A few months ago I wrote an article on the 4 qualities your product(s) should have. While the other 3 (Rare, small, and expensive) are all important, the real value in retailing - internet or otherwise is in perceived value.
The Zippo is a perfect example of perceived value. There are hundreds of suppliers that could produce just as quality lighters, yet most retailers will only stock the high priced Zippo. Why, because consumers perceive Zippo Lighters are better than their non branded counterparts, and as a result retailers are able to bank a higher margin. This argument is equally true in industries like cosmetics and brand name clothing.
The highest margin I’ve ever made on a product was on non branded, expensive looking watches. Though their quality was not bad they looked very expensive and they were vaguely associated with a name brand watch. On top of this their size made shipping cheap.
Some general tips for creating perceived value
1. High quality/contrast photo - you might even consider hireing a professional if its worth it, or if you don’t have a good quality camera, borrow one from a friend. Remember about good lighting and Mise en scène (basically means all the other stuff in the picture).
2. Price example - Put a high RRP in the title or body text .
3. Auction Extras - Bolding, featuring or highlighting your auctions means your serious about them and the product your promoting is somehow superior than its rivals.
4. Hype - Don’t over do it, or you risk devaluing your opinion and hence your product, but well written enthusiasm is a must. Read up on copywrighting if your not inherently skilled, check out Copy Blogger. Writing good copy is a must for all online sellers.
