3 Steps to Achieving Greater Success in the Envato Marketplace
This is an article based on a comment from reader Chandler in one of my previous blog posts. If you have not read my previous post “Exclusive Vs Non-Exclusive Finally Answered”, you can review it HERE.
“Great post. I have a few of my tracks on sites like ProductionTrax, but I’ve been reluctant to put them on AudioJungle because of the low prices. Do you think I should join AudioJungle and risk undercutting myself or just stick with the sites I’m using now.”
I want to explore this issue in a variety of ways. Let me start by saying that I’m not an AudioJungle evangelist, and Envato does not compensate me in any way other than through the commission of my stock audio sales. But the infrastructure of the Envato marketplace provides unique advantages to the seller that are just not available on other stock libraries. These advantages extend beyond selecting niche material and using proper SEO — they allow you to use social networking to take control of your public visibility and direct customers to your most profitable sales.
Simply put, with a few easy steps and a little bit of elbow grease, you can use the Envato Marketplace to turn your AudioJungle profile into a marketing powerhouse. Any stock audio company that allows that level of flexibility is a place that I want to be.
Changing Your Mindset
The low market price of music and sound effects on AudioJungle is a significant concern to many stock audio authors. While the average market price for a single-use royalty free license of a sound effect ranges anywhere from $2.00 to $4.00 on other stock audio libraries, AudioJungle typically offers the same licensed effect to customers at the price of $1.00—a fraction of the cost.
In my previous article, Exclusive Vs Non-Exclusive Finally Answered, I put AudioJungle head to head with competing stock audio companies.
Even at a fraction of the cost ($1), and a fraction of the total commission earned per sale (33%), the results of my experiment show that AudioJungle still accounted for 43% of my total income earned. This result awards AudioJungle with the highest quantity of sales among its competitors, and proves it to be a commanding force in the royalty-free stock audio market.
To quickly recap: We don’t like undercutting ourselves on AudioJungle, but the numbers I’ve put together show that AJ logs more sales than any other company.
So, how do we avoid feeling undercut by AudioJungle compared to its competitors? It requires a change in your mindset.
- If you view your products in terms of Cost Per Unit, you will feel undercut.
- If you view your products in terms of Total Income Earned per Unit, you start to feel a bit better.
In other words, a $1 sound effect won’t get you very far, but if that sound effect is available to a potentially worldwide audience (7 billion people), it is worth far more in total value. I understand that only a fraction of the world population actually shops for stock sound effects, but I hope it illustrates my opinion, and my particular point of resolution with this pricing issue.
That one sound effect can become a substantial source of income — if you have access to the right audience. You can access that audience through creative use of your profile on AudioJungle.
The Marketing Powerhouse
AudioJungle has a significant advantage over every other stock audio library I’ve studied. That advantage is social networking. Even though other stock audio libraries allow you to create a simple profile, you largely remain an anonymous seller, mixed in with the rest of the sellers competing in a global market. AudioJungle is different, in that is a true hybrid between a stock audio library and a social networking site like Facebook or MySpace.
In his latest business-marketing book, Duct Tape Selling, John Jantsch states that true marketing potential occurs with your ability to establish presence and brand authority within a marketplace. With AudioJungle’s social networking and profile customization features, you can build an Internet presence and develop a recognizable brand that will attract new leads to your products (and in turn convert to new sales.) It may go without saying, but building a positive presence within the community is the key component to gaining authority and developing a successful brand. I encourage you to check out John’s line of marketing books for more information on developing a successful brand, but here are a few steps you can take to turn your AudioJungle profile into a marketing powerhouse:
Step 1: Generate Leads
Getting your name out in the world is a critical first step in establishing an audience and increasing sales. Generating leads means producing any sort of content that directs potential buyers to your product or service. This content could be anything from a twitter blast to a traditional advertisement. I took this picture of a sign I pass every day along the streets of Kansas City to illustrate my point in step #1.
As the slogan on the sign implies, your observation of the advertisement has generated a new lead for the company. Likewise, if you are reading this post, you are statistical proof that my writing it has produced new lead generation.
Look no further than the top sellers on AudioJungle for good examples of lead-generation. Most, if not all of these authors are active participants in the AJ forums. They regularly produce meaningful content or provide helpful advice to other users, and in return they develop trust and authority with their readers and within the marketplace. With each new post, a link is created back to their author profile, which can lead to increased sales.
Most top sellers on AudioJungle also have open invitations for VideoHive authors to use their music, and they post hyperlinks to various VideoHive products that have accepted the invitation. This mutually beneficial relationship generates leads to both the VideoHive and AudioJungle authors, and both parties usually profit from the sale.
Step 2: A Good Brand Starts With a Good Image
This is another concept I’ve borrowed from John, but it rings true. A clean and attractive profile on AudioJungle suggests a level of quality and authority within the marketplace, which betters your chances of making the sale. This is true for your main profile page as well as the detail pages for your individual products.
“But wait… that’s blasphemy. After all, as long as my music track sounds great, why should it matter what my profile looks like?”
Because perception is everything.
It doesn’t matter if your epic war drums track got a thumbs up from Hans Zimmer himself– in the stock audio market, your track should look and sound the part if you want to make the greatest impact on a potential buyer. Put effort into the presentation and customers will perceive your product as higher quality than the competition.
Let’s look to the top sellers again. The consistent top sellers all have very attractive profiles, and have gone to great lengths to customize the look and feel— with HTML code written into their profiles, or unique images and graphics that have been found, produced, or even purchased from other Envato marketplaces. Again, the perception of higher quality leads to increased sales.
Step 3: Cross-sell Your Way to the Top
Top-selling authors on AudioJungle recognize the value of cross-selling, and heavily implement its use in the marketplace. Cross-selling a product means displaying other products that are of a similar type, or complimentary to the product currently being viewed by the potential customer. For example, if you were selling a cartoon falling sound, you would likely want to direct your customer to also buy your cartoon splat sound. By making suggestions of complimentary products to buy, you:
- Keep potential customers focused on your products rather than your competitors
- Build marketplace authority by appearing helpful to the customer.
- Have the potential to make multiple sales with a single customer rather than just one.
The ability to cross-sell via HTML coding in your AudioJungle profile and product descriptions is the largest advantage Envato has over other stock audio libraries. Learning basic coding will become an invaluable tool, and can have a dramatic impact on your quantity of sales and earned income.
Learning basic coding will become an invaluable tool, and can have a dramatic impact on your quantity of sales and earned income.Be as simple or complex with your cross-selling as your comfort level in coding allows. The more creative and visually appealing, the better; but even a simple “You may also like…” or “This product works well with…” tag line with a hyperlink will be a vast improvement in your ability to market your products.
Here are a few great examples of cross-selling from some of AudioJungle’s top authors. Pay attention to the different ways each author directs you to view more products.
There is no shortcut to becoming a top seller on AudioJungle. It takes time, technical know-how, and marketing strategy to keep your tracks above the competition. But if done effectively, even a $1 sound effect can turn into a substantial source of income. Although I am currently not a top seller, I have seen success and growth of my business in a short time by following the steps I’ve outlined. These steps are suggestions based on my own observations and experience, but they are in no way the only means to success on AudioJungle. I encourage you to be creative in your marketing strategy, and to share your journey as well.
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