Etsy Market Research (Like a Pro!)

market research on etsy what is it and how do you do it well in today's video i'm going to be sharing just that as well as my super secret weapon to finding niche products for your shop if you are new here my name is angela and i am in the business of turning your etsy shop into a seriously profitable business since my channel is the best place on youtube for etsy entrepreneurs you're definitely going to want to click the subscribe button and turn on those bell notifications so you can be notified every time i post a new video now i've talked a lot about niches on my channel and the reason that they are so important is because people need to identify with your shop in 2020 i personally ran an experiment with my shop where i opened a niche shop and a not nice shop and my niche shop got double the amount of sales i've talked a lot about this on my channel and so the first thing that you need to know before starting market research is that you need to have a niche on etsy market research will not work if you have a bunch of piecemeal products thrown into a shop you really want to work on creating a brand identity for your customers and serving one type of person after you've identified your target market or your niche on etsy then you can jump into the market research portion so let's get into it so the very first step of market research and the very first goal is to validate demand so this is where you're actually going to go to etsy.com and you're going to type in like you're searching for the product that you're going to make after that you need to see are there shops currently offering your product and making sales if you find a listing for a product similar to what you're going to offer you can click on it and see how many recent reviews there are and you can get an idea of their shop as a whole to see where most of their sales are coming from is it a product similar to the one that you're thinking of or are they offering that as a side product and they actually have a suite of main products that are bringing the bulk of their sales and here you want to make sure that there are quite a few shops seeing good traffic for their items you want to make sure that not just one shop is dominating that space in the market that there are different offerings in that same niche after that you need to see if there is a way that you can improve the products or differentiate your products from those already existing in the marketplace if you're making a resin tumbler you can't just come in with the same tumbler design and ideas as an already successful shop because you're not going to have the reviews you're not going to have the sales to validate your product and people are just going to go with the one that is the best seller already so you need to offer something new is there a new profession in resin tumblers that you can target maybe rns are really targeted for nursing but maybe cnas aren't as targeted so you're going to start kind of splitting hairs here to see if there's a way that you can differentiate your products from those already existing in the marketplace not only this but you should really dive into your competitors reviews to see if they're doing something that's making customers continually angry do they want washing instructions do they want some sort of like uv resistant resin so the cups don't discolor in the sun is there something that your competitors aren't offering is there a weakness in their process that you can perfect and therefore be a better position in the market than those that are already being offered and then after all of this you need to do a test run so if you're getting green lights on the first two and you know how to differentiate and improve the product then you should do a small test run in your own shop because what you're doing is not necessarily research in your own niche you might be researching somebody else's niche and trying to bring it over to your shop so you can do a small trial run with just a few products to make sure that your existing customer base your existing niche market is actually going to be interested in this new product offering so no matter how good of an idea it looks like don't spend all of your money on the product until you've validated that there is demand in your existing market now that you know the three steps to validating a market i'm actually going to jump onto my computer and do a screenflow to walk you through these steps to show you how i would do it for a new product for my shop but before we jump over there i want you to comment down below and let me know what is your current niche on etsy okay so here we are etsy.com and we are actually in an incognito tab because you don't want any of your previous search history to influence your market research so we're going to continue on the same thread as the resin tumblers so let's pretend that we are making resin tumblers for nurses so i'll just type in a really generic statement like resin tumbler nurse and you can get more specific as you are doing your market research but you can start out broad and then get more refined as you work your way down your research so let's just go ahead and look here we can see that there are 338 results with ads you can see that right here 338 results with ads on this search term so that's good because there's not like an overbearing amount of listings on etsy um but we will see now if there is demand so the first row is always going to be ads and you can tell by the fact that it says add here add add add add if it's a very weird keyword then you might not have as many ads but generally first row will all be ads so we want to look and see who is showing up at the top of search results but they're not paying for it so we'll pay attention to this first row here right out of the gate