Monday, February 29, 2016
FREE Etsy Promoted Listing Tips
I've been playing with Etsy Promoted Listings since they were announced in 2014. After getting a few $30 and $40 Promoted Listing monthly bills (not Etsy Seller Fees, but added to that), I tried to come up with a strategy to minimize my costs and maximize the sales produced.
First I just put everything in my shop into Promoted Listings. I'm relying on Etsy to sort through the products and give everyone an equal share of views (or impressions). I don't want to be that one seller that just pops up everywhere, I only want to show up when it's relevant to the Etsy users search. Based on Etsy recent search changes, it looks like that's how search is being modified.
Also, I made sure that my titles, descriptions and tags were all updated and relevant. To see that process, check out this blog post.
Now I considered the absolute maximum I would pay for a click. I set it at .05 cents. To do this, click on Settings (upper right hand corner), go to the Maximum Cost Per Click Section and click Add Max Bid and type in .05. This will set .05 as your maximum bid for a click on everything you are promoting. I also have a daily budget of $1.00 and clicked on Yes, promote new listings, as seen below.
Now I played with this number until I hit the sweet spot, which for me and my type of product is .05 cents. You may have a different approach and you can test it out by raising or lowering your maximum cost per click. My click through rate (clicks divided by impressions) is 1.6% (the same as before my experiment) and my expenses are about 5% of the sales produced, which is a decrease from 11%. I'm happy with that ratio and now I just scan the listings that are producing the highest impressions (you can sort your listings by impressions in the Listing stats and bid management section) and clicks (same).
One of the perks of Promoted Listings is the Revenue Analytics. You can find the link on the Revenue tab:
I hope this helps!! Do you have any Etsy hacks or tips that have worked for you? Please post them in the comments below, I'd love to hear from you! And here's a link to my Etsy shop, just so you know I'm legit!