The EASIEST Way to BREAK THROUGH Competition on Etsy

by the end of this video you are going to feel comfortable with your competition on Etsy okay even I can get like super discouraged by competition competition is just inevitable no matter what you're doing when you're putting your hand up and saying I'm going to be an entrepreneur you're consenting to compete whether you're on Etsy or not now I'm not saying that I'm not human and I don't get discouraged but sometimes we have to change our perspective of competition and what competition actually really does for us in reality if if we look at it properly competition should by the very nature make you a better entrepreneur right competition forces us to be more Innovative and build better businesses and it can be frustrating at times but with that being said we have to remember that it's a choice and we can choose to grow and innovate or we can choose to not but at the end of the day again like I said it's a choice so with that being said in this video we're going to go over really the easiest two-step process to stand out in comparison to your Etsy competition I really really want you to leave this video feeling confident on what you need to do for your specific needs on speres and goals your shop idea your business plan to compete and win in the marketplace so with that being said let's get into step number one all right so the first thing that we have to do to be able to stand out in the Etsy Marketplace is one we have to understand who our competition even is sometimes when I'm doing consults and I say hey can you give give me three to five of your top Etsy competitors what students come back to me with is shops that may be similar but not truly their competition so you can't compete if you don't know who you're competing against so the free way to do this the easiest way to do this and Define your competition is to just go into the Etsy search bar and search for a product title that is something that maybe you're thinking about selling or a product that would be similar to what you want to sell or are currently selling now what we need to do is we need to find sellers that are showing clear signs of momentum around that similar shop idea or product idea that you also have right and what we want to do is find people that are attracting the same customer Avatar as us so this is Major key so just because two shops may sell the same thing it doesn't mean that they're attracting and they're not having the same customers necessarily right so someone selling print on demand funny dad shirts and someone selling Sorority Girl branded flowery hippie crew necks are attracting two very different customer avatars right they're both selling shirts and sweaters but the funny un cohesive brand gift shirt that could be for just like a spoof shirt for a funny holiday is a very different customer Avatar and a very different purchasing decision than someone that is making very girly hippie trendy aesthetic sweaters right both print onand both selling uh same items at the end of the day but attracting two different people so when you're looking for your competition we're looking for shops that are attracting the same customer Avatar as you that are relatively young so less than a year old and having a good amount of sales in a short amount of time right so when we're looking in the search Pages we're going to look for products that have reviews maybe anywhere between 400 to 800 reviews we don't want to get a super season shop that's in the thousands of reviews because depending on your Niche that could indicate that they're a really old seller so we want to find a relatively young seller so usually the shops between 400 and 800 are newer and what we can do is we can usually somewhere at the top will show the year that the shop open if it doesn't show there then you can just sort their reviews by the oldest reviews and usually someone launched their store it might have taken about a month or a month and a half to get their first review so you can kind of conclude how old their shop is and this is just the free way to do this right so if you see a shop that is pretty young less than a year old that's having a couple thousand sales in that first year that's a pretty good sign of momentum and those are really the true competition that we want to look at now that we have figured out who our competition is and we have I would say fired at least five to seven of your shops and these are the shops that we really want to analyze and I know a lot of times we get so excited in the beginning and we want to skip this step but it's really important for you to understand who you're competing against right because the algorithm is liking them for some reason so we need to understand why if you guys think you're getting value out of this video please please make sure you subscribe to the channel and comment any questions you have down below or any suggestions for more videos thanks guys let's get back into the video now step number two is we have to find our angle to compete now here is all of the ways that we compete on Etsy by the way it doesn't mean that you have to compete and be the best at every single one of these attributes that's not what I'm saying but if you're entering a competitive Marketplace like Etsy you want to feel confident that you're competing on some level so the first way we can compete is by having a super unique item so just having a style of an item that is unique to you so this is kind of like when you walk in a store like Pandora right like Pandora is jewelry but it has a very identifiable brand Vibe logo kind of like designer feel to it right when you see a a pendora bracelet you know it's Pandora or David Yurman now I understand that not every single person out there is making products on a designer level or it just doesn't even make sense for your products but this is for a lot of people in some ways that you can compete right so here's a few examples where when you look at these products it's really identifiable that that product came from that type of designer and better yet if you're in a niche that doesn't really have that that could be something that you consider when you're designing your products to make it an identifiable product that came specifically from your store because that also contributes to how loyal your customers are when they can say oh I bought it from this maker on Etsy that you know makes this type of specific type of design if that makes sense not to mention the Etsy algorithm in my opinion