Sunday, January 4, 2015

To BOLO or Not to BOLO

If you have followed my blog from the beginning, you've probably noticed that I've been MIA for a long time.  I started this blog right around the same time that Facebook groups started popping up; groups that tell you how to and what to sell online.  This has snowballed into a huge increase of online sellers but it has also generated a "race to the bottom" in pricing.  

It's fun to read about BOLO (be on the lookout) items and even more fun to find them.  Just keep this in mind; you don't have to be the lowest price!  Here is an example: I used to sell the Wilton Abby Cadabby Cake pan for $60 plus shipping. 

I just checked Terapeak and the average selling price of this pan is now $15.50.  Abby's popularity as a character hasn't diminished, she so well loved by Sesame Street fans.  So what happened? This pan was "outed" as a BOLO on several Facebook groups.  You may also find it discussed on YouTube videos.  At any rate, once outed, Abby was listed by lots of sellers, each pricing it just a little bit lower then the last one.  Maybe some found it for .25 and thought that pricing it at $10 was good enough.  Not only did these sellers leave money on the table, but they made the price of this once HOT items now pretty much a dud. Same with almost all Wilton cake pans.  It used to be one of my top 5 selling categories; now I rarely buy them when I see them. 

The moral of my story? I'm going to get back to posting helpful online selling tips but you're probably not going to find many BOLOs on this blog.  

I know that many people like to brag or be helpful, but keep in mind that whenever you post a product that is a good seller, it probably won't be once you find it again.  End the BOLO brag and keep selling those hot products yourself. Let people go back to doing their own research:). 

Happy Selling!

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