Wednesday, August 24, 2011

Business Analytics


It's all about the Numbers!

Fellow Etsians Shop Owners ... It's time to study your shop and sale analytics. This is an important tool and process to understand in the age of information technology. This was my day job before I quit my day job to go FULL TIME ETSY. :) Sharing with all my peeps today.

So I'd like to share a few tricks I learned!
  • Track your traffic/customers
  • Track your sales
  • Track your search words
If you have not already started viewing the new settings on your Etsy Shop - be sure to visit your ETSY SALES STATS and learn to understand what you see. Some quick items to look for...
  • Where are your visitors coming from (top traffic source)
  • When do they come visit you (hour by hour traffic visitors)
  • What are the key word searches that get them to see your shop (top key words)
These are the key things to look for... but what does that tell me as a shop owner?
  • Top traffic source tells me if I am advertising properly. So if I placed an ad spot on a website and it tells me that I am getting lots of customers from there, then yes... it was good to do that again. If not... it's time to change up or update your ad.
  • Hour by hour visitor tracking helps me understand when is a good time to relist. I love doing that. if I see a dip.. i renew. :) it's a simple one for me.
  • Keywords help me type in all the important words that my customers like to see.
Sales Stats... this one is the hardest one to understand... here's a few things that I do to track my sales...
  • Average daily sale (I have a chart that helps me track all my daily sales and then gives me an year to date AVERAGE of all my daily sales. Helps me budget)
  • What are my TOP days when my visitors purchase? is it a Monday/TUES/FRIDAY? This helps me with my marketing so I know which is my HOT days.
  • Again monthly sales reports helps me understand whether my marketing efforts paid off. If sales increased + web analytics show the traffic source is from a marketing effort, then looks like at least I'm moving in the right direction. ROI baby! :)
For more on spreadsheets and other tools to help you with analytics, feel free to post your comments and questions and I'm happy to help.

2 comments:

CraftsByNoel said...

Thanks, CraftyStiches! This is very helpful:+)

www.theferriswheelshop.com said...

I'd be lost without tracking our statistics. Thanks for the great info!