that number three is a best seller here so let's go ahead and click and open that in a new tab it looks like this actually is not a resin tumbler this is just a tumbler with a decal on it and they are selling it for 20.95 so it looks like there is no extra cost associated with any of the personalization so that is the true price of this so this is interesting because if you are offering resin then maybe they don't want glitter resin and you can make this more permanent by adding just like a clear coat on top of it let's go ahead and continue so these first two here are actually resin so we'll look at the number one seller and we'll look at the number two seller strictly because the number two seller has a lot of reviews compared to the number one 32 is what they're charging for this and there are 11 reviews so december november july april now review rates can be as low as one percent so we want to keep mind that this isn't super accurate to the amount of sales that they're actually making for this product but it looks like the most recent review was done in december so i normally like see a few more reviews than this um it looks like they're getting about one a month which isn't too bad but if i were to be vetting a product oh they only have 47 sales okay so if i were to be vetting a product i'd like to see more sale or more reviews each month at least a few but okay they only have six products here and they actually just started in 2020 so this is a new shop so i wouldn't recommend using new shops in your market research other than the fact that they are new and they have made a few sales on this tumblr which is good but we're trying to see we're trying to get a better feel of how popular this kind of item would be so now we'll look at this one 38 plus which means that it varies based on their variation so it looks like it just increases based on the size of the cup so this is the one here that they actually offer for 38 dollars and the one shown on the cover so this is resin as well now made by josie has 2262 sales which is good and we're going to go ahead again and look at the reviews for this item so there are 14 reviews and it looks like in january there was a review in november um december let's go ahead and actually sort this by most recent january january january january great let's do that for this other one i forgot to sort by most recent january december december november okay but this already looks like a better product to be offering so i think it's safe to say that there is demand for a product like this based on these first listings now let's see okay this is all that this shop offers and they've been on here for two years so they do about a thousand sales a year and they do a mix now they do not have a super specific niche so if you were in the nurses market and you had a shop specifically for nurses people might feel more drawn to your shop so this i would identify as a product that has demand so that's the first step now you need to see if there is anything you can do to improve upon your competitors so that's again where the reviews are going to come in so let's go ahead and sort by newest because any good etsy seller should be taking any negative feedback into account so if they have years old feedback we're going to disregard that we're going to look at their most recent feedback so you're just going to literally read the reviews this is a great present they loved it what a great combo so they liked pink tumbler with the white name and the pink sparkle stethoscope so if you're trying to look at some color combinations you might consider this um absolutely loved it and it was well made and nice great shipped fast so you're going to want to write down chips fast because that's something that they liked about this product 20 laser engraved tumblers for colleagues the large order was perfectly made and out the same day okay very good quality cup got tumbler for a cohort secret santa so overall people are really liking it this is a four star review now um seems like it should have been a five star based on the review so you're just going to keep going through here i think on one of these other ones i saw a lower review so let's see if we can see what's up with that the other thing that you get by sorting by newest is etsy will automatically show the best reviews at the bottom of your listing for that listing because they are trying to get a sale for you so we've got a four-star cute couple order from here again she was quick and professional and offered an exchange and sent a picture of the new product before finishing it to make sure it was to their liking so maybe if you are offering personalization you're going to want to send a picture before shipping it out just to make sure that you have a go ahead to ship it so they don't want to make any final changes okay so this person is a cup maker but they had too much going on and so they ordered from this shop and it was awesome in this cup so you're going to want to write down seamless because that's what people are looking for and you're really just going to go through here a lot of people are really loving these mugs and these tumblers so there's not a lot of negative feedback but you're going to want to take about an hour to do this read through all of the competitors reviews you want to pay attention to the ones that are appearing here on the top row maybe the top few rows just to make sure that you're getting an idea of the people that are doing the best in this space what they can do better what customers already are loving from their shops and you're going to want to write everything down so you can use that to inform your new product so after you do those first two steps now it's time to do a test run so you have all sorts of great information already that you've written down from your market