what the subscriber will receive in exchange for the email address, and it is important that a privacy policy is also included. With growing internet crime and consumer hesitation to give out email addresses, it is important that the squeeze page not only exude professionalism, but also assures that the information will be kept safe.
*Implement a joint venture: Another savvy strategy for building your email client list is to utilize a joint venture partnership. Similar to strategic alliances, you approach another business that has similar synergies to your client base, offering a commission structure. Your partner would then broadcast out your product or service offerings, and then the interested clients will choose to opt into your email list before they obtain the free product, discount, or other offerings.
The internet provides business owners with easy and effective ways to build client lists. By capitalizing upon these strategies, such as joint ventures, strategic alliances, and squeeze pages, you can successfully grow your client list to lucrative levels.
Both Chris Malta & Robin Cowie & Christian Fea are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Chris Malta & Robin Cowie has sinced written about articles on various topics from Computers and The Internet, Free Credit Report Score and Computers and The Internet. Product Sourcing Radio is Created and Hosted by Chris Malta and Rob Cowie of WorldwideBrands.com, Home of OneSource: The Internet's Largest Source of Genuine, Factory-Direct Wholesalers for online sellers.. Chris Malta & Robin Cowie's top article generates over 74000 views. to your Favourites.
Christian Fea has sinced written about articles on various topics from Partnerships, Joint Venture and Business Plan. Christian Fea is a Collaboration Marketing Strategist. He empowers business owners to discover how to implement Integration, Alliance, and Joint Ventures marketing tactics to solve their specific business challenges. He demonstrates how you can create you. Christian Fea's top article generates over 22200 views. to your Favourites.