Category Archives: etsy

Etsy Pricing Formulas – How Do I Price My Products?

pricing for profit series on lazy owl
Today we’ll begin to delve into the topic of pricing your products. Pricing your handcrafted products can be one of the most challenging tasks for a creative entrepreneur. You can have an awesome product, a cohesive brand, a great webpage…you can even have amazing sales. But if your product isn’t priced right, you won’t make a profit and it will be hard to keep running your creative biz.

Please note, before you read this post, I suggest you read our articles on tracking expenses and overhead first to better understand the concepts we discuss below.

We could write a whole novel on this topic, so we’ll divide it into a series of posts. Please feel free to comment with any questions! This is a tricky, but important, concept that we owe it to ourselves to get educated about and get it right!

The Unprofitable Pricing Formula

Browsing the interwebs, you’ll frequently see a pricing formula that looks a lot like this:

Supplies x 2 = Wholesale Price
Wholesale Price x 2 = Retail Price (or Supplies x 4)

I’m hesitant to even type that one on here because I don’t want you to just see it, use it, and then leave. A pricing formula like this might be simple, but it most likely will not get you a profit. Why? Because it leaves out a whole bunch of other fees and expenses that you’re probably incurring. Sure, the “x2” or “x4” multiplier is probably helping you cover part of that, but it’s better to come up with a more exact measure of all your expenses and include them.

Pricing for Profit – A Better Formula

Here’s what I suggest:

lazy owl guide to pricing handmade products

My pricing formula also includes labor and what I’m calling an overhead rate. Yes, my formula is a little more complicated. Let me explain my reasoning by defining each piece of the formula. Then, I’ll give an example of pricing two hypothetical products, a wire-wrapped ring and a pair of stud earrings.

Supplies: As I explained in this post, your supplies expense is the cost of whatever materials went directly into your product. You should always have a record of what you pay for your materials (don’t forget what you paid for shipping too). You should be recording this at the per unit level, unless it is cost-prohibitive (basically, too time-consuming) to do so.

For example, if you bought 100 beads, you should take the price and divide it by 100 to get the price per bead. If you bought a bunch of fabric, you’d calculate the price per foot or yard. This will help you determine how much a product you made with 1 bead or 1 yard of fabric cost you.

Being able to come up with an exact supply cost for a product implies that you are tracking this data somewhere in your bookkeeping system, whether it be some accounting software, a giant shoe box of receipts, an email folder, or a nicely organized spreadsheet. So…I hope you’re doing that!

Labor: Just like with a “real” job, you must pay yourself an hourly rate. Decide what you want your hourly rate to be (please, at least pay yourself more than minimum wage!), and determine how long it took you to make the product. Labor cost should equal Time x Wage, so if you’re paying yourself $10 an hour and it took you half an hour to make it, pay yourself $5 for that product. Keep in mind that you spend lots of time working on your business that isn’t necessarily spent making products, and you don’t get paid for that. When in doubt, I suggest you round up your time to more make sure you’re paying yourself what you’re worth.

Overhead Rate: We’ve previously discussed what overhead is, so check out this article to get the full rundown. Basically, overhead is all the other expenses you have that 1) go into your product, but you can’t get the exact amount per product (the cost of the thread you used in your apron, the ink you used to write the calligraphy, etc.), plus 2) all of the other business expenses you pay that don’t have directly go into a product (advertising costs, a web domain, your crafting tools, etc.).

The best way to include these expenses in your pricing formula is to come up with a rate. You are basically putting a little chunk of these expenses into the price of everything you sell. Please refer to our other article on how to calculate your overhead rate. I suggest calculating your rate based on your estimated products sold in a year.

To refine your formula further, you can even have multiple categories of overhead with their own rates. In my own practice, I don’t have the time or energy to count how many jump rings I have, or how much adhesive went into a specific item, so I just have separate overhead rates for those categories that I use for the applicable products. Then I have a “general business” overhead rate that I use to price all my products.

Don’t forget that your fees should be included in your overhead rate calculation. These are the fees that you pay to Etsy, Paypal, Square, etc. to list and sell your products. Examples include Etsy’s 20 cent listing fee, their percentage of your sale, Paypal’s percentage of your sale, etc. To complicate things further, your total fee might vary based on whether you sell it via Paypal or Etsy’s Direct Checkout. Currently, Paypal fees are 2.9% plus 30 cents. Etsy fees are 3.5% of the sales price (this is their cut no matter which method it sells via), and their Direct Checkout takes a 3% cut and a 25 cents transaction fee. Whew, confusing!

