Once you feel that you have mastered the basics of running an Etsy business, or at least can easily handle the day-to-day duties required, then you should consider developing or expanding your business. It is usually best to take a slow and steady approach to minimize financial risks.
Based on the amount of profit you continue to earn, you have some options related to how to expand or grow your business. These include:
- Expand your product line and introduce new products or new product variations (such as colors, sizes, or styles), which will allow you to acquire more customers.
- Increase marketing and advertising efforts to attract more customers and generate Sales of more existing products.
- Brainstorm products that are not related to the products you currently offer, and then open a second or even third Etsy store, and you will operate at the same time as the original store.
If your personal resources are exhausted and you don’t have time to create new products, manage your store, and complete orders yourself, please hire one or more part-time employees.
Leave your “real world” job and concentrate on the time and time to run your Etsy store. Energy
To help maintain a steady flow of visitors and increase your chances of getting repeat customers, you should update your store every few months. This may mean updating all of your text content and updating your product images, adjusting the color scheme and overall visual appearance of the store, and/or reviewing your products. At the very least, this may mean using the store update feature of the Sell on Etsy mobile app to regularly add more product photography and product lifestyle photos to your store.
Every three to four months (basically every season), carefully evaluate the sales of the previous quarter or the previous quarter and determine which are your best-selling products and which Is the least popular. Seriously consider removing less popular items from your store completely, and focus more on items that have been popular or launch new products.
You should also consider launching seasonal products or products that are only available on specific holidays (such as Mother’s Day, Father’s Day, Valentine’s Day, or Christmas). In addition to popular holidays, you can also consider updating the overall appearance of the store, including focusing on themed graphics, photos, and text for the upcoming holidays. The holiday is also a good time to launch special offers or promotions. For example, during the holidays, you can offer a discount of 10% to 25% or free shipping. Maybe the “buy two get three free” discount will attract your audience. You can also bundle related product groups to provide limited-time packages at discounted prices in conjunction with specific holidays.
Managed sales or promotional activities are a fast, simple and effective strategy that can quickly promote business development, as long as you provide offers that customers will like. Be creative when planning sales or promotions, but don’t let them get too confusing.
The key to long-term business development is to understand that your store must continue to evolve and cannot stand still for more than a month. Ideally, you should keep updating or revising content, such as product listings and product photos, even if the actual products you sell remain the same throughout the season or longer.
In the future, never change your store at will. Develop an organized method or plan for your store and product line updates, and then stick to it. Before making any changes, determine why you are doing this, what impact you want it to have, what your goals are, and how these changes will affect your store visitors. Remember to consider your target audience and predict how they will respond to changes.
Ways to Expand Your Business
Here are some more mature ways to grow your business when you are ready:
- Increase the number of items you offer by adding more product listings to your store. But be sure to make your product relevant. For example, if you already sell bracelets, necklaces, and earrings, consider adding a series of rings. Or launch a selection of high-end or high-quality related products that sell for higher prices. For example, if you already sell silver jewelry, consider offering the same 24k gold design. Don’t offer random, irrelevant products that won’t appeal to your main audience.
- Improves the quality of product photography. In addition to making your photos look better, you may also consider adjusting the use of traditional product photos and lifestyle photos to better showcase each of your products.
- Consider expanding your target audience. As you continue to market to your primary audience, identify secondary target audiences and begin marketing and advertising efforts separately to reach this new or broader group of people.
- If you haven’t already, open your store to international customers and be willing to ship internationally (assuming the products you sell have international appeal).
- Increase your investment in paid online advertising and consider testing more advertising opportunities. At the same time, increase your presence on social media.
- Consider sales opportunities outside of Etsy. Once you have developed a strong and proven market, please consider participating in craft fairs, for example, or expanding to sell your products through major retail stores, boutiques, specialty stores, consignment stores, and/or other online services. However, remember that retailers need to buy products from you at a wholesale price (usually half of the retail price), so make sure that this keeps your business profitable.
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