Etsy Just Gave Sellers Data They've Never Had Before

One of my favorite Etsy features is getting an upgrade. We can determine what is popular search terms that actually convert browsers into buyers. We know there's no discrepancies in the data. Chef's kiss to Etsy for that. Hold the front door. This is insane. One of my favorite Etsy features is getting an upgrade. And y'all this is going to be a game changer for you inside your Etsy shop. And today we're going to talk all about it. If you are new here, my name is Lauren and yes, I'm a craft producer at makers going to learn, but I'm also one of our expert coaches inside our selling program where we teach people how to sell their crafts to strangers on Etsy called passive earner society. And we love to keep you in the know of everything new that is going on inside Etsy so that you can make sure you are using Etsy to its full potential and marketplace insights, which is hands down. My favorite feature inside Etsy, especially for your shop manager is getting a huge upgrade. And let me tell you why we are coming up on the 12 month mark of marketplace insights being released. And what that means is you are now getting 12 months of true hands on real data from Etsy to now utilize inside your listings and your shops so that you can start using the right keywords at the right times. And we're going to talk all about it. So because Etsy now has this full year of data, they are releasing three new features to its sellers so that we can start utilizing these to our advantage. So what this year full of data is actually going to be giving us is it's going to be giving us keywords that are truly searched on Etsy when they spark and when to use them. But not only that, it is going to be giving us search terms that actually convert browsers into buyers. So these three new features and this update is going to give you the reason behind why a keyword search may not have converted where we didn't have that before. So if you're ready, let's go ahead and dive into what is new with Etsy marketplace insights and more importantly, how to actually use it in your shop. Now before we really dive into these new features, for those that may be new, let's go ahead and do a quick refresher on what Etsy marketplace insights are and where you can find them. So marketplace insights is going to live in the back end of your Etsy shop. When you get into the shop manager, specifically over on the left side where it says stats, you're going to want to drop that stats menu down and there you are going to find marketplace insights. What marketplace insights does is it gives you real buyer data inside Etsy and not some third party guess. It's not like ever be, it's not like eRank, although these are really great platforms to utilize. This is something that is built inside Etsy that gives you true Etsy search data. So Etsy has had this for about a year now, but the way that we have been utilizing this is pretty much just for keyword search volume and kind of using it as a way to find those ideas. What's new are these three additions that are currently rolling out and let me be clear, not everyone may have these right now. It is one of those things that they are rolling out a little at a time. Some of us inside passive earner society has them, some do not. So if you do not just hold up, I'm sure they will be there very, very soon. But what these three new additions are, are the missing pieces that actually turn this data into strategy for us to use in our shop. So now that you kind of know what marketplace insights is, let's go ahead and dive into the three new features that Etsy is rolling out and give you a breakdown on what this means for us and how to implement it. The first one is one that we have already talked about and that is the 12 months of historical data that you are getting now. So before we were working with a very short window, whereas now we can look back for a full year. Now what this is going to mean specifically those who sell seasonal items and let's be honest, most all shops, whether that is a retail store, a mom and pop, whatever, we're all going to have those seasonal swings and we need to know when certain keywords or certain searches spike, right? So now you can actually see when a spike occurs for a specific keyword and you can start utilizing that in your shop by preparing ahead. You can start planning these listing updates, creating new products around that spike of a keyword search, or even changing or updating current listings to go along with the spike in a specific keyword. You can even start planning your ad spend timing around this, making sure that your product gets seen by people who want to purchase. The second feature that Etsy is rolling out inside Marketplace Insights is the search term conversion rate. Y'all, this is a big one and this is one that is definitely going to blow your socks off because Etsy is now showing when a specific search term actually leads to a purchase. Y'all, this is different than anything we have ever had before because before we were using Marketplace Insights for search volume and that's great. We need to have the people searching for something to purchase, but they are now telling us when a keyword is going to be searched for, but not only searched for and not just search volume, but which keywords actually leads to a purchase. This conversion rate tells you how many people are searching and buying, which is huge because a keyword can have a high search volume like we had been using Marketplace Insights for before, but we didn't know if it actually led to a sale. Whereas now we do because there are a lot of reasons why a keyword may have a high search volume, but we're not seeing the results of that high search volume. It could be there is too much competition. It could be that a buyer's intent doesn't match what you are selling. There are so many reasons why the keyword search volume could be large, but then we have no purchases. Whereas now we can kind of look at that data, see which keywords have the large search volume, but also which keywords convert those searches into buyers. And here's the thing for the first time as sellers, we can determine what is popular versus what is actually profitable. Now let's look at the third new feature that Etsy is rolling out to us and y'all, this is one that I think you're going to be super excited about. This feature is the purchase price range per search term. You heard me right. We now have a purchase price range of what buyers are willing to spend when it comes to that search term inside Marketplace Insights. So now instead of pricing our items based on what other people are selling it, because used to, we would teach you, and