Wait a Minute, What’s That “Multiplier” for?

The “x2” and “x4” is what I shall call your profit multiplier. It’s basically what’s ensuring you a profit  at the end of the day. You’re taking your costs, multiplying them by the profit multiplier, and getting your sales price. Your sales price means you are getting paid back enough to first cover all your costs, then actually make some money on top of that.

Now let’s work some hypothetical examples.

Wire-wrapped druzy ring

  • Supplies – That’s the cost of the wire and the druzy stone. The druzy stone cost me $3. I buy the wire in 30 feet spools. One spool costs me $8. So, I can either measure exactly how much wire I used for this ring, or I can make an estimated cost based on an average for each ring. Let’s say I use an average of 2.5 feet for each ring, so that gets me about 67 cents of wire in 1 ring ($8 per spool / 30 feet = $.267 per foot x 2.5 feet = $.67). Am I confusing you yet? So, my supplies expense for this one ring is $3.67.
  • Labor – This ring takes me 10 minutes to make, and I want to earn $12 an hour. So 1/6th of an hour x $12 = $2 in labor for this ring
  • Overhead Rate – In my hypothetical situation, let’s say these are my estimated overhead expenses for the year:
    $800  – Etsy fees
    $250 – Paypal fees
    $250 – Advertising & printing expenses
    $300 – Craft show fees
    $50   – Photo props
    $100 – Editing software
    $75   – Tools
    $275 – Indirect product costs
    $15   – Website costs
    = $2,115

Wow! That’s a lot of overhead! These costs add up, that’s why it’s important to include them in your pricing strategy somehow.

I’m going to calculate my overhead rate based on an estimated annual number of products sold. Last year, let’s say I sold 400 items. This year, I’m estimating that I will sell 500 pieces. $2,115 / 500 = $4.23 per item for overhead. So, my formula would look like this:

[(Supplies + Labor) x 2] + Overhead Rate = Wholesale Price
[($3.67 + $2) x 2] + $4.23 = $15.57 for my wholesale price, x 2 = $31.14 for my retail price. If this were me I’d probably do some rounding and sell it for $31 flat.

Remember, there’s several ways you can calculate your overhead rate and incorporate it in your pricing strategy.

Rosette stud earrings

    • Supplies – Let’s say the rosettes cost me 20 cents a pair, 20 cents for the studs, and 5 cents for the earnuts. That means my supply expense is 45 cents.
    • Labor – I make a bunch of earrings at once, so each pair doesn’t take me too long. Let’s say I pay myself 50 cents for each pair.
    • Overhead rate – $4.23 as I calculated it in the above example, and you can use that same overhead rate across the board for all your products.

So, my formula would look like this:
[(Supplies + Labor) x 2] + Overhead Rate = Wholesale Price
[($.45 + $.50) x 2] + $4.23 = $6.13 for my wholesale price, x 2 = $12.26 for my retail price. Again, that’d be $12 flat for me.

The Big Picture

Does it seem crazy that a ring that cost you less than $4 to make should be priced at $31? Or a pair of earrings that cost you less than $1 could sell for 12 times that amount? That is why soooo many artisans underprice their goods, or make awesome sales but never turn a profit. It all boils down to two things when coming up with a pricing formula that works:

  1. Covering all of your costs – find a reasonable, doable way to include all your business costs in your pricing formula, not just the obvious ones, whether this is by using an overhead rate, a percentage markup, or something else that works for you.
  2. Making a profit – here’s the kicker. If all your business expenses are represented somewhere in your pricing formula, that little “x2” or “x4” profit multiplier is what will allow you to be profitable (duh!). Too many entrepreneurs forget to include all their true costs in their formula, and profit multiplier that should be giving them a profit is really just covering all those forgotten expenses instead.

Trust me, it’s a lot easier to price your product for a profit now, even if it feels too high, and lower your price later for whatever reason, than to be in business for a while with prices that are too low, realize you aren’t going to have a sustainable business, and have to raise your prices later to stay open.

pricing formula

kraft price tags, from wishdesignstudio on etsy

Next time we’ll continue the conversation about pricing your creative goods and discuss tweaking the formula to fit your business, checking out (or not) your competitors’ prices, and why it’s so important to not under-price yourself. We might even be feeling really generous and include a little downloadable freebie spreadsheet with the pricing formulas already embedded for you!

