How To Sell More On eBay -How To Create Urgency!
Transcribe of “How To Sell More On eBay -How To Create Urgency!”
Hi guys, Neil Waterhouse. 50 years ago, the airlines figured out a simple strategy that over doubled their sales. I’ll show you in this quick video how to implement exactly the same strategy on eBay. And I’ll also show you how to leverage this strategy to the next level. Anybody new to this channel, my name’s Neil Waterhouse. I’ve been selling on eBay for 23 years.
I’m the author of “Million Dollar eBay Business From Home”. So let’s launch straight into it. Imagine if you walk into a travel agent and tell them that you want to take your family to say Bali in the next school holidays, and you want to book four seats. The travel agent will look up the airline to see if there are seats available. And if there are seats available, normally the airline will have less than 10 seats available on the date that you wish to leave.
You immediately feel the urge that you’d better book this trip quickly as there’s less than 10 seats available. You book your four seats. But the crazy thing is, as soon as you book your four seats, another four seats are magically released by the airline. Of course, there’s no magic. The airlines do this because they realize that if they told you that there’s, say, 250 seats available, there’s no scarcity and there’s no urgency.
How to create urgency in sales? Bottom line is, airlines get more sales when there is scarcity and urgency, as scarcity is a human mental trigger. The good news is, we can also use the same mental triggers of creating scarcity and urgency on eBay. And then we can take it to another level by leveraging another mental trigger called social proof. Let me show you, take this listing as an example. Notice that it sold 232 times. We call this social proof, i.e., 232 sold.
Human beings love social proof. For those that don’t know, social proof is a term that was coined back in 1984 by author Robert Cialdini in his book called “Influence”. Social proof is a concept that people copy the actions of others in an attempt to emulate their behavior in certain situations. You don’t need 232 sales for social proof. Even one sale is social proof.
Now, let’s take social proof to the next level. On that previous listing, there’s 232 sold and 10 remaining. The 232 is a social proof mental trigger. And to make scarcity, all you do is drop the number available to the lowest possible number. With this listing, if we look at the sales history, we can see that the quantity that normally always sells is one piece at a time. So for this listing, if you reduce the quantity available to only one piece available at a time, now, buyers will see 232 sold, but only one remaining.
eBay will also often show in red only one remaining. So when the average human being sees this, 232 sold, but only one remaining, they’ll feel the social proof mental trigger. And they’ll feel scarcity or urgency. Now, without adding scarcity, the buyer may decide to sit on the fence and think about it for a while. But as the airlines figured out over 50 years ago, if you introduce scarcity, it gets buyers off the fence, as human beings don’t like missing out.
So, you can test the scarcity function yourself simply by reducing the quantity available to the lowest amount. And then you can also fully automate the process by using a program like Scarcity Manager where you simply set the quantity available to show, i.e., one piece, two piece, three pieces or whatever. And Scarcity Manager will automatically add another one every time it sells, just like the airlines do. Scarcity Manager will keep adding more inventory until the last one is sold or until your supplier runs out of stock. I’ll put a link on the screen below for Scarcity Manager. Also, if you do use this strategy, make sure you have eBay’s Out of Stock function enabled so that your listings stay live and don’t end even when you’ve sold your last item.
I won’t go into how to set up the Out of Stock function in this video as I’ve done that before. But if you missed that video, I’ll put a link on the screen below. If you also want to know how to double your clickthrough rate on eBay, make sure you watch this video up here. If you have any questions, please leave them in the comment section below. And if you found your value in this video, please give it a thumbs up and make sure you hit the Subscribe button to the no fluff, ad free channel, that teachers step by step how anyone can make a full-time living from their home using less than $100. Until next week, stay safe, list more, and sell more. This is Neil Waterhouse.
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