"What Else Can We do?"

Ok, Alex of Woodenaht.  You inspired me in one of our team discussions, where you stated that you frequently ask yourself "what more can I do" or "what else can I do" in reference to your online business, as a way to keep moving forward and improving it.  That's the second time your words have struck a note with me that made me think and actually act on them to work harder on my shop. 

And got me to thinking about this in respect to our team.  So I'm asking "What more can WE do?".  What else can we do to improve our team experience and elevate our team profile.  Well, as I've been looking at and joining some other teams and studying them...there is MUCH more we can do.

Please bear with me.  This is going to be a long post.

Treasuries!  The other teams I've been interacting with are all treasury teams.  I am convinced that this is the way to elevate our team profile and get noticed.  Which means that our individual shops will also get noticed.  And just how does that work you may ask?  Well, maybe not really ask, but are you wondering just a little?  I will attempt to explain.

And as always, I state up front that I am no expert. At anything other than being a non-expert. There are many more people who know more about this and the whole Etsy thing in general than me. But I'm the one with the blog column.  ;-)   So I do welcome all feedback, ideas, and even corrections.  There is a comment box down below just for that.

Back to treasuries.  The next thing I noticed about these teams is that they allow non-member treasuries and in fact encourage them and promote them.  They do this through treasury challenges.  Usually, one member item is featured or the inspiration for the theme and the challenge is to build around that using any listings in Etsyland that fit your theme.  The point is to make the most beautiful treasuries possible and how can you do that if you don't use all the "resources" (code for listings) available to you on the site.

The point of making the most beautiful treasuries possible is to get lots of notice and hopefully, the ever coveted front page spot.  Now wait a minute before any of you bring up the old "front page isn't all that" argument.  I agree!!  Surprising, I know.  But.  There's always a but.  We're not aiming for the front page just for sales.  I know from experience, that is a long shot, usually doesn't happen and disappointment sets in.

Is that the only value to the front page?  Sales?  I don't think so.  What about the exposure?  That has tremendous value.  It's not a 'final destination' to sales nirvana.  It's a tool in our trunk for the journey to sales nirvana.

So back to treasuries.  Again.  And what we can do more as a team.  To help facilitate members make the best treasuries, we are going to start having treasury challenges and games.  There might even be one where there is a 'winner'.  The 'winner' usually gets to be the next featured seller the following week or gets to choose the theme...something like that.  Haven't worked out all the details to every possibility yet.  And we will be allowed to use any listings on Etsy as long as there is one team item in the collection and the team tags are used.

Making these treasures does require time and effort.  My challenge to my teamies is are you willing to at least try it and participate for a month?  Are you willing to put in a little time and effort towards the team goal of raising our profile?  And no, I'm not asking everyone to make treasuries every day or even every week.  Just participate in one challenge for the month.  They are lots of fun and when you see all the activity it can generate in your shop, you might want to join in twice a month.  Or even every week.  If we have enough challenges going, you can select from a variety. Just remember from my last blog article---to generate activity, you have to be active.

Think about this.  Why did you join the team?  What are your expectations?  What did you hope the team would do for you?  And is it turning out as expected?  Are you contributing to the team in a way that benefits you as well as the whole?  If not, what more can you do?

Ask not what your team can do for you.  Ask what you can do for your team!!! 

(sorry...about that one, but I couldn't resist)

~❤~

Teamhandmade Facebook Thursday - Kitchen

In our ongoing quest to get more exposure for our team, we're going to have Team Handmade Facebook Thursdays.  We will post a static treasury photo of a particular category of items from team members with a link to that search.  If all members could download the photo and post it on their facebook pages with that link, or on your blogs, anywhere people will see it, we could blitz the internet with our presence.  The more places we are present with the more linkbacks to our team, the better for all of us.  Here is our first Team Handmade Facebook Thursday --- the theme is kitchen and the link to the search is just below the photo.  So blitz away!!

http://www.etsy.com/search?q=teamhandmade+kitchen&view_type=gallery&ship_to=ZZ&min=0&max=0&page=1

Team Handmade Olympic Dreams

Like a true gold medal contender, Christine has been working very hard at creating a Team Handmade presence on Pinterest and has created a new board in honor of the upcoming Olympics.  We would like to help that effort by spreading the word to encourage as much team participation as possible.  We are growing! With that comes all kinds of possibilities to elevate our team profile.  I will let Christine do the talking by quoting her post.  You can visit the actual topic here:

http://www.etsy.com/teams/12389/etsyhandmade/discuss/10618572/page/1

For the next two weeks leading up to the Opening Ceremony in London, Team Handmade is going to be featuring an Olympic Dreams board on pinterest. Every member is invited to post their patriotic items for any country.

