Lowering Prices all the time isn’t the most wise decision for a seller to do, unless you’re a large retail store. it’s not good business practice. but having a customer appreciation sale sounds great.

And you could never go wrong with offering coupons with your orders. that is a thumbs up with me!
~Norma’s Bath and BOdy

I hesitate to offer tips on how to succeed during hard times, I feel these are good business practices all the time.

First, stop thinking challenge, think opportunity. These are fantastic times to grow your business and gain a strong foothold for when the economy turns around. Every new customer is another opportunity to gain a customer for life, treat them well and they WILL come back.

Write a business plan even if you are a sole proprietor with a computer and a garage full of stuff. You wouldn’t build a house without a blueprint. A business plan is your “blueprint”. You don’t have to write it all at once, simplify and adapt it to your business. This will help keep you on track to grow your business and manage your costs. Here are some excellent resources for business plans.

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Have weekly sales meetings even if it’s just you attending. I giggle at my “sales meetings”, I’m the only one there, therefore, I can’t call in sick…
Seriously, 15 – 30 minutes a week will help you review last week, renew your energy and give you “quiet time” to turn those ideas you have into goals.

Market to [URL removed] Make sure your marketing/advertising campaigns include women. Women quietly control a major portion of the buying dollar and they react differently to advertising then men or children.

Market to the Hispanic [URL removed] Again, be sure to include this (largely untapped) market in your campaigns.

Find a SCORE chapter in your area, they usually offer free seminars on everything from online sales to getting the most for your advertising dollar. These are very successful business people willing to mentor and share, take advantage of it.

Unless absolutely necessary, don’t cut your prices. Show the value of your product. Slashing prices is a temporary solution to a permanent problem. You need to have a profit to maintain and grow your business. Instead, look for unique ways you can increase your products’ value to the consumer. People will pay to get what they want as long as they perceive it is the best value.

Get involved in your favorite charity, it’s a wonderful way to network and feel good about giving back to the community. A few hours a month of your time is worth hundreds of advertising dollars.

Most of all, try not to give up. Dr. Seuss’ first children’s book was rejected 29 times before being accepted for publication. Thank goodness he didn’t give up!
I don’t believe in impossible. There are different degrees of “easy” and “hard” but there is no impossible.

Have a great day!
JoAnna

1. Have you drastically lowered your prices
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Not really

2. Are you scheduling more bonanza’s? (when possible)
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No. I don’t really see where Bonanza’s are all that effective. It is a “site thing” and you are mostly advertising a sale to the other sellers here, that are trying to do the same thing. But that’s just my opinion.

3. Are you utilizing the markdown manager? (paying members)
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N/A

4. Are you selling your items in lots?
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No

5. Are you offering free shipping?
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Occasionally. But I really don’t like the “free shipping” verbage as most of the time shipping really isn’t “free”. It’s usually just figured into the price of the item

6. Are you offering store coupons or discounts?
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yes I do offer my customers a 5% Gift Certificate to use on their next shopping trip, if they buy $10 or more in either one of my stores

7. Are you having live auctions to initiate more sales?
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No. I came here to get away from Auctions. If I wanted to do auction I’d go back to feebay where the customer traffic is heavier

8. Have you increased your advertising via twitter & facebook?
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I’ve done Twitter and never seen any sales that came from that. I am still working on getting my FaceBook account set up

9. Have you increased your outside promoting
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Yes

The past several months I have not bought much New inventory and I am trying to concentrate on selling items I have already in stock. Plus promoting my items on Facebook & Twitter as much as possible.

In this present economic situation people will still spend, there is still opportunity to sell. What has changed is what and how people want to buy. I believe you now have to hedge your opportunities. Find multiple selling venues on the internet and other wise. Such as consignment auctions, Antique Shows, Flea Markets, Garage Sales, Antique Mall, Private word of mouth sales. Then look for areas to specialize in, being knowledgeable in those areas. If you are in the know you will know how to buy as well as sell the item. Try to have a variety of areas that you concentrate on, thus a variety of items for sale. You still need to put a lot of items out for sale. In the collectible and antique area you make your money when you buy right and price right. My perspective is looking from the antique and collectibles area of selling. The use of Bonanzle is one part of a much larger picture.

I have to totally SUPPORT that “Lowering Prices all the time isn’t the most wise decision”…

I have made sure to be very choosey as to what I buy to sell, that way I am not stuck with excess inventory.

I am increaded promo of my booth any place I can

I tweet everything and facebook alot of it too

just a few things I have done

I try to do more outside promoting.

I have quit doing Bonanzas, and lowered a few prices that I felt I could give on. I don’t think lowering prices brings in customers, and all it does it makes the seller lose money. If you price it cheap, it will be perceived to be of cheap quality.

I am in the process of looking at unlisted items, and seeing where I can make lots of items, to save the customer shipping, on a per item basis.

I haven’t changed my business strategy at all. I’ve always offered free shipping on most of my items. I Tweet more and Facebook more, but I think people are still spending their money. (They really should be saving their money.) As long as there are birthdays, holidays, and school theme parties, people are going to buy! I have looked at what I sell most and try to concentrate on selling more of that item. If you sell more perfumes, then buy more perfumes to sell.Study your selling items and buy more of them to sell. That’s my strategy. Always has been and it works for me.

I have narrowed my focus on what I buy & sell. Don’t buy nearly as much as I did a year ago. And I’m pickier in what I buy. I sell china, silverware, jewelry and collectibles – I’m concentrating more on silverware and jewelry. There’s a bigger profit margin on these items. And they’re ever so much easier to ship than china. We have to keep adapting to a changing business climate.

I tried lowering prices but it didn’t help… some customers are skeptical when the price is low. I tried offering discounts, coupons through email newsletter and it seems to help :)