In the meantime, if there’s any specific things you’d like us to talk about or any pricing questions you may have, feel free to hit us up in the comments.

UPDATE: Check out part 2 of our series, which discusses the pitfalls of under-pricing, tweaking the formula to fit your needs, and competing with other shops, here.

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crafting a business plan

the etsy seller spreadsheet by paper + spark

 

How are Customers Finding You on Etsy? – Interpreting & Utilizing Your Etsy Shop Stats, part 5

etsy statsHi there! Welcome to our fifth and final article in this Marketing Magic series on effective ways to use and interpret your Etsy shop stats. I hope you’ve found this helpful thus far! Here are the links to the previous articles for a recap:

In Test #3, we discussed analyzing the various sources that generate traffic to your Etsy shop. On a similar note, today we’ll discuss traffic sources from within Etsy.com that lead viewers to your shop. So we’re not talking about people doing a Google search, we’re talking about people that are either already browsing Etsy.com or already somewhere in your Etsy shop.

#4. Review Your Traffic Sources FROM ETSY

The Thought Process 

Once a viewer finds your shop or listing, however they found it, you want to keep them there (by “there” I mean within your shop) as long as possible. Think about if you owned a brick & mortar shop. Customers would come in and browse, see an item they like, possibly add it to their cart, move on and see another item they liked, and keep browsing on and on. Your internet shop is different. They might land on a listing page from a Google or Etsy search and never see the rest of your shop other than that one listing. It’s up to you to help them browse.

The longer a viewer spends browsing your listings, the likelier you will be to make a sale, or at least get some items favorited. There are several things you can do to keep a viewer browsing within your shop, and you can use your Etsy shop stats to monitor your progress.

The Testing Procedure 

Once again, filter to a weekly or monthly view of your stats. Check out the other box below your graph, titled “traffic sources on Etsy”. This is basically giving you a drilldown of the “etsy.com” number listed under the “traffic sources” box to the left. Examine where your inner-Etsy views are coming from. Possible traffic sources from within Etsy can include the following:

    • Your Shop – when a viewer clicks on a listing from the home page of your shop
    • Your Listings – when a viewer clicks on a link (to another listing, to your shop home page, to a category section, etc.) from a link within another one of your listings
      etsy titanium earrings

      turquoise rosette titanium studs in my shop – see how etsy automatically adds some links to other listings in my shop

      traffic to etsy shop

      • Search – a viewer searches for something from the Etsy.com home page
      • Search within your shop – a viewer searches for something from the search bar on your Etsy shop page
      • Other possible traffic sources include the Etsy home page (score!), treasuries, favorites, convos, Etsy’s browse sections, teams, or another shop’s listing.

Questions to Ask Yourself Now 

      • Where is most of my inner-Etsy traffic coming from?
      • Do I have a substantial amount of views coming from within my shop, like from listings and shop sections?
      • Are there steps I can take to increase the links and connectivity within my shop to increase a viewer’s browse time?
      • Are there steps I can take to increase my page ranking in Etsy search results?
      • Have treasuries and my participation in Etsy teams or forums been a good way to drive traffic to my shop?
      • What can I do to increase my chances of being featured in treasuries and on the Etsy front page?

Lessons Learned

Unless you were featured on the front page, you want most of your traffic to be coming from Your Shop and Your Listings. Yes, search traffic from Etsy.com is great, that means your tags are doing their job. However, lots of views from your shop, listings, and section pages means that people are sticking around after they found you via search or whatever other method. It means they like your shop!

To boost these views, make sure your listings have helpful links included in them. You can link to other relevant listings or categories. Here are some examples of effective listing linking:

      • “If you like this style of ____ check out my other _____ here.”
      • “Check out my entire line of _______s or my shop section of _____ here.”
      • “If you’d like this _____ but in another color/size, see my _______ here.”
      • “Back to our shop here _______”
      • “Check out the _______ that matches this listing.”
etsy links

another example from my turquoise rose studs listing – see all the links to other places in my shop that I have sloppily circled

The idea is to think like your target customer and provide them little links and breadcrumbs to other parts of your shop that will make their lives easier and increase your chances of making a sale. The good news is that these days, Etsy does a pretty good job of adding a lot of links for you already. On each listing page, they will automatically add links to other listings in that same section, a link to convo you, and a link to your about page.

