Yes – that is right – I’m telling you that you that (in some cases) you should sell your items for a HIGHER price than your eBay competitors.
Pretty crazy, right? I mean why would a buyer buy the exact same item from you if you’re listing it for a higher price than your competitors?
I’ll tell you why: Buyer psychology.
A pretty interesting (and funny!) thing about buyers is that if they see an item priced higher, they usually assume that there is something about the item that makes it better than the other item priced lower, even if it is the exact same item. Because items are only price more if they are worth more, right?
How Nurofen reveals why we should list items on eBay for a higher price
Case in point, think about what Nurofen have done with how they market ibuprofen. Standard Nurofen is simply a pill containing a 200mg dosage of ibuprofen, a pain relief drug:
But yet, they’ll charge nearly double the price of competitors who sell “generic” versions of the exact same thing:
By increasing their price and making their packet look nicer than their competitors, they’ve made a lot more money. Not just because they demand a higher price: But because people buy from them since they trust them more. And you can do this too.
Here is a little story from video contributor, Sarah, about her early days of online selling when she would resell video games:
“So I would be selling say, a pokemon gameboy advance game. The exact same game, no different. Except I’d list it for double what my competitors were selling it for. And like, the funny thing is they’d always buy my game first, even though they were no different. I would make my listing look professional and make it look good. I added value by making my listing look nice.”
To demand a higher price, you need to add trust to your listing
Yes, increasing the price of your item creates trust (it must be worth more, otherwise they wouldn’t be listing it for more!). But that isn’t enough. You need to show the buyer why you are worthy of the higher price by showing them you have the added trust of your higher price.
If you’ve got an eBay account with thousands of positive feedback, that is easy. You can already demand a higher price because by buying from you, the buyer feels like the transaction is safer.
But if you don’t have a account with thousands of feedback to it’s name, you need to be a bit more creative. If you make your listing look nicer than your competitors, you can demand a higher price, just like Sarah did when she was starting out. People will assume that if you have a professional listing, you must be more trustworthy than your competitors. Plus, the fact that you’re demanding a higher price indicates that you believe that you’re worth more than your competitors, and that attracts people to your listing even more.
Think about what Nurofen did. They wanted to market their exact same pill for double the price of their competitors: So they put a lot of careful thought into their packaging (or their “listing”):
- The design of their packet is a lot more eye-catchy compared to the generic version
- They’ve got a strong brand showing through in their package design, creating trust
- They include more marketing-talk on their packet (the generic brand just says it is fast and effective. Nurofen also notes their pills are easy to swallow).
By doing this, they were able to add trust to their product, which meant they were able to demand a higher price… and by demanding a higher price, they added even more trust (because they must only be charging more if it is worth more, right?!).
How to add trust to your listing to demand a higher price on eBay
Want to add trust to your eBay listing? Here are some easy things you can do:
- Use a nice eBay template
- Create a brand. You can get a nice $5 logo made on Fiverr to help you with this.
- Sell your item in your listing – market it to the buyer, make it sound exciting!
- Emphasis your positive feedback
- Talk like you’re a professional, an authority. Discuss things like refunds, returns and shipping options in your listing. This makes you seem like a “real business.”