What a whirlwind this first week of January has been. I can already tell that this year is going to go by quickly–so buckle your seatbelts–we are in for a bumpy ride. Just kidding. eBay did throw us a bump this week so please read on.
- Special Announcement: Contest for my new book title
- Feature Article: New Strategy for eBay’s Price Increase
- The Queen’s Update: My Collection Buying Spree: Beer Mugs and English China
- Lynn Recommends Upcoming Real Life Boot Camp!
This ezine is now published once a week.
January 11, 2007, Volume III, Issue 2
It has been a crazy week (what is new?) However, I did hire a new assistant and her name is Krysty. She has been a tremendous help and is settling in quite nicely in our chaotic environment!
Here is a picture of Haley, Krysty, Indy, and Mommy (I had to add a y to Mom–everyone else on the list has one) shipping the first Boot Camps in a Box a week ago Friday. Haley is my high school intern, Krysty is my new assistant, Indy is my daughter and Mommy is, well, my mom.
I receive many wonderful emails from my readers. This one really touched my heart:
“Lynn, I just had to write to let you know how much I enjoy reading your 100 Best books!!! I wonder how many of us feel like we know you and your grandmother so well??! I’m sure she would be filled with utter joy to know how much you loved and admired her!”
“Every day while eating lunch, I read one or two stories from your More 100 Best Book (of course I read the first one too.) I look forward to it and enjoy it so much! I limit myself to reading just one or two stories because I’m trying to stretch the book out as long as I can. I hope that the third book is almost finished. HURRY, HURRY!! Could you please do one book a week? LOL! If you keep writing them, I’ll keep buying them and ENJOYING THEM! Thanks for sharing your AMAZING stories!”
Because of such positive feedback, I have actually started writing The Third 100 Best Things I’ve Sold on eBay. Yippeee! I absolutely love writing these books. It will be released in time for eBay Live June 14th through 16th in Boston. For more info on eBay Live, watch this page.
I am super excited for eBay Live because we have a huge booth this year (well, 10′ by 20′) and it is in Boston where my best friend Melanie lives. Speaking of Melanie, she is the one that came up with the great title for the second 100 Best Book, Money Making Madness.
We are all at a loss for the title of the new book so my mom had a great idea. Why don’t you have a contest? Super! Details are in this ezine.
eBay threw us a bump in the road this past week when they announced an increase in fees. At first, I was upset (as I am sure most of you were) but the more I thought about it the more I realized that it would (once again) make me re-evaluate and streamline my business.
This is always a good thing and I am happy to report that I have figured out how to save money! Please read this week’s feature article about my new business strategy.
I also have an update on the Midwinter English China and the Beer Mugs I bought last week and it is all good news! Read about this in the Update section.
Finally, I am excited to announce a Live three-day eBay Boot Camp!!! We haven’t ironed out all of the particulars, but more info can be found in the “Lynn Recommends” section at the end.
Here’s to Successful eBaying!
Lynn Dralle,’ The Queen of Auctions,’ Creator of the best-selling eBay Boot Camp in a Box.
P.S. Last week I attributed receiving the WSJ article to Janet King. She is the one who sent me the first scanned copy. Thanks! However, Jerry Devilbiss (a special family friend) was the first person to call us and alert us to the article’s existence. He is also the first person to actually mail it to us—so thanks to Jerry and I am sorry for having a brain-freeze moment!
On January 12th I had to submit the title and cover art for my new 100 Best books to my distributor. This is what we are going to submit for lack of anything better at this point:
100 Best Things Number Three!
My mom’s idea and our challenge to you is this. Come up with the catchiest and best title you can imagine for my new book and if we choose yours as the grand prize winner you will receive….a $250 credit on my website or in my eBay store! This doesn’t mean that we will necessarily use your title, but it will be our favorite from all the submissions. How fun! Email your best title now to Contest@TheQueenofAuctions.com for our consideration.
‘New Strategy for eBay Price Increase!‘
by Lynn A. Dralle, ‘The Queen of Auctions
The new eBay price hikes that were announced last week were quite a shock. I thought that eBay was done with price hikes when they raised fees right after eBay Live in June. After running the numbers I realized that it wasn’t that big of a deal after all.
To address Bill Cobb’s announcement of this week:
The 5 cents additional insertion fee for items from $1 to $9.99 is certainly going to affect my business. The final value fee increase from 3 to 3.25% for items that sell for over $25 is not going to affect me very much. My average ticket price is about $20 so when I do sell something for over $25 it is not going to be a huge hit.
The extra 5 cent insertion fee increase is definitely going to affect my bottom line. I was quite upset at first–as probably most of us were. Then I just decided to change my business plan and listing strategy. eBay is the market leader and this is where I want to keep my inventory. Besides, I love eBay and I am just going to adjust my business model to make it work.
As most of you know, I typically list 100 new items per week at 35 cents each (not factoring in the gallery option). This used to cost me $140 per month. Now it is going to cost me $160 per month. So it is really only a $20 increase.
As an example,
Let’s say out of the 400 items I originally listed for each month, I sell 200 the first time out. Of the 200 left, I used to relist 180 at a cheaper price at auction and move 20 right into my eBay store. Out of those 180, only 20 will typically sell. So, I have spent another 160 times 35 cents or $56.00 per month. This $56.00 per month has been bothering me anyway and this is where I am going to adjust and actually save money! Starting January 31st watch me change.
