The holiday rush has come and gone. It was a profitable one for your Etsy business, but how do you ensure that continues? Profit is great, especially during the holidays; however, it is important to maintain that momentum all year long. It may seem like there is a big drop in sales come January and February, once the holidays pass.
Here are some things you can do to increase your sales and avoid that major downturn in profits.
1. Improve Your Etsy Shop
Following the busy holiday rush, your Etsy shop may be in disarray. Make sure that isn’t the case if you still want to make sales. The most important thing that your shop must have to make sales is listings. Ensure that you have plenty of up-to-date listings and lots of items for sale. If your shop looks full of options, it will be more attractive to buyers.
Be sure that the ‘About Us’ section of your shop is updated and includes plenty of great keywords. Remove the holiday specials and details that you had listed and include current turnaround times and other relevant information.
If your shop looks like it hasn’t been tended to recently, shoppers are more likely to pass by it. This also goes for photography. Make sure your items are photographed attractively and that you offer high-quality images of all of your available items.
2. Increase Your Visibility
Can potential customers find you or do you need to find them? During the holidays there is an influx of shoppers on Etsy but after that passes, how do you draw people to your shop? Some great ideas are social media, giveaways, and advertisements. If you already have a social media presence, keep posting. Visual images sell the best, so be sure you’re posting on Instagram and Pinterest.
Just like multiple listings are important, so are a lot of social media posts. Just because the holidays are over, you can’t disappear. If you haven’t hosted a giveaway recently, you could attract some new traffic that way. There are also plenty of advertising options. Etsy has a system to sponsor listings, or you can purchase ads on outside websites, blogs, or social media platforms like Facebook. Of course, before diving into a new advertising campaign be sure to evaluate your budget and potential ROI.
If you don’t currently ship your products globally, this might be an excellent way to increase your reach and in turn your sales. If people in the US love your handmade creations, chances are international shoppers will too. Expanding your shipping options can increase your sales without costing you anything. Just be sure that your shipping rates are adjusted accordingly. Are there other ways that you can expand? Etsy shops often have a niche market, but there may be similar products or accessories that you can offer that complement your current offerings. Think outside of the box and add what makes logical sense.
4. Offer a Coupon
If you just came off of a successful holiday season, you can capitalize on that. Specific coupons for repeat buyers might be a great option: “Thanks for shopping with us this holiday season! Visit us in the New Year and save 20% on your next purchase!” Or, create something similar. You can also offer new customer bonuses, a New Year’s sale, or any creative option that might draw the attention of potential buyers. It’s a good opportunity to take a look at your competitors as well. Check out what they are selling and how much they are charging. Make sure that you are being competitive and offering products at a fair price. If you can price your products cheaper and still get a decent profit margin, do it!
5. Track It
Lastly, are you tracking your numbers? If not, you may not be noticing your progress or recognizing trends that need to be addressed. I always recommend keeping a strong spreadsheet of sales, products, profits, etc. This way you can better judge what is working and what isn’t. From this, you can see clues that will help you devise a plan to reach your profit goals! Etsy offers a great platform for tracking your shop’s stats, so use it.
- How many views are you averaging versus sales?
- How do new listings perform versus renewed or older ones?
- What are your profit margins on specific items?
When you have an opportunity to advertise certain products, focus on ones that are popular, and offer higher profits. Paying attention to the analytical side of your business and sales can have an enormous positive impact.
So, as we brace for the New Year, be prepared to ramp up your Etsy shop as well. If you continue to make improvements and spend time working in your shop, you will see increased sales that can help maintain your profits throughout the year!