Let me start by saying that math is not my favorite, but you do have to use it to grow your business so hunker down with a cup of coffee and let’s talk numbers and how to increase them. This post is using Etsy Stats but you can easily apply to formulas to other sales sites/shops.
Hover over “Your Shop” in the top right corner and click YOUR SHOP STATS. The page will look like this and let’s start here.
This is a great place to analyze activity. How many sales per looks are you getting?
Orders/Listing Views (I use listing views because this means the customer has some intent to buy or a strong enough interest to see more about the product based on your listing; shop views may be the same people or just “lookie lous”.)
So for me it’s 15/1493=.01 1%
1% people who click into my listings actually buy a product. Now this may be a little skewed. For example: Jane may favorite your listing, email it to Beth who looks at it and says yes buy it and then Jane clicks again later to buy and then 1 person clicked 3 times before they bought. So don’t get too down on yourself with the percentage. Just use this information to help you reach more sales.
So let’s say I want to increase my sales to 25 in a week instead of 15. That means I need to increase my listing views through marketing. How many more “listing views” do I need to reach 25 sales? 25/x=1% (mom was right-you will use algebra when you grow up) Mine is a nice round number so it’s simple 2500 but now you have the formula to figure out yours. Didn’t save your algebra calculator? Go to http://www.myalgebra.com to enter your equation. So now I know I need 1000 more, views where do I get them?
Let’s scroll down our stats page to this section: Traffic Sources This tells me where my traffic is coming from.
The majority of my traffic is from Etsy itself. Thanks Etsy! Followed by personal marketing for my brand and Facebook. Then search engines and blog reviews.
I will go about increasing my views in 3 ways:
1. Increasing visibility on Etsy: There is a new function on the bottom of your stats page called Search Ads. This puts your items at the top of the list when certain keywords are used in searches giving you the edge on other sellers. Try it!
2. Promoting more on Facebook and Email: I don’t like to overload Facebook with too much “salesy stuff” but I will be promoting ready to ship items now that we are closer to the holidays. I will also be emailing my customer base about sales and sending a coupon code. (Have you made that list I talked about in my “Who are your top customers?” post? It will come in handy for this)
3. Working with blogs to get reviews and reviews. (more details on this in another post)
There are many ways I will promote my business in the coming year but these are 3 things I can do right now, today. And you can too! Let me know how it works for you.