subject: How To Create A Bidding Frenzy For Your Item Listed On Ebay [print this page] Lets consider the PSYCHOLOGY of people bidding on eBay for a moment ...
Once someone has placed a bid on your eBay listing, they have ALREADY PICTURED THEMSELVES WINNING THE AUCTION. They mentally OWN your product and DON'T want anyone to take it away from them. They want to WIN it. After all, no one likes to LOSE - even if it's "losing" an eBay auction.
But if someone looks at your eBay listing and doesn't place a bid, perhaps they just add your listing to their watching list, then they haven't committed themselves and don't mentally "own" your product.
Also, if your eBay listing has no bids, potential customers will be wary. They'll wonder why no one has bid. They'll wonder what everyone else knows that they don't. If other people have already bid, they will feel more comfortable bidding themselves.
So when you list an item for sale on eBay, you want to create a bidding FRENZY. You want as many people COMPETING to buy your product as possible. You want to encourage as many people to place bids as early as possible. And the best way to get as many people as possible to bid on your eBay listing as early as possible is to list it for a minimal starting bid with NO RESERVE.
Many people who aren't serious will bid early - on the off chance that they may just get an incredible bargain. Once the price rises to a certain level, they will cease bidding but by then they will have served their purpose. Their bids will have encouraged others to get in on the action.
One of the main reasons people use eBay is to get a bargain. A low starting price with No Reserve gives them the chance to snap up a bargain. A high starting price and/or a Reserve reduces the chance of getting a bargain and puts people off bidding.
So ideally you should have a minimal starting price (e.g. 99 cents) and No Reserve. Now, if you are selling an expensive item, the thought of that probably fills you with dread - but you HAVE done your RESEARCH - haven't you? If you haven't - DON'T list until you have!
If you have done your research, you will only be listing something for sale on eBay that you KNOW is going to sell at a profit. And if you have listed the item correctly, in the right category, with a good title and picture, a benefit-laden description and excellent terms and conditions, you know that you will get the best possible price. So you can be confident and put your faith in the market.
The more people bidding, the higher the final price is likely to be. So you want as many people bidding as possible. And a low starting price with No Reserve will get most people bidding. This also minimises your listing fees.
The higher the starting price - the higher the listing fee and fewer people will bid. If you have done your research and are still not convinced that your item will fetch a high enough price, then set the starting bid as low as possible - just enough to cover your costs. But you WILL get less bids than if you start with a lower initial bid and you may find that your item doesn't sell.