Don’t forget to monitor your progress after you’ve tweaked your listing links and any other keyword or tagging work. Check your traffic stats on at least a monthly basis to see if your views from Etsy searches or inner-shop browsing has paid off!

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We hope you’ve enjoyed our series on how to analyze and interpret your Etsy shop stats! We’ve discussed just some of the many processes you can perform to effectively utilize and analyze your Etsy Shop Stats. After running through these tests, remember to continue checking your stats to see if your efforts have improved your traffic. Our goal is to get more people to your shop and increase your sales. Happy selling!

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Where’s Your Traffic Coming From? – Interpreting & Utilizing Your Etsy Shop Stats, part 4

how to use your etsy statsOur latest series of Marketing Magic articles discusses how to analyze your Etsy Shop Stats to help increase your views and boost sales. Read the intro to the series here to get started. You can currently read about test #1, reviewing your keywords, and test #2, sorting your superstar listings from the duds.

We’re now moving on to test #3, reviewing the sources that lead traffic to your Etsy shop.

#3. Review Your Traffic Sources

The Thought Process

How are viewers and potential customers finding you? Are they searching for a keyword or phrase on Etsy or Google that eventually brings them to you? Are they clicking on a pin on Pinterest, or were they reading a blog article about your product? There are so many ways customers can find you; it’s essential to monitor how viewers are and are not finding your products. This is especially true if you are participating in any sort of marketing campaign, like using a Facebook business page, participating in a giveaway, or pinning your items. You want to know if you are using your time effectively or wasting energy.

 The Testing Procedure

Let’s take some time to check the traffic sources listed on our Etsy shop stats page to see how viewers are finding you. Once again, filter to a monthly or weekly view and check out the “traffic sources” box just below the graph. This box lists all the places that your views are coming from.

lazy owl boutique

“Etsy.com” means traffic that came from “within” Etsy, via search or other internal Etsy links. Note that these views are further broken down in the box to the right, “Traffic Sources on Etsy”.

Direct traffic generally means someone who typed in your Etsy shop URL, clicked on a bookmark, or clicked on a link in an email or on their phone.

This box will include third party search engines (like Google or Yahoo), Pinterest, Facebook, blog URLS, and other social media sites as sources as well if they are applicable. You also might see traffic from Google Product Listing Ads that Etsy has placed on your shop’s behalf.

 Questions to Ask Yourself Now

While looking at your list of traffic sources, think about the following questions:

  • Did I perform any marketing or promoting efforts this month to generate traffic to my shop? Do I see an increase in views from a previous month due to this?
  • How much traffic do I see resulting from my social media sites (like from Facebook, Pinterest, your tweets, etc.)?
  • What social media outlet seems to be working the best for me this month and bringing in the most traffic?
  • Do I have any traffic coming from an unexpected source, like a blog or site I didn’t know about? You’ll want to be sure to check these sources out, if anything, to say thank you!
  • How much direct traffic do I have? This is potentially from people with your business card or who have heard about you via word of mouth.
  • Did I buy any online advertising space this month? If so, how much traffic am I seeing from this?
  • What social media sites or other sources seem to be missing from my list this month?

Lessons Learned

This analysis helps you determine whether your marketing and promotion efforts are effective. It can also help you decide where to allocate your precious time. For example, is Pinterest bringing in twice as much traffic as Facebook, Twitter, or Instagram? then spend more time pinning.

This test is also helpful if you compare your results and traffic sources to past time periods. If you’ve ramped up your Facebook marketing efforts or started a new blog, you can see whether traffic from those sites are increasing over time.

This process can also be particularly educational if done following a specific marketing effort on your part. For instance…

  • Did you just do a craft show and hand out lots of business cards? Monitor to see if handing out all those cards helped increase your direct traffic.
  • Are you selling on a group deals site or participating in a giveaway on a blog? Monitor to see if you’re getting traffic from that source to make your participation worthwhile.
  • Did you just write a blog article about your product or brand, or start a new blog recently? Keep an eye on your traffic to see if your new work is affecting traffic.

