Whether you are brand new to the world of reverse logistics or you’ve been running a successful business on the secondary market for years, a strong online presence is vitally important to the health of your bottom line.
Recently, Liquidity Services hosted an informative panel discussion at the 2019 Reverse Logistics Association Conference and Expo that featured subject-matter experts who shared their tips for success in the secondary market by harnessing the power of the internet and digital marketing in today’s highly technical world. Taking some cues from the experts, we identified three key things that every online seller should be doing right now to get a leg up on the competition and turn risk into profit in the Digital Age.
- Utilize Social Media to Market Your Brand
Social media is changing the way many industries strategize their online presence. Before, maintaining a website and updating a blog might have sufficed. However, as consumer behaviors shift and turn more to social media, it has become crucial for businesses to be highly active there as well.
Rob Cyr, a participant in the panel at the RLA conference and otherwise known in online circles as “The Wholesale Guy,” says if that you’re not already taking advantage of the powers of social media to advance your brand, you may already be behind.
According to We Are Social, 69 percent of marketers say they are developing loyal fans for their brands via social media marketing. Add the fact that a further 69% of buyers in the U.S. make regular purchases online, and it leaves no doubt about the influence of social media on consumers
“I see [social media] permeating all of our lives in every aspect,” said Rob. “That sounds scary, but social media is all around us – in our phones, our watches, our TVs. So my suggestion would be to take a long hard look at it and see how it can be beneficial to what we are doing here.”
- Engage Your Buyers and Followers
Once your businesses is up and running with a solid social media presence, it’s important to actively participate in the popular dialogue. Engaging your following with consistent involvement will not only retain but also grow your online presence. Without strong, two-way communication with your consumers, your online work might be futile.
Chris Sirois, a regular buyer on Liquidation.com, jumped headfirst into the retail reverse logistics industry in July 2016 and hasn’t looked back since. He started his own YouTube channel under the name “LiquidationOH,” where he discusses how to buy and resell retail merchandise on the secondary market. Now with thousands of subscribers, Chris is carving out his own niche with engaging videos that viewers are eating up.
“People want to follow a story,” said Chris. “They want to see your successes but also your failures. Finding a way to give your consumers a story to follow will intrigue them and give purpose to keep coming back. I think that’s what people are looking for.”
Check out more of Chris’ social media engagement advice here.
- Reach New Audiences Through Influencer Marketing
In today’s world of digital connectivity, businesses are finding it increasingly important to connect with audiences on a personal or even emotional level.
According to Forbes, influencer marketing is a relationship between a brand and an influencer, a trusted or established figure within a niche community who retains a loyal following. The influencer promotes the brand’s products or services through various media outlets like Instagram or YouTube.
Many industries have already begun utilizing influencer marketing to connect their brand with their target audience. In fact, a recent Nielsen study found that 92 percent of consumers trust word-of-mouth recommendations above all other forms of advertising.
John Dugan, otherwise known as “Resale Rabbit” in the online community with more than 147,000 subscribers to his YouTube channel, said at the RLA Conference that by forging a bond with his followers through online videos, he’s built up a community of trust where word-of-mouth recommendations carry plenty of clout.
“People follow YouTubers and watch them once or twice a week,” John said. “Followers feel a bond to them like they are friends and that they know the YouTuber. So, when you see a YouTuber recommend going to a website and checking out this supplier who can help supply products for you to resell, it’s almost like getting a referral from a friend.”
Forbes further points out that 39 percent of marketers plan on increasing their influencer marketing budget, so tapping into this trend before your competition could be highly profitable for your company and a key tactic you should be using now.