Happy New Year! Let’s make 2024 the best one yet with our Etsy Success Program!
As we wave goodbye to 2023, it's a perfect time to reflect on its challenges and triumphs. Think about the personal growth you've experienced and the strides you've made in your Etsy business. It's been a year of transformation and progress, setting a solid foundation for an even more successful 2024!
Looking ahead into the new year, it's important to remember that while the extended holiday sales in Q4 were a significant push on Etsy, constantly running sales isn't always the best strategy. Now is the ideal time to thoughtfully plan your sale events for 2024
A well-crafted sales strategy balances profitability and conversions while leveraging the seasonality in your niche. Pricing should take into account your discount levels and timing your promotional events right will help to maximize conversions during key periods.
1. Factor 2024 discounts into your pricing strategy
Before we jump into your calendar, I can't stress this enough - many sellers let promotional discounts eat into their margins. Remember, your pricing should accommodate discounts. It's vital to set your Etsy prices to sustain a profitable sales plan.
While Etsy often promotes 25% discounts during peak shopping times, this can significantly cut into your profits. If a 25% discount feels too steep, consider raising your prices by just 10-15%.
This way, you can still compete during peak sale periods without harming your margins. This is what it looks like if this is the first time you are factoring discounts into your prices:
If you followed this plan last quarter, maintain your current prices. If you are starting now, make these adjustments in January to avoid rushed changes later. Just be cautious: a price hike of 10-15% is usually manageable for customers and won’t drastically affect your sales in the long run, but going beyond 20% might lead to more noticeable impacts throughout the year.
2. Start your calendar with 3-4 major sale events around key shopping times
Plan your sales around peak shopping periods relevant to your niche. These are golden opportunities to tap into increased customer activity and benefit from Etsy’s promotional tools, like search filters and dedicated landing pages, which can amplify your visibility. This will also unlock big SEO opportunities to capture new traffic in real-time by targeting Etsy's campaign keywords during these times.
Focus on these prime shopping intervals for your main sales:
- Valentine's / Galentine's Day (Mid-January to Mid-February)
- Mother's Day / Father's Day in the U.S. (Mid-April until Mid-June)
- Back to School / Labor Day (Late August and Early September)
- Halloween / Black Friday / Christmas (Late October to Mid-December)
Remember, select only those occasions that resonate with your audience and niche. Ideally, each major sale should last 2-3 weeks, and don’t forget to consider your shipping deadlines when planning the exact dates. For major sale periods, aim for discounts of 25% or more and include a wide selection of your listings to make sure you are making the most of the increased traffic and customer interest.
3. Complete your annual plan with short-term flash sales for selected products
In addition to major events, infuse energy into your sale calendar with targeted weekend flash sales. These should be spaced either bi-weekly or monthly, and can coincide with smaller, niche-specific shopping occasions that resonate with your audience.
For maximum impact, consider offering 15-25% off on specific categories for a duration of 2-3 days. Focus these flash sales on items with high add-to-cart rates to trigger Etsy Updates notifications, nudging potential buyers to finalize their purchases.
Remember to include both trending and top-performing products in your flash sales. Often, sellers overlook their bestsellers during promotions, which can actually lead to missed opportunities. Leveraging the popularity of these items, combined with the urgency of a flash sale, can create a powerful boost in sales through a mix of strong performance and the excitement of a limited-time offer.
4. Put your strategy into an actual marketing calendar
To truly make the most of the opportunities in 2024, it's essential to put your strategy down in writing. Create a concise marketing calendar, detailing each promotional period, pricing strategy, and flash sale. Write things down in a Google Sheet or even on a piece of paper - this will serve as a tangible roadmap, and will help you schedule every aspect of your sales strategy in time.
By having your plan clearly outlined, you can easily track your progress, and make adjustments when necessary. A well-documented plan isn't just a series of intentions; it's a commitment to action and this is the first step to turn your vision for 2024 into a big success on Etsy!
Buyers will remain price-conscious during 2024 and this keeps sale events in the spotlight this year. January is the best time to make adjustments in your pricing and to plan in a way that helps you make the most of the year ahead while keeping healthy margins.