This analysis will tell you what’s working, and you can obviously capitalize on that. But don’t forget to look for what sources are missing from your list. Are you tweeting all the time and not seeing any incoming traffic from Twitter? Then you may need to reallocate your time or adjust your Twitter marketing plan to be more effective. Did you pay for ad space or participate in a giveaway and see hardly any incoming traffic from that? Now you’re armed with more info before participating in something similar next time.

How are your traffic numbers for Etsy.com and Google/Yahoo/Bing searches? Monitor these stats over time to see if you’re doing well with SEO/keyword tagging or if it’s time to adjust and boost your page rankings.

The general idea behind this test is two-fold: 1) You are learning how to use your time wisely. Spend your marketing time on the venues that are driving the most of your traffic. 2) You want people to find your shop and products from a healthy mix of searches and links around the interwebs. You need lots of both types of traffic to be truly successful. We recommend a site like IFTTT.com to set up automated processes on your social media outlets to help increase traffic from these sources.

Check back soon for our fourth test with your Etsy shop stats. We hope you’re enjoying this series! What questions do you have about reading and analyzing your Etsy shop stats?

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Sorting the Superstars from the Duds – Interpreting & Utilizing Your Etsy Shop Stats, part 3

Our latest series of Marketing Magic articles discusses how to analyze your Etsy Shop Stats to help increase your views and boost sales. Read the intro to the series here to get started. Test #1, reviewing your keywords, was discussed here last week.

This week, we’re discussing another easy analysis you can perform while looking at your Etsy shop stats.

help with etsy stats#2. Separate Your Super Star Listings from the Duds

The Thought Process 

Your shop’s listings are your selling points. Whether you have a ton or only a few listings, you’ve probably noticed over time that some listings seem to be getting a lot of views and favorites, while others are barely seen. The discrepancy could be caused by many things; maybe you’re selling a mixture of more popular (and thus more viewed) and less popular (and less viewed) items. That makes sense and probably applies to you to some degree. However, it could also be due to some other factors.

The Testing Procedure 

Again, I suggest looking at your stats in chunks of at least 1 month’s time (like “last month”’s view for example) for this analysis. After filtering your dates to this view, scroll down to your “pages viewed” area. check out your top 2 or 3 viewed items (that are not pages or categories), we’ll call these your superstar listings…along with your least viewed 2 or 3 items (you will have to click to the very last page), or your duds.

You can click on the listing’s link in your stats and get individual stats for just that item, but it’s also helpful to look at the actual listing so you can view the keyword tags, title, and description you used.

Open the listing pages and the individual stat pages for your superstar listings and your duds, and get ready to do some thorough examination.

Questions to Ask Yourself 

What do your superstar items have in common? Try to think of every possibility, especially beyond the obvious ones (like they’re all Halloween-related and it’s October). Here are some starters:

      • Do they all have great photographs on pristine white backgrounds?
      • Do they all use the same keywords or tags?
      • Were they all renewed that month?
      • Did they all get traffic from a similar source, like treasuries, Twitter, or a recent ad campaign?
      • Did they get more views from within your shop or from keyword searches (this tells you if someone spotted it whilst already in your shop or came directly to it after searching on Etsy)?
pyrite nugget wire wrap ring

This was my superstar listing last month. Great clean and clear photo, good tag and title usage, and being featured in a handful of treasuries helped make this listing popular.

Now for those dud listings. What’s wrong with these guys? More questions to ponder regarding your least viewed items:

      • Is it my pictures? Could I use better, more appealing photographs?
      • Should I refine or retool my listing title and keyword tags to make it more searchable and SEO-friendly? Maybe your product is awesome, but people just aren’t finding it.
      • Should I refine the item’s description to make it more appealing to my viewer? Does my description answer the most common questions a buyer might have? This might not really affect your views (since someone would click on the item before even seeing the description), but it can’t hurt!
      • Could it be a problem with the item’s price? Does it seem too cheap or too expensive at first glance?
      • Does this item not fit in with the rest of my shop’s inventory?
      • Is this a seasonal item that I should think about not renewing until the right time of year?

Lessons Learned 

Note what you learned from this exercise. Are certain keywords or tags really popular right now? Maybe you could apply these to more of your listings. Do listings with a certain look or feel seem to be doing better? If you figure out some secret ingredient that seems to be boosting your superstar listings, try to incorporate it throughout the rest of your shop. Or maybe you need to be making more items that are similar to your superstars!

