Do you want to know how to effectively spy on your competitors? If you want to learn how to sell on Etsy then you’ll want to know what these new shops did to grow their sales.
It is a common advice that when you start your business, you should know your competitors.
When you start a business it is important to assess the competitive landscape so you have a strong sense as to who is targeting the same customers as you, what resources they have at their disposal and the bases on which they intend to compete i.e. product features, service quality, price, focus etc.
In this video, eShop Marketer listed the big reasons why these 5 shops are having such great success.
These new shops have done very well in the short time they’ve been selling on Etsy.
So what you can learn more from the video above?
1. You Can Learn From Their Mistakes
In today’s digital world, small businesses aren’t able to hind behind constructed brand identities like they could before. It’s amazing what information you can find online about virtually any company that exists.
By doing a little digging online, you are bound to dig up some mistakes that your competitors have made. Social media is an easy place to search to see what people are saying about your competitors. When you find mistakes or things that didn’t seem to work very well for your competition, take note of it. Work to avoid making the same mistakes you see your competitors making.
2. See What Works For Them
As you research your competition also look for what’s working really well for them. It’s very important that you model what is working for your competition and do not copy your competition directly.
You want to look for strategies they are putting in place and overall marketing efforts they are making to give you ideas on how you can make your handmade business better.
If they have an e-mail newsletter, subscribe to it so your competition does most of the work to keep you in the loop.
It’s important to note that just because your competition is doing something new that appears to be working, there is a good chance that they have not tested it either. Be careful and always use your best judgement.
3. See New Opportunities
Looking at each of your competitors, you should be able to determine what segment of the marketplace they are targeting and what type of customers or clients they are looking to attract. Through reasonable deduction, you can find new opportunities and untapped markets for your product or service.
Knowing what your competitors are doing is an important part of running a successful business. But it’s an area that many companies ignore. Don’t take this area for granted and you’ll be amazed with the results.
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