➽ The PROS and the CONS of establishing a shop section ~ ON SALE ~ Save ★

[DecorDesignsAndMore]

➽ The PROS and the CONS of establishing a shop section ~ ON SALE ~ Save ★

This thread is not being established to try to sell you on the idea of establishing your own "ON SALE ~ Save" shop section. You may or may not think so; yet, it is an alternative and/or a supplement to using Etsy On Sale outside pay to use service.

I have found that it is working well for me; that is as long as my shop can survive the out of control assaults of the Etsy A/B testing that has so many folks choosing to leave Etsy-land because it is losing the special small shop owner ingredient that caused it to bloom forth originally.

I never control what Etsy does nor do I have much influence in what Etsy does. I am only 1 out of around 1 million Etsy sellers.

I do sincerely believe that it is the special-ness, the unique-ness, and the input of special shop owners around the world that make Etsy shine and be a truly delightful place to shoppers worldwide to find what they are looking for in venue for handmade, vintage, and craft supplies.

If Etsy decides for their reasons to change this; then likely they will. All my focus on here was what you might be able to do to have an on sale ongoing promotion shop section as well as how to best use coupons (AKA Coupon Codes).

There will be no PERFECT solutions here; yet, we will do this one thing. We will start to be great.

“You don't have to be great to start, but you have to start to be great” - Zig Ziglar

This is true. Starting is the key. You may use a key or a FOB today to start your vehicle. This is essential. Starting is where it all begins on anything that will be a successful activity or action!

I will break this thread up in individual posts so you may read one and then take a break and contemplate how you may or may not go about establishing your own shop section --- ON SALE ~ Save.

Thank you.

Mike

[DecorDesignsAndMore]

➽ The PROS and the CONS of establishing a shop section ~ ON SALE ~ Save ★ Part 1

It was Ben Francklin according to history who began using a piece of paper to list on one side the PROS and the other side the CONS of any endeavor.

The rationale for this system was to get one's thoughts out of one's head and written down side by side so the person can return the next day and the next day to weigh out the wisdom of what makes the best sense.

This system has been working well for many since then. Not perfect; yet, a great way to get the thinking out of one's head and onto paper for objective analysis of these PROS AND these CONS.

Let me please begin by sharing with you that I am an advocate of creating a recipe for targeted product sales. You can look at my shop and get an idea of what I am using to move my pendant jewelry/etc forward regarding sales and coupons (AKA Coupon Codes).

https://www.etsy.com/shop/PendantTreasury?ref=s2-header-shopname

Now this may or may not show how I designed this since you may or may not be on the most recent A/B Testing experiment Etsy is conducting.

I will left the Forums conver this topic of these Etsy experimental testings.

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PRO #1 is making a sale when I would not otherwise. Sometimes making a discounted sale is better than making no sale at all? Make sense? What do you think?

If it appears that a customer will go elsewhere unless you give in to a request for a discount then ask: How much do I need the sale?

One large sale, even when discounted, can sometimes be the difference between a profitable month and an unprofitable one.

CON #1 is a sale cuts into one's profit margin and even sometimes becomes a total cost in the case of a "loss leader" sale.

Any time you sell your product or service for lower than your asking price, your profit margin goes down. If you can hold out, you might be better off waiting for a customer who is willing to pay full price.

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More to come on the next post.

Thank you,

Mike

[DecorDesignsAndMore]

On the world's largest Online Seller's site, when I do a search under Books I find results for 1,578,537 results for Books : "sales"

http://www.amazon.com/s/ref=nb_sb_noss_1?url=search-alias%3Dstripbooks&field-keywords=sales

Almost 1.6 million books on the subject of sales. I have not read even a tiny portion of them all.

I agree, way to much information to try to even start to consider here.

➽ The PROS and the CONS of establishing a shop section ~ ON SALE ~ Save ★ Part 2

PRO #2 is the granting your buyers the discount they want (or even request) should improve their loyalty to your shop, and the next time they want to make a purchase they'll hopefully return to your shop (shop loyalty).

Additionally, not only giving discounts creates return business --- it can also generate a positive word of mouth free advertising and build your reputation as a community-minded business owner.

CON #2 is this. Even if you tell a customer that the discount is a 1 time occurrence, they may ask for one the next time too.

Refuse the discount and their loyalty might become fleeting. So only give a discount if you don't mind being asked for more deals in the future.

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More to come on the next post.

Thank you,

Mike

[DecorDesignsAndMore]

➽ The PROS and the CONS of establishing a shop section ~ ON SALE ~ Save ★ Part 3

PRO #3 is that a few discounts won't hurt your bottom line profit.

Rewarding loyal customers here and there certainly won't cut that deeply into your bottom line profits. In fact, giving discounts could even strengthen it by promoting returning business and sending new clients your way.

CON #3 is shoppers may and often do compare prices.

If some of your loyal buyers who aren't getting a discount talk to a buyer who is, they will wonder why they haven't received the same consideration and courtesy. These shoppers might demand a concession the next time you see them, and you will be forced to comply or else risk losing their business and shop loyalty.

Many people enjoy sharing the news when they get a good deal – don't imagine that your buyers will be an exception.

One of the best ways for shop owners to solve the discount dilemma is to set up a unified discount program.

For example, you could give all customers 10% off on orders totaling more than a certain dollar amount; many business do this.

Having a pre-existing discount program allows you to treat all customers fairly and saves you from having to make markdown decisions on a case-by-case basis.

It is important to be seen as being FAIR.

Thank you.

Mike

This concludes parts 1, 2, and 3. No need for me to try to write one of those huge books on the subject. You are now free to come up with your own list of pros and cons.

