Diversifying your online business presence

Potential obstacles to diversification 

and workarounds to handle them

1. I sell OOAK (one of a kind) products, and don't want to have the same item listed at multiple venues. This is a very legitimate concern, because you never want to find yourself in the position of selling one item twice. One solution is to rotate these one of a kind items between multiple venues - if it doesn't sell at Venue A, list it at Venue B, if it doesn't sell there, move it to Venue C, and if it doesn't sell there, try it again back on Venue A.
2. It's too confusing to keep track of sales across multiple venues. Depending on what kind of accounting system you have created, you don't need to track your sales by venue if you don't choose to do so. A sale is a sale regardless of where it occurs. I do like to be able to track my sales by venue, and I do this in two ways. First, I have a spreadsheet that I use for auction management, and I have one sheet tab for each sales venue I use. Second, within my accounting system I have Accounts Receivable, Sales, S/H Fees, Sales Fees Expense, and COGS set up for each venue.
3. I don't have time to list items at other venues. Some venues have bulk listers which you can use existing tools at eBay to export your listings and prepare them for importation into the other venues. The venues that don't charge to list or sell do cost you in one way : time. But many of them function as a list it and leave it venue - once you have the item up, it will stay up until sold. If you sell stock items where you have a number in stock, having them listed at every available venue you can find will increase the possibility of a potential buyer finding it.
   
   Several venues use .csv or .txt file uploads to get product onto their site. The great thing about this is you can use one data file of product information, and copy/paste what you need into the template for each site, and then launch everything at once. This saves a LOT of time when you get new inventory in that you have enough stock to cross-list at multiple venues, you can do it writing only one description!
4. I can't afford to list at other venues, if they don't sell enough to pay for themselves. Another valid concern - many of these other, smaller venues are low-cost/no-cost listing options - so any sales they generate are gravy, and except for potential payment processing fees, cost you NOTHING in fees - so everything above your COGS is profit.
5. I don't know enough about HTML to create an independent website. There are many businesses built up around the website business, you can find website designers selling their services on eBay. Even if you don't have the knowledge to do so, you can outsource it to an expert, and create an independent website that you host yourself. No listing fees, no FVF either - you'd have webhosting fees, and payment processing fees. Again - after that everything else is profit.

Other areas of diversification to explore: 

1. Payment Options: Limiting your buyers to a single payment option will limit the size of your potential buyer pool. Paypal is an obvious choice when you sell on eBay, and it is integrated with a number of other venues as well. Other options you can explore are check and money order, Google Checkout, Bidpay, Propay, or merchant account options from a number of service providers that allows you to process Credit Card payments directly. Compare fee structures and ease of integration with the venues you choose to use. Many of these options can be integrated with multiple venues.
2. Product Suppliers: Let's say you have a really hot selling widget, and your supplier suddenly tells you they are out of stock. Now you're left scrambling for a new source so you can keep selling the hot widget. Explore other suppliers NOW before it becomes an issue, so you can have them in reserve in case of emergencies. Also, when you find multiple suppliers for the same product, you might be able to negotiate price discounts for yourself by playing one against the other.
3. Supplies: Similarly to your product suppliers, the source of your supplies should also be an area where you have a backup plan. If you run out of boxes or tape, or paper, do you have an easy way to replace it? What if you use a hard to find ink cartridge in your printer, do you always keep a spare on hand, and remember to reorder? Also, by having multiple suppliers of supplies available, you can often get shipping discounts or take advantage of sales to stock up for your best selling season in advance.
4. Marketing efforts: When you have a single venue, its easy to direct all of your marketing efforts towards that one venue. When you have many, its hard to decide which ones to push and which ones to let alone. I use Vistaprint to create my marketing materials, and I use them only for my eBay store and my independent websites at this time. Sellers who are shutting down their eBay stores and moving to Blujay or Ecrater stores who previously used Vistaprint can edit their documents and redirect their marketing to their new venues. Slip a business card into every eBay sale directing buyers to shop from you next time from your Ecrater store, for example.
   
   Another marketing opportunity would be to create logo merchandise available for sale through a Cafepress store, or you could create them as giveaways. If you'd like to learn more about Cafepress, just click on the logo below.
   
   
   

Expanding your Online Presence beyond Sales Venues 

There is a great big wide web out there, and you can create doors anywhere

1. Squidoo: I cannot praise Squidoo HQ enough for the terrific product they have created here. I was thrilled to meet Megan Casey at eBay Live 2007 in Boston, and having Squidoo as an exhibitor on the Solutions Floor was a really big step I think in introducing Squidoo to the eBay seller community. Squidoo has become a great traffic generator to my eBay store - now I'm exploring its usefulness in creating portals to my other online sales venues. This is especially true with venues like Ecrater and Blujay, who have RSS feed capabilities that include pictures, and Buy It Now or Add to Cart buttons that come right into your Squidoo lens.
   
   But don't just use Squidoo lenses for self-promotion of your own businesses. Diversify within Squidoo by creating lenses about all sorts of topics that mean something to you. Those lenses will attract the attention of people, who then might find your business-focused lenses, and become buyers - and they wouldn't have found you if not for your other lenses that weren't focused on your business. I've been creating lenses about lots of things about my life that are not necessarily tied directly to my business, but mean something to me. These can be favorite hobbies, books, authors, movies - anything you feel passionate about, make a lens for it, and who knows - it might pay off. Don't forget you can earn part of the revenue share for every lens you have, plus earn affiliate revenues if those lenses generate sales. They can become revenue streams of their own for your overall business!
   
   Soon you'll have to join Squidaholics Anonymous - because once you start building lenses, its kind of hard to stop!
2. Myspace: This is one of those social networking sites that you can create a page in just a few minutes and then use it to create links back to all of your sales portals. I have used mine to link back to my eBay store, my Etsy store, Squidoo, and will continue to add more in the future. I even discovered Bows-End as a sales venue thanks to my MySpace page!
3. Stumbleupon: This site was acquired by eBay, which should make those of us not using it take notice and look into it. Its on my to-do list!
4. Facebook: Similar to a Myspace page from what I've heard, this is another option I have yet to fully explore myself.
5. Blogs: Blogs can be a GREAT way to create search engine friendly content, that doubles as a sales pitch, and pulls people into your sales venues. You can do blogs in multiple locations - eBay has their own Blog product, there is a Blog included with your MySpace page, you can use Blogspot, etc. One of the keys to make Blogging a successful way to increase your online presence is to keep adding content regularly (I sometimes find it hard to find time to do that).
6. Message Forums: Many sites include message forums where you can create a signature line that links to your sales venue linked to that forum, or to a venue of your choice. My signature in the SquidU forums links to one of my lenses. My signature in the Bows-End forums links to my Bows-End listings. Interacting with the other users of the venue, can be a way to grow your presence, and draw potential buyers into your store. I've found that active participation in the related forums can be a good way to draw traffic and generate sales.
7. Gather.com: This is another one that is new to me, that I am just now exploring the potential of for my business.
8. Cafepress: Create new products using your business logo or catchy sayings to promote your business, or something you believe in, and sell those products through a Cafepress store!