a lot of people still do this. They're going to go to their competitors, see what their competitors are selling their items for. And then you take into consideration everything that you've put into this product and you price your product based on that. However, now what we can do is we can actually search what our product is. Look at what people in the last 12 months have been willing to spend on when it comes to that search term. And we can now use that as an additional tool to price our products correctly. So those are the three new features, but let's zoom out for just a second and look at why this actually matters for us and how we can implement it into our Etsy shop. Now in years past, sellers have been paying for third party tools like Everbee, E-Rank and other different intelligence tools to give us data on what is selling on Etsy. But here's the thing. Etsy is now building this into our shop manager so that we don't have to pay for these third party tools to help us. Etsy is wanting us to stay on their platform and use their data, which we know is going to be correct to help us drive our next product, our next listing, our next title, and so much more. So here's what that tells me and what I feel like Etsy is telling us. They are giving us that keyword search conversion rate. They are giving us that price range for each keyword. So what that is telling me and what I feel like Etsy is signaling to its sellers is that they're saying, Hey, here is a price range for per keyword. Here is your conversion rate. We know you've been using these third party intelligence tools, but we want to keep you here on our platform and we want you to stay here and use our true data, which in all honesty is just good for us as the sellers. We know it's right. We know there's no discrepancies in the data because it comes straight from the platform and y'all chef's kiss to Etsy for that, because that is such good news for us and that is going to give sellers who start using this a leg up on their competition and you definitely don't want to be caught behind. So now what I want to do is show you exactly where all of this stuff lives and how you can start implementing it in your shop today so that you can start getting a leg up on your competition too. So how to use marketplace insights here is just a really quick rundown. First of all, what I love new is it is Etsy is now showing you what buyers are searching for across different categories. So whether you are in the accessories category, arts and collectibles, all of these out through here, clothing, whatever it may be, you can now just do a quick click and find what is being searched for within that category. But to get specific to your shop, you're going to want to come over here to shop traffic from there. You can look at all your data, but we're going to come down here to where it says Etsy search and then we're going to scroll all the way down to where it says search terms. So in this specific shop, birthday banner is how people are finding this shop. So now what I'm going to go back to is marketplace insights. I'm going to type in that specific search term birthday banner and then find from there, what you can do is come down here and look at all of these search terms. And here is the conversion rate. So people who are searching for custom banner, there is a very high conversion rate for people who search that term versus if they purchase. So that is definitely maybe a tag that we want to add inside of our listings. We can also come down here and the search term analysis will tell you how many listings you have related to that search term. It will give you the medium price range of what people pay for that search term and then your typical prices. Now if you want to or need to adjust prices from there, you can, I wouldn't always suggest to adjust prices just based on this medium purchase range because it really is going to depend on what type of product you sell. And then coming down here, it will show you some of the best sellers in that category, but don't just stop at that first page. Keep going to all of these pages and find these high volume search terms or these high conversion rate search terms. And that is what is truly going to help you understand what is selling and how you can incorporate these terms or these types of products into your shop. So now that I have shown you where everything lives inside of Marketplace Insights, it is now time to take that information and all of that data and actually implement it into your shop. And I have a three step process that I'm going to teach you to help you truly understand it because having data is one thing, but having data and actually implementing it into our shop is how we get a leg up on our competition. So number one, look at the search terms that are driving traffic into your shop. So at the bottom of the new Marketplace Insights, you can see what search terms are driving people to your shop. Now from there, I want you to look at your current listings, make sure that those search terms are inside your current listings if they are applicable. And then also look at the other search terms you are using, other keywords, tags, parts of your title. And then I want you to go into Marketplace Insights and see if they have that high conversion rate. If they do great, keep them there. If they do not, it may be time for you to update some tags, update some parts of your titles so that you can have those high converting keywords in integral pieces in your listing to really drive traffic there. Now the second one kind of piggybacks off of this first one that I just talked about, and that is before adding a new search term to a listing, I want you to also check on that 12 month data that we now have access to. Make sure that the keyword you're adding, is it seasonal? Did it spike at a specific time of the year? Does it have a pretty high search across the year? Where is it at? Is it climbing or is it declining right now? And that is going to help you understand, okay, yes, maybe right now isn't a great time or maybe yes, now is a great time to add this keyword to my listing. I don't want you to add a keyword just because it has a high volume today. I really want you to look at that 12 month view and see what it shows you and make sure that it's not about to just completely drop off a cliff. And then the third one is use that price range data before you second guess your pricing. Y'all there are so many people inside our program that second guess their pricing, second guess what they price their stuff at. But now we have data and we have information that can help us stop second guessing. Because if buyers under a specific search term are consistently paying more for