Etsy.com is a marketplace for handcrafted products. Here you will find a host of varying products and services. Many of the wonderful shop owners are artists that create custom orders, as well as offer their own original designs. Etsy charges a small percentage of each sale, and a few cents (about $.20) to list each item. One neat feature that differs etsy from other marketplaces is that shop owners have an online shop where they can list their products, gather reviews, favorite items, and network with sellers directly.
As Etsy shop owners (www.WoodyWoodWorks.Etsy.com), Raquel and I have learned the ropes and run a profitable business through Etsy. In an effort to assist other owners (or those aspiring to open their own shop) in remaining profitable, we have written this article as part of a detailed series showcasing some of the industry leading practices to help you achieve continued success.
Lets get down to brass tacks!
1. Begin Planning
2. Make Draft
3. Draft Assign Responsibilities and Policies
4. Complete planning*
5. Execute the plan!
– Develop a plan (business plan is helpful), who, what, when, where, how, measurable goals, and phaselines
– secondary data vs. primary data
Define your market
who are you selling to? what are the demographics, who is your customer?
how do you want your product to be viewed?
“positioning is the place the product or service will occupy in the hearts or minds f the customers in relation to your competitors.”
i.e. lowest price, uniqueness, all-natural
Developing Products and Services
– develop new products or services based on
* continuous innovations
* dynomically continuous innovations
* discontinuous innovations
Building and Sustaining your Brand
1. Effectively communicates the distinctive value you wish to offer the customer
2. is “relevant” to the customer
3. “Resonates” with the customer
4. Reinforces the company’s intended positioning in the marketplace
5. Is consistent and unifying
6. Serves as an umbrella/future brands in the company’s portfolio
7. Enables you to command premium pricing
8. Can be sustained over time
Develop a Sustainable Pricing Strategy
– Cost based
– Competition based
– Customer based
– promotional mix