really likes these types of shops and I also would argue that in the future that they're favoring more of these types of shops than just unbranded shops moving forward since they are getting more strict with sellers another way that we can compete is by offering personalization so personalization just always adds a level of competitiveness no matter what you're selling offering personalization now I understand that sometimes the logistics of that is more work for you on the back endend so if you're engraving in jewelry or embroidering your products right but in a lot of cases it is worthwhile because the value proposition that you add to your products is just so high but again just an option to throw out there a third way to can be is by beating people in price so is there a way for you or an opportunity for you to undercut the market on price now price is not always a given but it is Niche sensitive and again all of this data is going to come from that initial competitor analysis that you did to see what the actual opportunity is because sometimes in some cases having the cheapest price doesn't actually help you but your pricing strategy should be based off of what you think the market says based off your competitors right so if you do see an opportunity that putting your price cheaper than everyone else or having a variation option cheaper than everyone else doesn't actually deplete the perception of the quality of your item then you could consider either making one variation option the cheaper than all your other products so that shows on the front end or just if you have a product line that you can that you're making and you can come in small less or cheaper but keep the perception high with your marketing like with all your branding and your images really high then I would consider doing pricing strategy in the beginning or maybe you just do it in the beginning to gain momentum maybe even break even for the first few months just to get reviews and gain momentum and then increase your prices slowly from there number four is your main competitors are just offering you know all similar price point right but no one's offering a higher ticket item with a higher value proposition then you can consider coming into the market bundling things together and maybe being the highest price on the market but the value proposition is so much higher because maybe you bundled five products together instead of just selling one off item so even though you're the most expensive you have a different value proposition than all of your competitors because you bundled things together and when they buy them all together in one click as a bundle they're paying a slate cheaper price per unit compared to if they just bought each item by one offs and obviously if you're bundling things together you want to bundle things together that make sense together so you don't want to just randomly bundle objects together if it doesn't actually make sense for it to be purchased in one go I forgot what number we're on but the next one is be them in the numbers but the number of listings so this again is not specific to all niches it's again based off that competitor analysis but if you're in jewelry or if you're in print on demand and you see that these really young shops that are pushing sales have X amount of listings then you would want to make it a goal to consistently be launching and posting enough listings to basically get more listings than them and it's not all about just having the most listings it's also about the quality of those listings obviously but building some sort of engine where you have a consistent inflow of quality products happening where you can hit that number or beat that number of the amount of listings that they have the next one is obviously quality so I would even suggest you buy your competition's product to actually see it feel it touch it smell it see what the actual quality is if you can beat them on the material or the perceived quality of that item because of the marketing play that you do with your imagery then I would suggest if you can try to beat people on quality or perception of quality right or if you're going to pick up the pricing bucket and you can't beat them on quality cuz you're going to try to beat them on price and you find an alternative material or product that maybe is cheaper so maybe you're not beating them on quality but you're actually being able to beat them on price that's a justification for maybe having an inferior quality product but you know you're going to beat them on price but again these are all of the things to consider when looking at your competition to find that angle in and finally the last thing to consider is variation so for my store specifically I know that our unique value proposition is variation so we offer more sizes more colors more designs than our competition because the nature of our product is there's a lot of quality control issues with the material that we work with so our store specifically does all of the heavy leg work we work in a space where we there's a lot of quality control with the raw materials that we sew together and basically we do all the dirty work and the leg work for Quality controlling the fabric where in a space where most people don't want to deal with it because it's so much of work for the quality control so by the very nature we can offer way more colors way more sizes than anyone else and that is our unique angle because you know we're doing work that other people don't want to do and unfortunately as that is that's just the nature usually the top competitors are doing the work that nobody else wants to do and it just sets you up for a Better Business and for the Long play to be having a bigger um moat around your business when it comes to competition like I mentioned you don't have to come into the marketplace killing it on all of these things but those that list of items that I just listed are the top things that you would want to consider when you're looking at your competition and how you would want to beat them thank you so much for the end make sure you cue my full Etsy ads training next that is a full Etsy ads master class that I put out for free that will teach you how to get to $1,000 a day spending on ads profitably thank you guys so much for staying to the end and I will see you in the next video [Music] [Music]

Channel: Hannah Gardner

Views: 5,238

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Id: npAXSQ_SRYs

Length: 11min 56sec (716 seconds)

Published: Tue Jun 11 2024