Here's where you come in, let's try to get Team Handmade a treasury on the front page of Etsy! Help us by creating treasuries for the Olympics, Team USA or any other country using these fabulous items :-)

Try to make at least half of the treasury from team member's items (if not all of them!), add teamhandmade to your tags, then post a link to your treasury here so we can all click, comment & favorite!

Here is the link to the thread where you can post items from your shop to be added to the pinterest board (you do not have to have a pinterest account to participate):
www.etsy.com/teams/12389/etsyhandmade/discuss/10613437/

And here is the link to the Olympic Dreams pinterest board where you can see all the lovely items from team members to add to your treasury:
pinterest.com/etsyhandmade/olympic-dreams/

So in the spirit of the Olympics, Go Team Handmade! Let's get our own gold medal and get on Etsy's front page!

Please do check it out and come join the Team Handmade Olympic Dream Team!! 

Let's Touch on a Touchy Subject...

sylvie's perspective

...from the ❤

Pricing...

It's been a regular topic of discussion all these 5 1/2 years I've been selling on Etsy.  And has recently come up in some topics of conversation I've been part of here and elsewhere.  Pricing is an inescapable part of selling, whether it is handmade products, services or even supplies.  Being no expert on the subject, I can only discuss what my experiences have been and what I've seen others tell about their experiences.  What is undeniable is that we all have to contend with pricing our product.  But why is discussing the subject sometimes so touchy?

Because it's a personal thing.  Even though we are in business, how we price our items is an individual personal experience and different for all of us. 

Let's start with how we define ourselves.  Some are self-described hobbyists.  Others are artists by the true definition of the word, with formal training in the fine arts.  And then there is that wide middle ground between the two, where the vast majority of artisans fall.

So just what is a hobbyist?  This is what the dictionary says:  hob·by:  noun. an activity or interest pursued for pleasure or relaxation and not as a main occupation.

I know many hobbyists and even started out as one myself.  I think this describes many of our beginnings.  A love for making and creating.  So we keep making and then start giving away our creations.  Then people start telling us we should be selling them.  So we find a way to sell.  But how to price?  This is the fork in the road that separates the hobbyists from those who wish to make a profit. 

Most hobbyists I know state they just want to recoup their cost in materials.  This formula is easy:  2 x 'X' = Selling price.  Which is fine.  For the true hobbyist.  Because while that formula recoups your cost in materials, it also ensures that you will lose money on every single item you list and sell.  You may be recouping your cost in matierals, but what about the listing fees?  The sales fees?  And the packaging for shipping?  What about overhead?  Your hourly wage.  It's fine if you know all that when you price.  After all...skiing is a hobby too.  And it costs money.  We all have hobbies that cost us money.

On the other end of the spectrum there is the seller who's bottom line is a profit margin.  They are selling to pay their bills, put food on the table or simply to earn a living wage.  They might have items hanging for sale in galleries or boutiques.  It is imperative that they make a profit from their sales.

And what is a profit margin?  pro-fit-mar-gin:  noun.  the amount by which the revenue from sales exceeds costs in a business.  These sellers already know how much profit they need to make.  Pricing will be based on that.

Then there are those who fall somewhere in between.  And where prices vary wildly from what I've seen.  How do we put a price on an item we have created with our own hands.  What value does it have?  How much are people willing to pay for it? 

I am one of those who does want to make a profit, is not making a living from those sales but am beyond the hobbyist stage.   The only way I have been able to price my items in such a way that I cover all of my costs, pay myself a modest hourly wage and still make a profit is by using a formula.  This formula is for jewelry makers but I think can be adapted to other types of product.