Take time also to analyze what sources are bringing the views in for your superstars. Are they being found from keyword searches, from links within your Etsy shop, or from a social media blast? Take note of what you’ve been doing that’s working and what’s missing.

There are also probably some steps you can take to improve your dud listings’ chances of being found and seen. At the very least, you have little to lose by sprucing up their tags, titles, or photos to breathe a little new life into them. However, if you notice some of the same listings showing up in the dud section each time you perform this test, you might consider not renewing them next time to save yourself a few cents.

Periodically monitoring your superstar and dud listings for patterns is just another way of using your Etsy shop stats to boost your views and sales. Come back soon for test #3, and don’t forget to read back on test #1, reviewing your keywords, if you missed it last week. Also, check out our step-by-step guide on how to easily download your Etsy sales spreadsheet!

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An Easy, Step-by-Step Guide to Downloading & Analyzing Your Etsy Shop Sales

As small business owners, we are swimming in a deep sea of numbers, stats, and financial data on a daily basis (whether you choose to ignore this sea or not is a different story!). Luckily, what you may not know is that Etsy makes it super easy for shop owners to download their sales info in order to calculate their net income in a relatively painless process.

download your etsy csv file sales

You can download your sales data from Etsy on an annual or monthly basis and quickly export this info to a spreadsheet, where it can be sorted, filtered, summed, and utilized with other data. This is a quick and easy way to calculate all sorts of helpful numbers, including your total sales and shipping, which will be especially helpful for tax time.

Here’s a step-by-step guide on how to download your sales data from Etsy, and what to do with it once you’ve got it (please note that I use Excel for my spreadsheets):

step by step guide how to download your etsy sales file

 

step by step guide how to download your etsy sales file

 

 

 

 

 

 

 

You’ll then see a screen that looks something like this:

step by step guide how to download your etsy sales file

There are lots of different things you can do from here. Etsy offers several items for download, including a spreadsheet of the listings you currently have for sale, your orders by item, your orders by total, your direct checkout payments, and your direct checkout deposits. Read the descriptions to see what else you might like to download. For now, we’re going to use the orders download to calculate our total sales.

Etsy also gives you the option of downloading any of these spreadsheets for a specific month of a year, or for an entire year. Right now, we’ll download all of our orders from last year.

step by step guide how to download your etsy sales file

downloading etsy sales step4 copy

Since I’m using Windows, I’m going to open my file in Excel. From here on out I’m going to give you some step-by-step instructions on how to format and set up your sales data in Excel. You can obviously format it however you’d like, this is just what makes sense to me, and may be helpful if you’re an Excel novice.

After you’ve got your file open in Excel (should automatically open if you selected “open” in the previous step), let’s first make the column widths all pretty so we can actually read all this data.

downloading etsy sales step5 copy

Now we’ll add filters so we can better analyze all this nice data.

downloading etsy sales step6 copy

Etsy gives you a lot more information here than you probably need, like the names and addresses of all your customers. While the ship state might be helpful to filter for sales tax purposes, we can hide a lot of columns to make our data more manageable. If we decide we need it later, it’s easy to unhide a column.

downloading etsy sales step7 copy

I like to freeze my top row so that as I scroll down I still can refer to the column header to know what I’m looking at.

downloading etsy sales step8 copy

Then we format all our financial data to actually look like money rather than just a number.

downloading etsy sales step9 copy

Now it’s time to use a simple formula to get some great data, like our total sales, total amount we got paid for shipping, sales taxes collected, and credit card fees.

downloading etsy sales step10 copy

Excel makes it easy to use the filter function to sort by all sorts of things. Here, we can put our sales in chronological order. We could even choose to only look at one month or one quarter’s worth of sales (also helpful for quarterly tax returns or payments). We can use this function to look at only paypal sales, only international sales, only sales over or under a certain dollar amount…the possibilities are endless.

downloading etsy sales step11 copy

Let the big green letters below represent the following:

downloading etsy sales step12 copy

Don’t forget that your gross sales on your tax return should include everything you got paid for shipping as well. You’d report A + B as sales on your tax return. E, your credit card processing fees, would be a tax deduction.

You can copy F, your Etsy net sales, to your personal bookkeeping spreadsheet and then add in any other revenue streams and subtract all your other expenses to get your business’ true net income.

