Building customer loyalty is key to The Numismatic Financial Corporation (tnfc). They keep their listings intriguing, shipping costs low, communication open, and word of mouth circulating.
"The Numismatic Financial Corporation" sounds like a serious company, and indeed it is. One needs only look at the listings, many for well over $1,000, to see that the company has an impressive inventory to back up its name. In addition, TNFC is in the top 1% of eBay sellers and are long-standing platinum PowerSellers.
"We started on eBay in 2000," says Joe Seminara, "and we've been in the wholesale coin business since 1990. We travel to coin shows and have a store front in Winter Springs, Florida, just outside Orlando. eBay is a new avenue for us to reach people that we otherwise couldn't reach every day. It's been very successful for us."
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"The eBay buyer wants to know what he or she owes, when it ships, and when it will arrive."
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Having great product is one of the main things that keeps drawing customers back to TNFC. "We set up our eBay Store by denomination and year. The specifics really make a difference in the coin industry. Collectors may only be interested in one or two specific coins."
Organizing product so customers can find it, having a great selection, and delivering strong customer support are TNFC's main keys to success. They offer a huge variety of coins in all states of preservation and with an assortment of grading services. Some are common date, affordable items and others are extreme rarities. "I've sold coins with five-figure prices on eBay. I've sold some silver dollars from the 1700s and some gold coins. You have to run items like that because they're special," says Joe. But apart from the special auctions, TNFC like to offer all collectors the opportunity to find new additions that are within their budget. "We feature enough items that people can come in to the eBay Store and browse."
"We have consistently loyal buyers," Joe notes. "We add stuff every week, and if we don't, people want to know what's happening. If we misspell a word, they let us know about it. We promote eBay sales at coin shows and at our store. Now, people are starting to recognize us from eBay when they meet us at coin shows. Apart from that, we don't do much advertising."
TNFC prices its items strategically. Valuable coins are sold with starting prices that will ensure an appropriate profit margin. Less valuable coins often are listed at a dollar with no reserve. "It's unpredictable. One week an item goes for $60, and then next week for $90. You need at least two people competing for an item to really make it take off. I lose money on some coins," Joe concludes, but he does feel that volume enables him to make up his losses over the long run--otherwise, eBay wouldn't remain such a central part of his business.
To manage listings and follow-up NTFC runs on Selling Manager Pro. Timing auction-style listings to end in the evening hours and on weekends is one strategy TNFC uses. THFC also offers combined shipping on items to increase sales. But the biggest thing, according to Joe, is follow-up. "The eBay buyer wants to know what he or she owes, when it ships, and when it will arrive. We really take pride in our feedback. We also ship extra items for free. So if customers want to save shipping, they can pay for another item. We try to keep shipping costs reasonable."
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