a product that you are selling at a lower price, chances are it's time for you to up your pricing. If they're paying less than a product you are offering and that product is not selling, it may be time for you to think about either lowering the price or if it's something that you can't lower the price, just maybe not offering the product at all. Now I do want to say just because we have that price range, it is not something that you have to live by at all times. I'm just going to be completely honest with you. We have products inside our Etsy shop that actually the price range data shows us that typically buyers purchase within a lower price range, but we are consistently selling one product in our shop that is at least $20 over that average price range. So don't let it be the only thing that you use. Just let it be one tool that you use to help with pricing. Now this next one isn't part of the three step process, but is an added step that I definitely want you all to start doing. I want you to use all of this data to help drive your next product. This is the step that I feel like most sellers skip completely, but can be the most important part. I want you to take your niche. I want you to put it directly into Marketplace Insights and I want you to see what is trending inside your niche in that world right now. No matter if you sell physical products, you sell digital products or you sell print on demand products. This is an integral part of a system that works and y'all we teach you exactly how to do that inside our program called Passive Earner Society. So if you are still confused after this video and you want to know more and you want to learn more, I want you to click that first link down below and apply to see if you are a right fit to be part of our program so that we can help you scale your Etsy shop and your business like never before to heights that you probably never even thought were possible. But don't just take my word for it. I want to actually show you how you can use this information to help drive your next product. So let's go ahead and hop over into Marketplace Insights so that I can show you and you can see it for yourself. So let's say you have a shop that is all about book lovers and people who love to read, but you don't know what you want to create next. So maybe the top search term for your shop could be book lover or we'll just go with book lover and then what we're going to do is we're going to search that. Now within this it says that the term book lover is a pretty low conversion rate, but down here a personalized bookmark has a very high conversion rate. So if your niche is reading all things book and you don't have personalized bookmarks in your shop, y'all, that is an indicator right there that you need to add that to your book lover Etsy shop. Going on over, we're seeing some low, very low inside of this as well, but what we can do always go back and we'll go back here and we'll put reading gift and that has a typical conversion rate. But here again, we're seeing personalized bookmarks pop up in a very high and y'all that's just a quick way of how you can adapt based on what you are selling in your shop to let this data help you drive what you are creating and trying to sell next. So that is just a quick way how you can use this data to help adapt products inside your shop so that you can start making sales because here's the thing, we don't want you to just throw something up on the wall and pray that it sticks. We want you to learn how to create products using actual knowledge and information and data that has been proven that will help you create sales. So that is everything that is new inside of Marketplace Insights plus a few little extra tips and tricks on how to implement it inside your shop. So what you need to do now, get inside your shop, get inside Marketplace Insights, look at your listings conversion rate, look at that 12 month of data and look at that price range data and make sure that you are sitting where you need to be with the products that you're selling and then search your own niche to find what you maybe should be creating next. Now, if all of this still feels very overwhelming for you and you're just like, Oh Lauren, that's a lot of information. I can't take all of this in. That is exactly what Passive Earner Society is here for because inside of our program, inside of our coaching program, we don't just hand you a tool and expect you to go in there and learn it yourself. We walk with you hand in hand, step by step, making sure that you understand the basics and you get that foundation laid so that you can truly understand and you can soar. We sit down with you. We look at your shop. We personalize your plan exactly to what you want to sell and how fast you want to move because we are ready to help you scale like never before. We want to see you making the money and bringing in the income and being passionate about what you create and sell. And that is our heart here at Passive Earner Society. So if selling confuses you or it scares you or you're ready to scale, make sure you click that link down below and apply to see if you are a right fit for us. And if our program is a right fit for you, here's the thing. When you get inside our program, we pair you up with a one-on-one coach that tailors your action plan to fit exactly what you need with the time you have to work. So yes, we want to see you successful monetary wise, but not only that, we want to see you successful by implementing systems inside your business, learning how to create these systems and truly becoming the entrepreneur that you were born to be. So if you are ready to start really taking your business serious, make sure you click that link down below and apply today. Y'all it is free. You are going to get a call from one of our success coordinators that are truly going to help you understand how all of this works. So make sure you click that link down below. Once again, it's free. You don't have anything to lose. Thank you guys so much for being here with me today. If you are not already following the Passive Earner Society YouTube channel, make sure you follow us over there so that you can hear some beautiful success stories from clients that we have and so much more. Make sure you go over there and follow. If you have made it this far and you haven't already, make sure you hit that thumbs up button, subscribe to our channel and hit that bell notification so that you can be notified every time Etsy has a new update. We bring you new crafts, whatever that may be, make sure you hit that bell notification so that you can be notified. Thank you guys so much for being here with me today. I'll see you guys in the next one. Bye guys.