Hey, I just began selling on Etsy (literally 3 days ago), and my business is doing swell! I must say that after playing with a few tags, it really improved my business' views.
Reading the etsy forums are REALLY helpful for gaining favorites. And gaining favorites means gaining purchases :)!
Posting tags that resonates with what you're selling. Going for the basic tag isn't it. You need to post specificities. Tagging "rustic wall decor" will get you more views than "decor". Your post is more likely to be seen. It's more descriptive.
People favorite what they plan on coming back to. Give the customer something they plan on coming back to. In order to do this post great pictures and leave a touching description!