Virtual Shopkeeping
The six monks
who live in a small monastery in western Wisconsin have suddenly become
media darlings thanks to the huge success of their young business. In
2001, these men began marketing computer printer supplies via their web
site. They earned a mere $2,000 that first year; this year
LaserMonks.com
is on track to do between $2 and $3 million. (If you go to their site,
you'll want to be their customer, too!)
An ordinary
mailbox takes on a whole other dimension when it becomes a business tool.
Having a mail-order business makes going to the post office a big adventure.
What other method of doing business offers the same possibilities? There
are no territorial restrictions, no boundaries on your market. In addition,
you can conduct a mail-order business from any place served by the Postal
Service. If you want to live in the woods or if you prefer a Manhattan
penthouse, mail order makes it possible.
Today, mail
order is hotter than ever — and for good reason. Busy people love
the convenience of ordering things that they want rather than going to
the mall. The ease of creating a mail-order profit center online has turned
thousands of ordinary folks into mail-order mavens. Whether you want to
do this via your own web site or take advantage of the opportunities offered
by eBay and other auction sites, success in a virtual store is not that
much different from the old-fashioned sort of mail order. The main difference
is that advertising costs can be considerably lower and you can experiment,
making changes more quickly when things don't work so well. Online selling
has a much shorter start-up time, too. Those are huge advantages.
Tyler Hicks
has written several books on mail-order marketing and offers seasoned
advice. Many beginners, he says, insist on seeing an enormous volume potential
before they'll invest in a product. What these beginners fail to understand
is that volume doesn't always mean profit. You can spend yourself into
financial disaster seeking volume and have little or no profit to show
for your investment.
You will often
find it easier to sell 1,000 special wrenches to a list of 50,000 plumbers
than it is to sell 1,000 toothbrushes to a list of 50,000 people with
real teeth, advises Hicks. Sell a mail-order product to a clearly defined
audience whenever you can because, in general, your sales costs will be
lower and your profits higher.
Hicks says,
"My experience in mail order indicates that the products which have
the longest sales life are those you create or dream up yourself. Why
is this? Because your product will probably be completely unique or have
unique features."
While many
online sellers do not create their own products, this advice is worth
keeping in mind if you want to build a business with a long shelf life.
So what kinds
of products do well? The list is long, but here are a few examples of
successful mail order items:
Information.
Self-published books, audiotapes and videotapes, booklets and CDs of specific
information have built many a mail-order empire. I met a young man in
Florida who had produced his own CD on how to be a day trader. He said
it took 45 minutes to create and he now sells it on eBay for $97, earning
between $600 and $1,000 per week.
Gadgets
and tools. You don't have to be an inventor/manufacturer for
this one, but you do need to love well-designed products that solve a
problem or are unique in some way. Think of the kinds of things you see
on infomercials to get an idea. If you come across such an item and find
you love it yourself, contact the manufacturer and see if you can be an
independent rep for them.
Imported
and regional things. Almost every region of the US and every
country in the world has goods that aren't easily found elsewhere. Food
is a popular regional item, as are decorative objects. Several web sites
now offer food to expatriates who may be longing for Nut Goodies or Wheatabix.
Then there's the innovative burrito vendor in California who express mails
his product to homesick natives who have relocated.
Nostalgia.
Reproduction items are another tried-and-true product for the virtual
store. Amazon Drygoods has built a strong business marketing patterns
for Victorian, Edwardian, Medieval and Civil War clothing. Collectibles
of every vintage and passion are hugely popular at online auction sites.
Like a bricks-and-mortar
business, mail-order mavens need to specialize in great service. While
mail order has often attracted misanthropes, they rarely survive. A virtual
store may not bring you face to face with your customer, but you have
a relationship that's quite real. (LaserMonks will even pray for your
business, if you like.) Online sellers who don't deliver great service
face public humiliation! Whether it's an extension of your primary business,
or a business that stands on its own, virtual shopkeeping might be an
opportunity hiding in plain sight.
There's
more where this came from.
Order Winning Ways now!
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