Seller Tips: Analyze the Situation

In my Entrepreneurship class, we do this analysis exercise at least twice a week for various products and businesses. It finally clicked: This can be applied to my Etsy shop!

Analyzing your situation is key to running a successful business. Doing this exercise will get you stop and deeply think about your business. Write all your thoughts down. You may even discover something new about your business!

1. Description of your product- What exactly do you sell? What makes your product different than what’s already on the market? Do you use different materials? Do you have a different technique? Be as specific and detailed as possible—Get down to the nitty-gritty if you will.

2. Who is your market?- Who purchases your products? “I sell to everyone!” Well, not exactly. Be realistic. Think about demographics: gender, age, geographic location, income. Knowing who your target market is will make you more efficient in the type of products you offer and how you promote—saving time and money!

3. Who is your completion?- Who else sells the same things as you? List company names and Etsy shops. Keep in mind your competition is not only other Etsy shops, but also mainstream businesses off Etsy as well. (For example, one of the products I sell is greeting cards. I compete with other card shops on Etsy AND big name companies like Hallmark and American Greetings—no pressure by the way!) Once you know who your competition is, take a look at their business-products, prices, marketing. Anticipate their next move so you can be ahead of them!

4. How will you dominate the market?- How will you get the word out there about your products? Ads on websites-blog-interesting photographs-posting flyers around town-craft shows-packaging the products in an eye catching way? This should be answered in light of your market.

This may be a little deep for some Etsy shops, but it is just to get you thinking about your business. I believe it is beneficial! Hope you learn something new about your business!

Seller Tips: Arousing an Eager Desire

In my business communications class, we are reading How to win Friends and Influence People by Dale Carnegie. I was weary when I first heard the title...yikes, winning friends? Apparently this book is the world's best seller behind the Bible of course. As I was reading the assigned chapters, I was struck by what Carnegie was saying and amazed that it can apply to all facets of life...including business.

Chapter 3 can apply to those who have a business. Henry Ford, one of the greatest, most successful business men the world has ever known, said this:

"If there is any one secret of success, it lies in the ability to get the other person's point of view and see things from that person's angle as well as from your own."

So many times we as humans focus on our wants and what would make us happy. In our shops, of course we want to have sales everyday. But how often do we take a step back and think about the customers we are serving? What would they want to see in the shop? What product would blow their mind away? Customers know you want sales. Customers want the seller to focus on them and fulfill their desires. They ask, "What's in it for me?"

"Customers like to feel that they are buying--not being sold."

Think always in terms of the customer's point of view , and make the customer desire your product in a way that does not manipulate them.

"The world is full of people who are grabbing and self-seeking. So the rare individual who unselfishly tries to serve other has an enormous advantage. He has little competition."

As the time comes to start preparing for the busy Christmas buying season, I am guilty of seeing dollar signs. Let's make an effort to see things from our customers point of view, and at the same time try to arouse their desires for our great products--not try to only fulfill our desires!

(Quotes in green are from Dale Carnegie's How to Win Friends and Influence People)