Price your items.
When selling on Facebook Marketplace, it’s important to price your items competitively. To do this, consider the cost of acquiring or making the item, including production and materials fees, in addition to any shipping fees. Also factor in the cost of your time and labor. Once you have a good idea of the total cost of goods, set a price that allows for a comfortable profit margin.
Doing research is crucial. Investigate the price range of comparable items to ensure that you are pricing your products competitively. This helps you maximize profits while offering potential buyers a fair price on your items. To do this, you can use online tools such as Priceonomics to compare the prices of similar items on the platform. Also, ask friends and family for their opinions regarding your product’s price point.
It can be tempting to undercut the competition to maximize profits. However, this can be detrimental in the sense that buyers may perceive your products as being of lower quality or value. Instead, try to find a balance between pricing your items competitively and guaranteeing they are seen as being of high value.
Never overprice your products to the point where you drive away potential customers. Customers might perceive the item as a poor value, overpriced, or of lower quality.
Keep in mind that you may need to adjust your price if buyers are not willing to pay the amount you’re asking. Being too rigid with pricing can hurt sales, so consider leaving some “wiggle room” for negotiation, or for price drops if needed. In addition, offer discounts or special promotions if your product isn’t moving as quickly as you would like.
Additionally, although Facebook Marketplace does not charge a listing fee, there are selling fees if you are planning on shipping your items. If the item you are selling is $8 or less, you incur a flat fee of $0.40. If your item is more than $8, the selling fee is 5% per shipment. If you want to offer shipping options on Facebook Marketplace, keep these costs in mind when pricing your items.
Abide by Commerce Policies.
It is vital to make sure what you are selling follows Facebook Marketplace’s rules. All items sold on Facebook Marketplace must abide by Facebook’s Community Standards. Prohibited content includes adult products, alcohol, ingestible supplements, animals, medical and healthcare products, recalled products, tobacco products, used cosmetics, weapons, and more. For a full list of prohibited and restricted content, click here.
Additionally, listings and commerce Facebook Messenger threads must not wrongfully discriminate. Sellers should make sure to avoid third-party infringement. All sellers are responsible for complying with all regional and federal laws and regulations. If you feel like your listing has been wrongfully rejected for violating Commerce Policies, you can request an additional review.
Publish your listing.
Once you have completed creating your listing, it is time to click publish. Make sure to publish your Facebook Marketplace listing broadly and in buy-and-sell groups to get the most exposure. However, your Facebook Marketplace journey is not over once you hit publish – now it’s time to respond to any inquiries or questions about your Marketplace listing and
Respond to inquiries.
When a Facebook user is interested in your item for sale, they will reach out to you over Facebook Messenger. Here, they can ask questions, negotiate the price, and organize a purchase. Always remember to respond to inquiries in a timely manner.
To drive sales, embrace the same customer service practices that you appreciate. Always respond to customer inquiries quickly and politely. It shows potential buyers that you’re professional and reliable, and it builds trust. This is often a deciding factor for customers when they're ready to make a purchase.
Also, be willing to negotiate prices in order to secure a sale. Offer discounts or other promotions to make your product appealing to potential buyers who may not be willing to pay full price. Negotiating with interested buyers also helps build trust and create an overall more positive experience for them.
Success with online sales requires more than just creating a listing and waiting for buyers. To really make money on Facebook Marketplace, you need to promote your listings so that potential customers can find them easily. With a little effort and creativity, you can spark buyers’ interest and increase sales.
One great way to do this is through Facebook itself. Leverage the power of the platform’s social outreach capabilities! Share your listings with friends, family, and potential customers. Make attractive posts to promote your items, spark interest, and spur sales. Similarly reach more buyers by sharing your advertisement in Facebook groups related to your product.