Etsy Marketing Plan
Therefore, when customers search for an item on etsy and click on their desired product match, it takes them to the shop where that item is listed and on that page, they can also see other products in the shop as well as who the owner of the shop is. Etsy also allows its various shops to make custom orders where a customer is able to request specific products to be made for them according to their preferences and needs. Etsy company focuses on developing a strong sense of community between sellers and buyers through its massive investment in growing a community of committed users who can remain on etsy since they would comfortably renjoy how the business is run and also since they can get value from this online community.
With this business approach, etsy company has successfully gathered more than 40 million members in the past one decade and accorging to alexa. com, etsy has been ranked 39th most visited site in US and 164th in the world. Some customers believe a higher product price translates to a higher quality while bargain seekers are enticed by lower prices. Cost-based pricing – this strategy puts into consideratiobn all the costs ncurred throughout the entire production process of the item before settling on the final product’s price such as advertising costs, material costs, operation costs etc. after establishing a base cost for the item, a profit level is then added to the product cost to determine the final price and a key factor for pricing accuracy is ensuring that all cash and non-cash expenses are included in the total product cost.
This is done by setting a value for the labor involved as well as the management expertise andf also the equipment costs. Product strategies A product refers to a good or an item that is offered to the customers to cause them satisfaction according to their needs. Etsy have various online shops where customers can find what they want and normally, they are categorized into three, that is, vintage items, craft supplies and handmade products. This is mainly to enhance the ease of accessibility on the website. This strategy also enables the customers to see all other related items to what they need to diversify their preference that best suits their needs. Another place strategy involved by etsy company is the ease of searching for products on the website.
This is mainly to increase the accuracy of a customer finding what exactly they need and thus they are able to save on time. This strategy aims at ensuring the economic opportunities created by etsy benefit the seller community meaningfully as well as advance public policies that increase the security of the economy. Another strategy is in relation to the social impact whereby etsy enables equitable and fair access to opportunities it creates which in turn will result in meaningful representation of the minor groups and ensure equity in etsy’s job opportunities. These strategies are especially important in not only attaining individual company’s success but also extend benefits to the community by influencing their living standards positively. Promotion strategies One of the main promotion strategies on etsy is the etsy SEO tools that enable sellers on etsy shops to attract potential customers for their items.
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