Average Sale Price - These three words are critically important to your long-term success on any marketplace, including Poshmark. It can take the same amount of effort to sell a $10 item as it does to sell a $100 item.

Sell Less and Make More.

• What can you do to increase your ASP?
  • Change your mindset: buying more and more since that is less work than selling will get you a massive death-pile of products that will drag you down mentally each time you look at it. It also ties up your cash and keeps you from investing in your business.

• Fewer listings do not mean less profit: don’t get caught up with the myth that thousands of listings are required to have a profitable marketplace business. You can make more by selling less.

  • Research is King: spending time researching products and suppliers, making connections and building your network is just as crucial as buying products to resale. One new connection/supplier could change your life. Don’t settle for the low hanging fruit.
  • Dump the dogs: get rid of products that don’t sell. Keep proper accounting records and take the write-off for things that don’t sell. Having your store/closet stuffed with slow movers hurts your sales of other items.
  • Good Data = Great Profits: keep track of what products, brands, and styles your customers buy from you. If your data shows that you don’t make much money selling a particular brand, stop buying, even if their products are readily available.
  • The Riches are in the Niches: step outside and away from super competitive brands and product lines. These types of products are harder to buy, are usually more expensive and can have the lowest profit margin.
  • It’s OK to start slow: finding higher ASP products can take time and effort. But it’s no different than the time and effort to buy, photograph and list your low-dollar items. Use your time in a different manner that can have more profitable long-term results than listing the same types of low-dollar products over and over again.

   

• Put the effort in now to create a system to research and make connections with the companies and brands you would like to sell. Use the LinkedIn system I have described in detail to build your network.

  Lift your ASP and lift yourself!

How to Stand Out

Create a better eBay Life.

Epic Customer Service.

The Two Tokens concept of creating lifetime customers

Mistakes happen. You will mess up, you or your employees will ship the wrong item out, a product will arrive damaged, and some customers are just not going to think you are as awesome as I know you are.

After 25-years of handling customers, I know that there is a right way and a wrong way to address these problems.

I also know that a customer with their problem solved quickly and without hassles is extremely loyal and will spread the news far and wide about how great their experience was with your business.

On the flip-side, information about bad experiences travels fast, and in the age of social media, bad news can hurt your business for a long time.

Two Tokens

I didn’t develop this concept, but after reading about it a few years ago, I realized I had been practicing it and teaching my customer service team to practice it for decades. Jean-Louis Gassée coined the Two Tokens phrase in an article he wrote in 2017. Gassée is the former head of Apple Europe and a successful entrepreneur, according to his proven record. 

The Two Tokens concept is that when a customer has a problem, there are only two tokens that can be taken, and whoever takes the first one, the other person is forced to take the second. Let’s unpack this.

Customer Jill calls or emails and is very upset about a problem with her order. Tom in your customer service department responds to Jill and takes a casual attitude about the situation. After all, it’s just one order, and it’s not that big of a deal, right?

Two Tokens are being played:

Token 1: It’s Nothing

Token 2: It’s Awful

Who is taking each Token? Jill is upset but had not taken a Token when she first contacted your business about the problem. On the other hand, Tom played the It’s Nothing Token right at the start. Because there are only Two Tokens to play, Jill is forced to choose the It’s Awful Token, and things typically go from bad to worse from there. 

Jill responds with the It’s Awful Token because she is angry that Tom is so laid back about the problem. This order is a big deal to Jill. Maybe it was a special gift, or perhaps she needed the item for a project on a timeline. Either way, Tom has lost the chance to control the situation and get on the same side of the table with the customer.

Let’s look at the other option.

Customer Jill calls or emails and is very upset about a problem with her order. Tom understands the Two Tokens concept and knows what to do:

“I am so sorry about this situation! Rest assured that I will personally get this resolved quickly and to your satisfaction. Please allow me some time to research this situation to come up with a solution for you. I will follow up within 24 hours. Thank you for bringing this to my attention, and again, my sincere apologies for this.”

Tom has seized the It’s Awful Token as he has been trained, and his response immediately calms down the upset customer because Jill knows that her problem is important to your company and that she will be taken care of.

IT DOES NOT MATTER IF THE CUSTOMER IS RIGHT OR WRONG AT THIS POINT.

With the customer calmed down and feeling like a priority, Tom can research the situation and develop ideas about fixing things. It could be that the customer is mistaken about something, or it could be that your company did make a mistake. Either way, Tom and the customer are now on the same side of the table, working TOGETHER to solve the problem.

When you show empathy, concern, and commiseration with the customer, you take the It’s Awful Token away from the customer. The problem is put into a bit more perspective. The customer is almost compelled to think, “It’s OK, it’s really not that big of a deal.”

What the customer wants is to BE RECOGNIZED and taken seriously. Make sure that you and your customer service team always take the It’s Awful Token first, and I guarantee that you will solve problems faster and create loyal fans of your business.

Fans will share the excellent customer service they experienced when they bought from you.

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