Anyone that runs a business that sells online on eBay must use Terapeak or at least work with someone who knows how to properly analyze Terapeak.
Almost everyone that sells on eBay starts off thinking the more listing they have the more they will sell and that is that. I use to work for a company that did just that, they sold on eBay and the only way they knew they were doing well or not was by seeing if they were profitable for the month or not. So their strategy was throw everything they could on eBay and watch your sales go up. That has as much logic as saying lets shoot blind around a corner and unload thousands of rounds of bullets instead of actually looking around the corner and shooting a well aimed shot. When I first started working with Terapeak I was amazed at all the information you are able to access.
- Overall market conditions
- Top Seller Performance
- Individual Seller Strategies
- Product Performance Trends
- Category Trends
Those are just the main topic that you can cover but the real trick in mastering Terapeak is knowing what info is important to keep note of and how each piece of information interacts with each other so you can build processes and formulas that will help you make key business decisions. On the most basic level Terapeak can be used to see who the top dogs are for any product and you can do a side-by-side comparison to see why they are successful and why others are not. Terapeak is a lot like Google Analytics because you can get a ton of useful information from it but only if you really know how to use it. Using Terapeak I was able to identify major inefficiencies in key listings which helped me to optimize the performance of each individual listing. So instead of throwing as many listings on eBay as possible I was able to double the sales results with only half the listings. Don’t get me wrong, once you have your listings optimized then the only way to increase sales is to increase your listing quantity. However, if your sell-through is only 10% than doubling your listings isn’t going to help much. You need to get your sell-through much higher so when you double your listings you can see a significant increase in sales/revenue. Optimizing your listings means setting everything at the right price, having the right information, having a professional eBay template, using the correct listing type(s), selling at the right times, listing on the right days, and using the right promotions. Every industry and/or eBay category is different but the analysis process and strategy is the same. There are a ton of useful Terapeak tutorials but if you need help with overall strategy feel free to message me.
Derrick has developed an expertise in B2C and B2B eCommerce, especially for sellers that have a presence on multiple sales channels (e.g. web, ebay, amazon, wholesale, retail, etc.) He is currently helping Taco Bell to pioneer eCommerce for the QSR (Quick Service Restaurant) industry.Derrick started ECOMsultant as a way to help other businesses outside of his day job to achieve their online sales goals.
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