research and you're going to do a test run of a few designs and i recommend not doing like what this person's doing here in your test run where this seller has a lot of different cup sizes because to buy a an insulated wine glass a 20 ounce skinny a 20 ounce thicker thermos a 30 ounce thermos and a 32 ounce bottle that's going to cost you a lot of inventory up front and you're going to want to be using your money for other things in your business so i would recommend just trying to understand from your market research what size is the most popular and then offer a few different designs maybe like two or three and then as you validate that there is demand then you can expand because again just because made by josie has all these great options and it seems very popular doesn't mean it's necessarily going to be the same for your shop so by going low and slow is the way to success on etsy and that's really going to be how you are going to be able to strategically grow your shop now at the beginning of this video i promise to share with you a super secret tool that i use in my market research to validate demand and i'm going to share that with you right now so this is actually an application not sponsored um this is a paid application now it costs about two dollars a month is what they estimate but it is called keywords everywhere and you are just going to go ahead and install this as a browser extension and i'll show you what it does right here so once you have it installed you're going to go ahead and turn it on and every time you search anything it uses up a credit and so for ten dollars you can purchase 100 000 credits and if you keep turning it off it's probably going to cost you a lot less than two dollars because you're really only going to be using it during your market research so super powerful tool i'll show you what it does now let's go ahead and search again for resin nurse tumbler and again there's 329 results here but with keywords everywhere when you type in a search term it's actually going to show you how many searches a month that search term is getting so resin nurse tumbler actually zero people per month are searching for this so that's an important thing to note because you as a resin tumbler maker might be using that to describe your products but that's not actually how people are finding these ones that are making sales so we're going to go ahead and do nurse tumblr okay so we can see that there's 25 000 search results and there's 2 400 searches per month for nurse tumbler now what you're going to want to do is find an intersection between results and search volume that works really well for your niche because really the less results with the most search volume is what you're going to want to use in your tags let's try here nurse tumbler personalized zero okay so this is saying that no people are searching for nurse tumblr personalized let's try okay you can see here also with the um with the browser extension you can see right here how many people are searching per month for that term so you don't actually have to keep going to the page only if you're interested in the number of results and you can see here popular right now bernie sanders 32 million searches a month long or gloves long 6 600 searches per month um this one doesn't have searches mittens recycled sweater 10 a month texas wearable 1 600 a month so you can kind of see here how etsy is prioritizing um these searches that they're showing in popular right now obviously bernie sanders 32 million searches insane so if you are maybe into like really funny political mugs or something like that you could consider this as a possible product in your market but this is only important if this is something that you are already offering if you aren't into political items gifts whatever then probably bernie sanders isn't going to be the search for you but if you are in the nurse niche you can just type in nurse um i'll put a space here nurse gift 33 000 searches a month nurse svg 8 000 searches a month nurse batch reel 5 400 searches a month so you can kind of see here how powerful this can be when you're planning out your products and again every search like this is one credit it's ten dollars for a hundred thousand credits and the tool is keywords everywhere so now that you know exactly how to do market research you're probably wondering all of the other elements that make a successful etsy shop so if you want the exact roadmap that i followed click the link in the description and it's all yours and if you want to join a positive community of etsy sellers i have a super secret facebook group that i have linked in the description of this video where you can get real-time tips from me and feedback on the projects you're working on on etsy so be sure to join the group at the link in the description of this video and if you're hungry for more etsy content definitely make sure to check out these two videos right here because i've got a lot of great etsy tips for you on my channel thank you so much for watching today's video if you liked it make sure to hit that thumbs up button to let me know and if you know any other etsy sellers who could benefit from this information definitely send it their way because sharing makes a huge difference on my channel i had such a great time

Channel: Angela Frank

Views: 3,508

Keywords: etsy market research, How to Do Market Research on Etsy, etsy market research tips, etsy product research, etsy product research tools, keywords everywhere tutorial, keywords everywhere etsy, etsy research tool, how to do etsy keyword research, etsy niche research, etsy keywords 2021, keywords everywhere, keyword research tool, how to use keywords everywhere, etsy keywords, keyword research, etsy tags

Id: 2-MHU8_8Km4

Length: 18min 19sec (1099 seconds)

Published: Sun Jan 31 2021