[DecorDesignsAndMore]

No doubt, the previous 3 PROS and 3 CONS have got you started on your list on your piece of paper.

➽ ON SALE ~ Save ★ shop section

Would this be wise for your to consider having a section dedicated to your sales?

You will have to be the judge of this for yourself. Your PROS and your CONS and what you judge best for your shop.

For me, and from the start I have experienced more VIEWS and more FAVES and I have made 1 sale that I would have likely not made in less than 1 month from inception of doing this.

Once I have a new buyer/customer then my focus will turn to making this new customer one of my shop's raving fans for life!

In the next post I will start sharing with all team members my stragety and recipe for my shop section ON SALE ~ Save.

Thank you.

Mike

[DecorDesignsAndMore]

➽ ON SALE ~ Save ★ shop section

Before I share my recipe for this shop section please let me share first something for those who definitely decide against having SALES or offering COUPONS (AKA COUPON CODES).

Hopefully this will help some in positioning for those shoppers wanting discounts.

1 --- Don’t take it personally

Most important.

For artists in particular, who pour their heart and soul into their work, its every recipient’s attempt to request a discount that can make this feel like a betrayal, or at the very least like a personal or professional insult.

But it couldn’t be further from the truth from your (prospective) buyer’s perspective. They wouldn’t be there if they didn’t already like your work.

They aren’t questioning you or the work – their target is the price alone. Or, maybe just the thrill of the bargain.

"A poor person needs a bargain."

"A rich person enjoys a bargain."

Bargaining is deeply ingrained in many cultures, and even in the Western world, we’re conditioned “never accept the first offer”, “it never hurts to ask”, “reach for the sky”, and etc.

Additionally, artisan prices are somewhat arbitrary and everyone knows this.

Asking for a discount may simply be a buyer’s way to assure themselves that the price is real and they aren’t getting a worse deal than the “next guy”.

Asking about price is to many a sign that the buyer is truly getting ready to buy.

2 --- Create choices

This can be hard to do well. Why? If you advertise more than a handful of standard choices, you’ll confuse and drive away many customers.

However, creating choices, variations, and options can be a powerful tool to bridge the gap between what the customer wants to spend and what you are prepared to deliver. Plus, at the same time giving them a genuine impression that you respect their needs and are prepared to go beyond your standard offerings to satisfy them.

Example: Consider how I offer my pendants. Without a matching chain, or with a matching chain. About half and half - some buy without and some buy with a matching chain. Then this allows one to buy 2 or more pendants and then just 1 matching chain. Variations Etsy has provided us with can be a real sales benefit.

3 --- Provide elastic delivery or "wiggle room"

After everything above is said and done, there are situations when you still have a 5-10% "wiggle room" left.

As a shop owner you have the final say about your pricing. So consider what and what you will allow in your own "wiggle room" in pricing.

You will have to figure this out for your shop as you know which products you can "wiggle" the price down a little tiny bit.

After all, you are the one delivering it, so you hold all the cards. It can either be a surprise “free gift” that the recipients of this last discount do not get, or any other extra (so long as that doesn’t compromise the quality of your core offering).

Whatever field of endeavor you pursue, you should be able to sit down and come up with 5-10% of elasticity or wiggle room, then keep it to yourself for just this purpose.


4 --- Walk away nicely, politely, and respectfully too.

If none of the above could close the price gap, then the person may be a great buyer, just not the buyer for you.

Perhaps you can do business in different circumstances in the future.

Maybe look at it very simply:

"A happy customer is better than a happy non-customer who is better than a non-happy non-customer who is better than a non-happy customer."

If you are getting too many people outside of your price range, rethink how your business is presenting itself across all media, and how your services are positioned and promoted.

Thank you.

Mike

[DecorDesignsAndMore]

One of my favorite and most simple quotes comes from Denis Waitely - a retired US Navy Blue Angel pilot turned motivational speaker.

"If it is to be, it's up to me."

"Hope is the power that gives a person the confidence to step out and try." -Zig Ziglar

"You were designed for accomplishment, engineered for success, and endowed with the seeds of greatness. " - Zig Ziglar

"You don't have to be great to start, but you have to start to be great. " - Zig Ziglar

Consider the late Zig Ziglar's advice that what is most important is to "start to be great" --- this holds true if you really want to take your sales to the next level by creating your very own shop section called "ON SALE ~ Save" and starting to do something with it. Not perfect to start with just start and each week improve a little.

"Nothing ventured is nothing gain." --- I am not sure of the source of this quote; yet it is very, very true.

"If it is to be, it's up to me."

Thank you.

Mike

[DecorDesignsAndMore]

"If it is to be, it's up to me."


In the works in a thread I will be creating that will be simply for posting your weeks current ON SALE ~ Now shop section and your week's Coupon Codes.

First, I will do my best to cover here the purpose of a sale and the sale types that I believe will work best here on Etsy.

Thank you.

Mike

[DecorDesignsAndMore]

ON SALE ~ Save shop section and Coupon Codes

Why limit the time to 7 days?

Before I answer this question please let me refer you to this 4.5 star ranked book that covers a whole lot about being an Etsy-preneushiper:

Etsy-preneurship: Everything You Need to Know to Turn Your Handmade Hobby into a Thriving Business

http://www.amazon.com/dp/1118378385/ref=rdr_ext_sb_ti_sims_1

Maybe even just reading some of the reviews will be beneficial for you?

Why the 7 day time limit on sales and coupon codes?

http://www.harborfreight.com/

The above link is to what I consider to be the most effective business who uses sales and coupons galore!

Just sign up for their email and mailing offers and you will soon be receiving loads of sales and coupons.

Rather than just reading my words (theory) it is best that you experience this first hand.

Thank you.

Mike