Do you know who Seth Godin is? Seth is an entrepreneur, like I am, only he’s pretty famous, and I’m virtually unknown. Seth is a best selling author, marketing guru, customer service guru and lots of other things. Today, I was reading Seth’s Blog and found an interesting post regarding eBay.
According to Seth, most people are irrational. He uses the following as evidence:
Set low opening prices. When choosing between identical items, buyers seem to favor whichever auction has the most bids. The best way to grab early bids: Start with a cheap price. By the time a $1 DVD auction reaches $10, it will probably attract more newcomers than a DVD that started at $10.
Seth goes on to talk about not using reserve prices too. These are pretty much exactly the same things that I’ve been saying. It’s nice to see somebody whom I consider to be a real expert in selling things (online or off) backing up my position!
Go read Seth’s article, and while you are there bookmark his page or subscribe to his RSS feed. He is always a good read!