I will only be relisting 20 items per week at auction (as opposed to 40 items in my former business model.) Those other items are going to go right into my eBay store. So, the $56.00 I was spending in relisting fees is now only going to be 80 times .40 or $32.00 per month. This saves me $24.00 per month which will more than cover the extra $20 per month increase in insertion fees.
I have to be honest, once again, it makes perfect sense for me because I am selling way more out of my eBay store anyway (instead of at auction.)
As an example, when some of the Midwinter English dinnerware from last week didn’t sell, I asked Krysty to list it directly into my eBay store. The next morning, we found that four more items had sold overnight–the first night in my store!
Also, I have been shopping a lot on eBay lately and I have to tell you, I shop in eBay stores more than at auction because I like to buy it nows. I don’t want to bid on something, wait 7 days to see if I win it and if not, have to start all over. The eBay stores are very appealing to shoppers.
BUT, never list anything in your eBay store without trying it at auction first. If you don’t try it at auction you won’t know if it was a sleeper (worth a lot more than $9.99.) For more information on this please check out my eBay Stores Special Report.
I encourage all of you to re-evaluate your relisting policies before January 31st when the changes take effect.
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WANT TO USE THIS ARTICLE IN YOUR EZINE OR ON YOUR WEBSITE? Yes, you may – just as long as you include this complete blurb with it: The Queen of Auctions and eBay Power Seller, Lynn Dralle, publishes ‘eBay Tips & Tricks’ a weekly ezine with 8000+ subscribers. If you’re ready to jump-start your eBay business, make more money and have more free time, get your FREE tips now at www.thequeenofauctions.com
“O.K., Lynn,” you may be asking. “What happened with the beer mugs and the Midwinter dinnerware from last week?” Well, I would love to tell you! So here it is!
First the dinnerware. I had 44 auctions listed with the Midwinter Sun dinnerware that I bought for $35.00. We sold 21 auctions for a total of $257.56. I had Krysty relist 23 of them two days ago right into our store (I am saving money on insertion fees!) Notice how the dinner plates (that were listed as singles) were put in the store as an item with multiple available.
Click here to see this item in my store.
The morning after Krysty listed them in the store, we were shocked to see that we had sold 4 store listings. One store listing for 3 bread plates at $9.99, another store listing for 3 bread plates at $9.99, and 2 of our multiple listings for dinner plates at $14.99 each. Another $49.96 to add to my running total. So far, $307.52! Not bad for a $35.00 investment.
And, I still have 19 store listings left that total $256.81. I have no doubt that these pieces will sell. It is a highly desirable pattern and my prices are spot on. Once the Midwinter sells from my store, I will have grossed $561.33 on a $35.00 investment. If you want to learn the Dralle method for making this type of return, check out eBay Boot Camp in a Box.
Now let’s check out the beer mugs. I bought 34 for $18.50. Super cheap. I sold 9 of them at auction for $104.44. The pewter ones sold the best but the one that sold for the most was a tall clear one from Holland. Here is a link to that auction.
I have 25 of them that didn’t sell. If it were after January 31st, I would relist them immediately into my eBay store. But since I have a few days until the price hikes take effect, I have asked Krysty to relist them at auction at $3.99 each. One of my criteria for whether they go into my eBay store or back at auction is “How big are they?” “How much space do they take up?” These are pretty big and I would like to clear them out.
All in all, it was a great week on eBay for me and I LOVE selling collections!
eBay Power Seller and third-generation antique dealer, Lynn Dralle, is the creator of Boot Camp in a Box, the home-study course where you can learn to implement the Dralle Method to maximize your eBay profits.
If you liked today’s issue, you’ll love this step-by-step course that is guaranteed to be the most complete and enjoyable guide to selling on eBay that MAKES YOU MONEY.
Read all about it here.
The Queen of Auctions also offers free articles, teleseminars, how-to books, tracking guides, DVDs, eBay Boot Camp training, and other resources to help entrepreneurs make their eBay business a six-figure sales machine. Click here to learn more.
The Queen of Auctions/All Aboard Inc.
PO Box 14103
Palm Desert, CA 92255
Many of you have asked me “When is the next 3-Day Live eBay Boot Camp?” That I have finally picked a month–March!! We are just now working on getting the actual dates and securing the hotel and meeting rooms.
It looks like it will be towards the end of March so you will have plenty of time to plan for attendance. We do know that it will once again be held at LAX. It is such an easy airport to fly in and out of and you don’t need to rent a car because all of the hotels offer shuttles. Although, if you are Patti Rose (one of my last Boot Camp graduates), you may want to rent a car to drive home since you will acquire so many goodies!
“Lots of great tips, lots of great techniques, secrets, a ton of value, lots of fun, and I’m going to make a ton of money with everything she taught me.”
–Patti Rose, Santa Cruz, CA
If you are one of my Boot Camp graduates or have purchased Boot Camp in a Box, you will get the first chance to reserve a spot. AND don’t forget your Boot Camp in a Box purchase price comes right off the price of the Boot Camp. How can you pass it up? We are taking less than 25 students so please watch for these special emails.
The 3-day Boot Camp will be announced to my entire list of 8,600 soon so if you are at all interested, please sign up quickly. I don’t want it to sell out before you get the chance to reserve your seat. I can’t wait to work with, get to know, and bond with my first class of 2007.
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Lynn is an experienced eBay Power Seller, author, and teacher. If you want to know the eBay tips, tricks, and tools that Lynn uses for buying and selling at an online auction click here.