So there you go, a step-by-step guide on how to utilize this wonderful asset that Etsy provides for us! If you didn’t know this existed, I hope you found this helpful. You might also want to check out our ongoing Etsy Shop Stats series of articles to get help on another free asset that Etsy provides!

Do you have any questions on how to download and intrepret your Etsy sales spreadsheet?

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the etsy seller spreadsheet by paper + spark

Are You Using the Right Keywords? Interpreting & Utilizing Your Etsy Shop Stats, part 2

free marketing tips for creative small businessesOur latest series of Marketing Magic articles discusses how to analyze your Etsy Shop Stats to help increase your views and boost sales. Read the intro to the series here to get started.

Let’s move on now to a few quick and simple tests or processes you can perform every so often while checking out your shop stats. I try to give you some procedures to perform and things to think about that might not be as blatantly obvious as just glancing at your stats chart every few weeks.

#1. Review Your Most Popular Keywordshow to use your etsy stats tutorial

The Thought Process 

Most of your listings are probably found via search, whether on Etsy or another search engine like Google. Using smart keywords, tags, titles, and descriptions and making your shop SEO-friendly will go a long way in boosting your search page rank and thus your views. A thorough review of the keywords section of your stats will help you spot weaknesses and opportunites in your listings’ tags.

The Testing Procedure 

To make things more manageable and effective, I suggest looking at your stats in chunks of at least 1 month’s time (like “last month”’s view for example) for this analysis. Take a look at your top 10 or so keywords in the “Keywords” box in your shop stats. It might even be helpful to start a spreadsheet or Word file where you make note of which keywords seem to be drawing in the most traffic over time.

Questions to Ask Yourself

  • What are my most effective keywords? Which keywords are showing up time after time?
  • Can I apply these popular keywords to more of my listings?
  • Do I have any keywords or phrases showing up here that I’m not already using as listing tags?
  • Do I have any keywords or phrases showing up that I’m not using in my titles or the beginning paragraph of my descriptions?
  • Are there any tags I’m using a lot in my listings that are rarely showing up here?

Lessons Learned

First, make sure that all applicable listings have your most popular keywords and phrases as a tag, part of the title, and somewhere in the first few sentences of your description. This ensures max SEO-ability. When I talk about tags, I mean those 13 special words you enter in the tag section when you create a listing. Tags influence where and how your items show up in an Etsy search. Good keyword usage in your title and description helps you for offsite searches, like on Google.

Second, see what keywords might be listed in your top 10 that you aren’t already using as a tag. Start using these more often in your tags, titles, and descriptions.

Finally, look at this as a sort of round-about way to figure out what tags and keywords are not working. Sometimes, using keywords that are too “generic” can be a waste of important tag space. You will likely show up on results page 100 for the keyword “purse”, but you might show up on page 2 of “leather crossbody purse”. Being more specific will also bring you viewers that are more likely to buy your product, since it’s exactly what they are looking for.

Don’t be afraid to experiment with your tags and keyword usage, especially if you are just starting out. If you have two similar listings and you’re debating how to tag them, you can use them as a testing ground. For example, if I have two pairs of crystal earrings, I might use “estate sale” type tags on one, and bridal & wedding-related tags on the other, to see which type of keywords are being searched more often.

Paying attention to your keyword stats will help you improve your listings and boost your views. Tune in for our next Marketing Magic segment for test #2 on how to effectively analyze your Etsy shop stats.

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Marketing Magic – Interpreting & Utilizing Your Etsy Shop Stats, an intro

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In this Marketing Magic segment, we’ll discuss how you can easily utilize your Etsy stats to fine-tune your keyword and tag usage and thus boost your views, favorites, and hopefully sales.

If you have an Etsy shop, you have a wealth of easily accessible and free data at your fingertips…your Etsy Shop Stats! Maybe you are a stat-junkie like myself (I check them multiple times a day), or maybe you are like, “What the heck are my shop stats”?

how to use your etsy shop stats

You can access your shop stats either via the drop down menu, as shown here (please ignore the 46 items in my cart, I’m a virtual hoarder you see) or on the left side bar under “Stats” if you are already in your shop view. A summarized version is also now available on your shop dashboard.

