Selling on a Marketplace 101
Okay, so you have an awesome product, now what? How do you get your product into the hands of consumers? As a brand, you need to make sales, and you need to create positive buzz. You want your customers to purchase your product AND tell their friends and family how much they love it and why they need it. Choosing the right marketplace for your company is essential. Brandbass connects brands with creators looking to discover and partner with new brands as brand ambassadors.
When you shop at high-profile transactional marketplaces like Amazon, eBay, Alibaba, or Walmart.com, the relationship stops with the purchase. It’s harder for smaller and upcoming companies to succeed and grow on these marketplaces because of the competition and purchase structure. These platforms work well for highly established name-brands because they already have brand recognition. Smaller brands often drown in the competition, going unseen, and if they do make sales, it’s impersonal, and no relationship is built with the customer, which is important for customer loyalty and reviews.
Large marketplaces are designed for sales. There are hundreds and thousands of similar products from competing brands. Within these marketplaces, there’s no room for branding or customer interaction. It’s very difficult to add personality and separate yourself from the competition. Less well-known brands have to be creative and use marketplace SEO (search engine optimization) to have their products appear in customer searches.
Large eCommerce platforms like Amazon and eBay work well for certain well-known brands and generic products. There are high transaction fees to sell on these marketplaces. Amazon charges anywhere from eight to twenty percent transaction fee. eBay takes ten percent of each sale and is structured differently. eBay started as an auction-style marketplace where customers bid on items. Now you can set a “Buy It Now” price, but the platform is more for auction resale and international wholesale.
Etsy is one of the most popular marketplaces for handmade and vintage goods. The platform is strict as to what can sellers can list on the site, especially wholesale. Customized and handmade items do best on the Esty. There is a little more opportunity to connect with customers and be unique compared to Amazon and eBay, but it’s a very niche market.
Another option if you want to sell goods and have a little more control over your customer interaction is selling directly through your website or social media through a platform like Shopify. In order to successfully sell directly through your website or social media channels, you need traffic and the right kind, which can be time-consuming and costly, even for experienced marketers.
Sales vs. Content
What’s more valuable a customer’s purchase, or a social media post about your product from an eager brand ambassador? Positive word of mouth, especially through social media or blogs, brings in more sales. According to Inc, “88 percent of customers read an online review that influenced their buying decision,” and “42 percent of consumers said that a recommendation from a family member or friend would influence their purchase more than a sale or promotion.” A customer’s value is more than the amount of their purchases; it’s their influence and ability to bring in profitable new customers. Your customers and creators can become salespeople as brand ambassadors.
Why List Your Product on Brandbass?
Instead of connecting with just regular customers for a one-off sale, the Brandbass platform connects brands with creators. Creators are people active on social media and blogs with a specific niche, looking to discover new brands and share them with their followers. These brand ambassadors enjoy creating content like social media posts, hosting giveaways, writing blog posts, or making videos highlighting brands and products. They’re looking to build mutually beneficial relationships with brands to increase their social media presence.
Working with creators helps to create multiple revenue streams to build your brand. These creators have a greater influence on their followers because of their authenticity; they’re “real” people. They want to discover brands they’ve never heard of, become early adopters, and share these brands, and products with their followers. Brands can use the content the creators make by reposting blogs, social media posts, retweeting, and creating a custom hashtag for the brand to track content across channels. Brandbass makes it easy to form these relationships with excited creators that want to become a part of your brand’s development process.