π»π₯ 4 Reasons Why Your Sales Have Dropped (And What to Do About It In Your Handmade Business) π°
Oct 08, 2024π§ Listen to this blog post as a Podcast instead #20 - Handmade business sales dropped? WTF is going on!?
π Are you experiencing a sudden drop in sales, views, favourites, shares... for your handmade business?
π In this episode, we're looking at what's going on in the e-commerce landscape for handmade business owners and what you can do to grow your business.
π Including the unexpected twists and turns and uncovering the reasons behind fluctuating sales within your handmade business and what you can do about it.
π Tune in as we explore potential factors such as market trends, seasonal shifts, and external influences.
π Whether you're a seasoned artisan or just starting out, we'll help you navigate the challenges and adapt your business strategy to bounce back stronger than ever. Don't miss this insightful discussion on understanding and overcoming sales slumps in your handmade business.
The Changing Landscape of Handmade Businesses
If you're a handmade business owner, you've likely noticed a concerning trend in your business - your sales have dropped, your views have declined, and your overall engagement has plummeted. You're not alone. Across the handmade business landscape, ecommerce entrepreneurs and Etsy shop owners are facing a shifting landscape that requires a new approach.As a handmade business owner myself, I've had my finger on the pulse of this issue. I've seen it play out in The Handmade Bosses Facebook group, where some makers are thriving while others are struggling. The truth is, there are four major factors driving these changes, and understanding them is key to adapting your business for success.
1. Distrust in Online Purchasing
The COVID-19 pandemic sparked a surge of new handmade businesses, as people sought creative outlets and ways to supplement their income. Unfortunately, this also led to an influx of "fly-by-night" operations - businesses that were hastily thrown together, delivering poor-quality products or failing to fulfil orders altogether. Leaving many customers wary of online purchasing, particularly from newer or lesser-known brands and businesses as a whole… I think we’ve all been there!This distrust has created a significant challenge for handmade businesses. Customers are now more cautious, requiring a higher level of certainty before making a purchase. They've heard the horror stories and are less responsive to the typical marketing tactics, like limited-time offers or free gifts. To overcome this, you need to focus on building trust and transparency within your brand.
How to Build Trust and Transparency:
- Share more of yourself and your personal story within your brand. Customers want to connect with the human behind the business.
- Showcase customer reviews, testimonials, and case studies to demonstrate the quality and reliability of your products. This can be on social media or in your Etsy images for example.
- Be transparent about your production process, materials, and sourcing to alleviate any concerns about the integrity of your products.
2. The Changing Economy
The economic landscape has been turbulent, with rising interest rates, inflation, and global conflicts impacting consumer spending… don’t get me started on the cost of my gas and electricity! While it's easy to get caught up in the doom and gloom, it's important to remember that these external factors are largely out of your control… they’re really out of our hands. The key is to focus on the things you can control within your business.
Strategies for Navigating Economic Uncertainty:
- Build up an emergency fund with 3-6 months' worth of business operating expenses to provide a financial cushion. Start saving now - even if it’s only £10 a week.
- Negotiate with your service providers (software, tools, etc.) to take advantage of any sales, discounts, or annual payment options that can help you save money. Black Friday and Summer sales are great for this.
- Avoid getting caught up in the constant news cycle and focus on the facts you need to run your business effectively.
ββββ
Psssst! I’m interrupting your blog post to bring you my best training…for FREE!
FREE 90 minute masterclass - How to make more sales in your handmade business in 7 days or less
π Click the button below and save your seat! π
3. Conscious Consumerism
The pandemic has also accelerated a shift towards conscious consumerism, where buyers are more discerning and selective about their purchases. Rather than making impulse buys, people are now looking for products that truly align with their values and needs. This means your offerings need to be a near-perfect fit for your target audience.
Strategies for Appealing to Conscious Consumers:
- Clearly define your target audience and create a detailed buyer persona (ideal customer) to understand their specific needs and preferences.
- Ensure your products, branding, and messaging are tailored to resonate with your target audience on a deeper level.
- Emphasise the unique features, benefits, and story behind your products to demonstrate their value and differentiation.
4. The Need for Standout Brands
Strategies for Building a Standout Brand:
- Inject more of your personality, style, and personal story into your brand. People want to get to know you and feel like they’re part of your journey.
- Consistently share behind-the-scenes glimpses of your life, your process, and your passions to build a stronger personal connection.
- Leverage social media, live streams, and other interactive content to engage with your audience and showcase your unique perspective.
Adapting Your Handmade Business for Success
π₯³ Do you want to learn more? π₯³
We’ve got loads of resources to help you scale your handmade business:
1οΈβ£ β¨Are you starting a new business? Here's my best resources:π Start here π
2οΈβ£ β¨Want to be visible and get more traffic? Here's my recommendations: πGet seenπ
3οΈβ£ β¨Ready to grow your business? Here's your to-do list: π Grow here π
ππ»ππ» Choose your own adventure with these resources ππ»ππ»
β¨ My book “how to be a handmade boss” is like a super intensive course on getting your first sales (plus, it’s a book/workbook hybrid!) π Find out more here
β¨ The Shop Doctor - Shop not doing so great? Getting views but no sales? No views at all? Overwhelmed with it all? Check out the shop doctor: π Join here
β¨ My FREE masterclass on how to increase your Etsy conversion rate. It's the KEY thing most Etsy sellers miss when trying to make more money and get more sales in 7 days. π Join here
β¨ Chart-topping podcast it's an unfiltered and honest view about what it takes to grow a handmade business π§ Whether you’re a complete beginner on Etsy, or want to scale your handmade business to multi-6 figures, the “How To Be A Handmade Boss” podcast gives you actionable advice and workshop style episodes to grow your handmade business on Etsy, your own website and beyond π Listen here
β¨ Our Monday Momentum Lives You'll find me in my Facebook group most Mondays for coffee chats & mini workshops to help you make more money from your handmade business! You can see our upcoming events here: π See future events here
β¨Our YouTube channel is full of hundreds of super informative videos, with help and advice you can put into action straight away .πΊ
β¨ More Blog Posts - Don't forget to check out more blog posts from Handmade Bosses π₯οΈ
β¨ Instagram is where you need to be for top tips, and behind the scenes sneak peeks into how I run my 6 figure business π Be sure to follow us for announcements of new videos, workshops, content and more.