You can view your stats in a variety of ways…daily, weekly, monthly, yearly, or any specific set of dates…all on a handy line graph. There’s one set of datapoints that represents your shop (shown in blue) and another for your listings (shown in purple).

Your stats will include numbers for views, favorites, orders, and revenue (sales dollars, excluding shipping). There’s also a map tab that will show you where your viewers and customers are coming from geographically.

This is a lot of info to digest! If used correctly, your Etsy stats can be a great tool. There is a lot of data that can be mined from just this one page of info. On a broad scale, this data tells you what you’re doing right and what’s not working. We can find clues to make listing titles, descriptions, tags, and keywords more effective. Your Etsy stats can also help you refine your marketing and promoting efforts.

Over the next few Marketing Magic posts, I’m going to suggest a few quick and relatively painless processes you can do every so often that will help you take full advantage of the great information hidden within this data. In the meantime (if you haven’t already), I encourage you to start checking your Shop Stats regularly and get familiar with the info available to you.

UPDATE links to the rest of this series:

How do you use your Etsy Shop Stats? What questions do you have about them?

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Kate & Linny Feature

Yay yay yay! We are so excited to announce that Lazy Owl Boutique is featured on the awesome mompreneur website Kate & Linny this week.

For the next few days, we’re offering a special deal (25% off) on our trendy dahlia titanium studs in a variety of bold spring colors. These flowers are on titanium posts, 100% nickel- and lead-free and perfect for sensitive ears.

lazy owl boutique titanium nickel free dahlia post earrings

Our dahlia studs are a great addition to your springtime wardrobe and work great for everyday wear. At $2.50 for shipping and no extra charge for additional pairs, you can even order a few for filling those Easter baskets or as Mother’s Day gifts! As always, all Lazy Owl items arrive in be-ribboned jewelry boxes, ready for immediate gifting.

See our deal here, and grab a pair or two at this limited time special price!

lazy owl boutique titanium earrings

turquoise & dark pink titanium studs by lazy owl boutique

We encourage you to check out Kate & Linny and support the other featured mompreneurs. Every item featured is either made by, developed by, or sold by moms!

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What I’m Working on Right Now

2014 has been a busy year thus far! Trying to juggle mamahood with maintaining Lazy Owl and staying productive with work has certainly been a challenge. Add some travel and events to that list, and we’ve been on the go since January 1!

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the mess of my desk

I’ve got a lot of irons in the fire right now, and just wanted to give you a little update of what you can expect here at Lazy Owl in the next few months!

  •  A new look for our website! I recently joined Handmade Tickle as a beta member, from the creators of the well-known site Everything Etsy. Thanks to this new community, I’ve moved my blog over from wordpress.com to self-hosted site. Now I’ve got tons more customization options, but the list of new things to learn is quite overwhelming! You can expect a more exciting site soon, but please bear with me as we grow and tweak! (Side note, if you are a blogger/maker like myself, I highly recommend you check out Handmade Tickle!)
  • More new content! Yes, I’m planning a whole new editorial content around the long-dormant Creative Accounting series, with some other topics sprinkled in as well. It’s tax time for your small business again so let’s talk numbers, and let’s make it easy!
  • An e-book! That’s right, I’m working on Lazy Owl’s very first e-book; it will be centered around our first Crafting a Business 101 Series, which was a guided process for creating a business plan as a creative entrepreneur. The e-book is based on that series of articles, but will include many pages of new material, extra printables, and more in-depth guidance and advice. Goodies galore!

What do you want to learn about this year? Let me know in the comments!

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500 Sales Giveaway!

lazy owl boutique giveaway contestYay! We are proud to say that Lazy Owl Boutique has hit 500 sales on Etsy this week! To celebrate our amazing fans and all the fun we’ve had in the past few years, we’re hosting a special giveaway!

The prize will be two of our most popular items – our cream owl studs and our navy anchor studs (a retail value of $26). Both pairs of earrings are on titanium posts so they are perfect for even the most sensitive ears! Keep both pairs for yourself or give one to your BFF 🙂 If you’re curious about the full details of these earrings, check out the listings for the anchor earrings and for the owl studs.

You have one week to enter! Winner will be contacted within 2 days of the contest end-date for mailing address, and of course the prizes will ship for free! Good luck and please share…and most importantly, THANK YOU for supporting handmade!

Enter the giveaway contest below!

a Rafflecopter giveaway