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Common Poster Subjects => The Dealer/Auction House/Seller/Buyer Round Table => Topic started by: BruceH on April 21, 2024, 09:30:33 AM
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In 2006, when I moved my $2 million a year auction biz from eBay to my own site, I did a bunch of Internet advertising. Google Adwords, Facebook ads, anything else I could think of.
That turned out to be some of the best money I EVER spent, NOT because it got me new customers (it did not!) but because it taught me that Internet ads are the 21st century equivalent of snake oil.
After flushing a bunch of money down the toilet and after talking with other business owners about their amazingly similar experiences, I came to the conclusion that Internet advertising is EXTREMELY beneficial for those who sell it, but for everyone who buys it.... good luck!
So I instead put all that money into giving those who did deal with me great bonuses and perks, reasoning that regular repeat customers were worth FAR more than an endless stream of one-time customers (which as I said, Internet ads did not deliver anyway).
And my business has grown from $2 million a year to $6 million a year average the past SIX years. All thanks to Internet advertising, which showed me how NOT to spend my money!