It's pretty simple:  (materials + packaging) x 4 + (hourly wage) + 10%

Example:  ($5 + $1 = $6) x 4 = $24 + $10 (1 hr at 10/hr) = $34 + $3.40 (10% overhead) = $37.40 selling price.

Because I don't want to pay selling fees on the packaging, I have taken that element out of the formula.  But you can see how this works.  Now the formula doesn't mean this is the price you MUST sell your item at.  It is a price that ensures you are making a profit.  But you can adjust it up or down, depending on the type of item you created, the venue you sell from and who your target market is.  Better yet, it also gives room in the price to go down to wholesale price and still make a small profit. 

I can't tell you how many times I've seen sellers in the forums state that their prices are already at wholesale.   So what happens if a wholesaler inquires about purchasing in bulk from you.  Most of them expect 40-50% discount off your price.  If you're at wholesale already, you have no room to give the expected discount and that wholesaler will move on to the next person and you have missed out on what could become a lucrative aspect of your business.

So as you can see, there are too many variables for us to all have the same pricing on our items.  And I have barely scratched the surface.  But if you aren't a hobbyist and are serious about making a profit, don't sell yourself short.  Do some research and use a formula.  It's the only way to really guarantee you are covering your costs and paying yourself more than $2/hour. 

Here is the source of the formula I use:  http://www.home-jewelry-business-success-tips.com/jewelry-pricing-formula.html

Etsy even recently had a pricing workshop but I did not attend.  They do have a pricing worksheet here:  http://www.etsy.com/blog/en/files/2012/05/TheArtofPricingWorksheet.pdf  You have to scroll down quite a ways to get to the worksheet part.

As I said, I'm no expert on the subject and only know what I have studied and experienced.  And that's what each of us should do.  Look at different formulas, be honest about your product, know who your target market is and consider the venue you sell from.  These are all important aspects of what your final price will come down to.  It's OK to experiment and adjust the prices.  It's the only way to find price points that work for you and the market you are targeting.  Just remember two things:  1) It's easier to start a little high and come down than the reverse.  2) buyers often associate price with quality.

And that's all I have to say about pricing.

Monday Makeover Challenge

Today's Monday Makeover Challenge is not so much a makeover, as a challenge. We will call it the "Nagging About Tagging" Challenge!

There are several team forum threads and a blog post from Sylvie about tagging listings properly. Sylvie pointed out the importance of adding colors and trending tags to your listings. Other threads have pointed out that without the team tag, your listings cannot be found for team treasuries and promotions.

It is also important when making treasuries to tag the treasuries with the team tag. I have noticed some of our treasuries without the team tag, and some with no tags at all.  If treasuries aren't tagged, they can't be found!

Our challenge this week is to review the tags in our shop listings. To be included in team treasuries and promotions, please make sure all  listings include the team tag "teamhandmade."  Also, review your treasuries to make sure they are tagged properly.

(Some of you have asked why our team tag is "teamhandmade" and not another variation thereof.  During team organization, we researched various tags. Of those not being used by other teams, "teamhandmade" was most representative of our team.)

While reviewing your listing tags, also keep in mind to:

• use all of your tags
• use colors and color combinations
• use trending tags if applicable
• I have found that using the category tags again in my listing tags helps keep listings near the top of the category. For example: my category and subcategories: Crochet, Housewares, Washcloth. In my tags, I again use: Crochet, Housewares, Washcloth.
• use variations of a word: washcloth, wash cloth. dish rag, dishrag. grey, gray.
• use phrases: crochet washcloth
• check your shop stats for search terms used by buyers to find your items and tag accordingly
• review successful shops and see how they make use of their tags (don't copy, just see how they do it!)
• and, make sure your spelling is correct:)

For other helpful hints on tagging, read these articles on the Etsy blog.  If you would like individual help with tagging, contact one of our team mentors.

If you have more tagging tips, please share!

Let's do it Team!  'Cause I'm gonna nag, nag, nag 'til we all tag, tag, tag!!!

  
Cap'n Kathi