How much attention generated
We have posted the promotion message on Facebook and Twitter.
For the promotion in Facebook, there are a few positive comments made by friends.
However, there is no one re-tweeting or make comments on our promotion.
After 1 day we have posted it on Yahoo Auction, there is also a buyer asking questions about the auction.
The customer is greatly interested in our product and questions about the product and trading details.
On the other hand, we have successfully sold our product to this customer although she didn't bid it, because we need to pay an additional amount of money to Yahoo if our product is bid and sold out through Yahoo Auction.
To avoid paying the additional fee, we have exchanged our contact information (MSN) through email, so as to discuss the further details of the trade. And we have reached our agreement and sold the product at a price of $35, which is higher than our cost of $15.
In addition, We sent our product to our customer by post instead of being face to face because this is more convenient to both of us. Besides, for a product which is not expensive, trading face to face will result in a higher ratio of transportation cost. So we have end up the trading method by post.
On the other hand, there are around 200 clicks for our auction page within 5 days.
This shows that our product has really grasped certain attention from a large range of accessories' products.
This shows that our product has really grasped certain attention from a large range of accessories' products.
Profit
Revenue $ 35
Cost
- Material $ 15
- Postage $ 5
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Net Income $ 15
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How it could be done better
We could do better if we had left a longer time for promoting our product.
Besides, we can generate more attention if we posted our promotion on different other media like forums as most audience in Facebook and Twitter are our friends or friends of friends. If we post to forums, other people who are interested in our product are able to link to our auction.
During our auction period, there's someone asking if we have other accessories of the same series. Therefore we think it's better to have more next time, for example we can make earrings, bracelet, etc. We believe this help attract more target customers and improve our product from a single one to a collection.
And we have also thought about making this auction become a service, that means we can make the accessories according to the customers who are interested in it, maybe in the way like we are selling a service, the customers who win the bid can contact us to tell us her desired design. This can make the product more customer-oriented, and we are not only selling a product, bt also a service and a unique online shopping experience.
During our auction period, there's someone asking if we have other accessories of the same series. Therefore we think it's better to have more next time, for example we can make earrings, bracelet, etc. We believe this help attract more target customers and improve our product from a single one to a collection.
And we have also thought about making this auction become a service, that means we can make the accessories according to the customers who are interested in it, maybe in the way like we are selling a service, the customers who win the bid can contact us to tell us her desired design. This can make the product more customer-oriented, and we are not only selling a product, bt also a service and a unique online shopping experience.
