Creating Niche Auction Markets

With online auctions there is the opportunity for auctioneers and dealers to create niche markets within their sector.

Online auctions provide an astonishing degree of access to unusual or niche items that rarely turn up for sale in normal circumstances. For example, in the offline world machinery tools may become available for sale only occasionally and go for a high price when the do come up for sale. There is a wide geographic market for these items online. If marketing is targeted effectively, you can make lucrative sales.

Through canny marketing you can get people to place bids before an auction even begins! This will create an early market before the genuine bidding has begun. Bidders will be given an idea of the amount of interest in a specific lot, even if the reserve has not yet been attained.

It can be beneficial to work with third parties to create a supply of goods in an unprecedented manner. You can attract new people to your auctions by collaborating with vertical suppliers and markets. By linking up with companies in vertical markets you will be tying up the supply chain. There are likely to be customers interested in the lots for sale in your auction who were previously totally ignorant that you existed. Qualified sales leads can be encouraged to visit your site if you utilise partner websites to market the lots for sale in your auction.

You can also attract people to your auctions by finding new ways in which to sell goods. For example, some airline companies have started selling tickets via Internet auction.

A good way in which to market your auction to new customers is social networking. Just as networking in the real world gives one a steady stream of contacts and sales leads, much the same thing can be true in the online world. If you regularly take part in online discussions relevant to the goods you sell, and listen to others, you can offer your advice and expertise in the area and give people the chance to put their confidence in you as a business partner and auctioneer.

It may also be worth considering interacting with potential customers by writing in the form of a blog. This blog could be attached to your auction site or only loosely related. With your blog you can demonstrate your expertise and breed confidence in your abilities as an industry authority. You can also provide your readers with the chance to join in debates, give their opinions and give feedback to your thoughts and ideas. A blog is also useful in that in gives search engines another route to you site.

Finally, it is worth mentioning that it is important not to forget existing customers. It is easier to sell items to already existing customers, so the first thing you should be sure to do is look through your address book and contact your previous customers directly. Branching out into online auctions is a great reason to get in touch with old customers, providing them with some potentially interesting information.

by: A. Glynn

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