How To Build Your Online Consignment Business

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How to Build Your Online Consignment Business


Introduction


Consignment involves selling others' products for a commission. It's a booming trend, especially on platforms like eBay. Skip McGrath, an eBay PowerSeller, highlights that marketing is crucial to thriving in this business. Here are some effective strategies to build your online consignment business.

1. Advertising


Your advertising strategy depends on your target market:

Retail Market:

- Use door hangers, flyers, and posters to reach local customers.
- Consider classified ads in local newspapers and radio spots.
- Collaborate with attorneys, estate executors, and bankruptcy processors for potential leads.

Business-to-Business Market:

- Focus on classified ads in business journals and direct mail campaigns.
- Partner with attorneys handling bankruptcies.
- Engage local charities by selling donated items to create mutually beneficial relationships.

2. Public Relations


- Press Releases: Write and send press releases to local newspapers to gain exposure and encourage advertising partnerships.
- Community Groups: Join local organizations like the Lions or your chamber of commerce to network and promote your business. Volunteering in these groups can enhance your credibility and connections.

3. Networking


- The 3-Foot Rule: Always carry business cards. Share what you do with anyone who comes within three feet.
- Cold Calling: Visit local businesses to offer your services. Suggest a trial with a couple of items to build trust.
- Customer Database: Maintain relationships by regularly contacting existing clients. Sending emails or holiday cards can help retain them.

4. Create a Website


- Optimize your website with popular search terms like your city and "consignment."
- Provide links for consignors to monitor their auction status.
- Use newsletters or emails to connect with your customer base directly.

Conclusion


Different methods work for different people, so experiment to see what best suits your business. The key is to make sure people know you’re there?"get the word out!

You can find the original non-AI version of this article here: How To Build Your Online Consignment Business.

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