EP349 ETSY! Boycott the Platform or Use it as a Tool for Growth?
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In a sea of choices, it can be tough to stand out from the crowd. This is especially true in the world of jewelry, where there are countless brands and designers all vying for attention. If you want people to see the value in your pieces, it’s essential to be able to communicate your story and the meaning behind your designs. Otherwise, you’re likely to get haggled on price.
In order to get a share of the competitive market, some jewelry sellers opt to open a virtual store on a third-party platform like Etsy or Amazon Handmade. Etsy, in particular, is known for being very competitive, with high fees that have led to backlash from some sellers.
I believe we’re going to see a shift in brand positioning for jewelry designers as a result of the recent Etsy strike. Take a listen to our podcast as I share some points to think through that may help you see the opportunity in these changes to further grow your business.
How will you spend your energy: Do you want to be in a victim mode or be in a place of co-creation?
Being in a victim mode sucks our energy as we join the pity party. I understand the frustration of not being able to do something about the price hike but if we look closer, there may be a different way to approach it.
Thinking like a co-creator is being strategic and showing up for your business despite unfavorable changes. How can you use this opportunity to shift or change your strategy in a way that is actually going to serve you? Whatever you do, remember that you always have the power to choose how you respond to challenges. By staying focused and taking action, you can weather any storm.
Think about your brand positioning, perceived value, and pricing structure.
While putting your jewelry on Etsy may get you in front of potential customers, the truth is, you do not have the upperhand to command the price that matches the time, material, and labor you spent on making those jewelry. Etsy encourages tight pricing competition because customers can just pop in and compare, and not all sellers can really survive in that environment. The price hike can be an opportunity for you to spend time communicating your brand positioning and value proposition through your own website. This way, you’ll be able to charge a fair price that meets your bottom line.
Boycott Etsy or use it as a tool for growth?
Any platform that you use, whether it’s Etsy or selling on social media, should be seen as a tool to help you grow your business. That means moving customers off of the platform and onto your own website or email list, where you have more control. It can be tempting to think of platforms like Etsy as a free way to reach customers, but in the long run, they’re not going to be as effective as your own website or social media profile.
So while it’s important to use platforms like Etsy to reach new customers, don’t depend on them too much. Instead, focus on building your own branded audience that you can control.
xo, Tracy
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