It’s always a good idea to revisit your Etsy shop prices every once in a while. Make sure you’re not positioned too low and you’re leaving money on the table or you’re priced too high, and you’re not being considered by some shoppers. Today on the Jam, we’re talking about how to get the most out of Marmalead to price your Etsy listings
Where to price your etsy listings for the market
Today, we’re going to be talking about reviewing the price of your Etsy listings. As the market keeps moving, so does pricing, especially when different things go on in the world. Right now, the hot topic is inflation, different supplies have gone up, the cost of credit card processing and things like that have gone up.
Pricing changes. Even if your pricing hasn’t changed, market pricing still changes just as things go on. So what we’re gonna talk about is using Marmalead to make sure that your pricing is where it should be for the market.
Making the most of the Marmalead tools to price your Etsy listings
A lot of times, people think of Marmalead as an Etsy SEO tool for keywords, but there’s a lot of other information in there as well. Helping with your Etsy listing pricing is one of those things. We’re going to take you through the steps that we would use in Marmalead and how you can make the most out of the tool and hone in on your pricing.
First, find what keywords you’re being found for
The first step is to figure out what keywords you’re being found for. You’re going to want to do your Etsy listing pricing research inside of Marmalead, which requires keywords. We need to know what keywords you want to have pricing information for. You want to find the Etsy keywords that you’re getting the most traffic on because those are going to be the most common markets you’re being compared against. Those are going to be the markets that you want to see how your pricing actually lines up.
To do that, you can go into your stats and drill down into any given listing that you want to review your pricing for that listing. Etsy will show you what keywords you’re getting visits from.
Then, put those keywords into Marmalead
You’re going to put those same Etsy keywords into Marmalead. Then, you’re going to review the pricing brackets. We call them pricing brackets, but in the pricing research section of Marmalead, we have it broken down into the bargain price range, the mid-price range, and the premium product range.
The bargain price range are those items that you’re paying a little bit less than average for. You’re not expecting super high quality. Not the same level of craftsmanship is going into it. It’s priced that way, it’s what people are wanting, and there’s nothing wrong with that.
It’s like the difference between a print and having the actual original oil painting. There’s a place for both of those. There’s mid-range, which is your average, it’s right in the middle, and then you have your premium product, premium products are the ones that will have all that extra time and attention put into them.
Keep these things in mind when pricing your Etsy listings
A couple of things to keep in mind when you’re doing your research: do this research for multiple keywords. People aren’t finding you for one single keyword, and that’s it. You’re showing up for a bunch of different keywords all over the place. It helps to look at the ones that you’re getting the most traction for because it allows you to look at fewer keywords that way. You know you’re getting more bang for your buck.
Pricing breakdowns are going to be different, maybe vastly different, or maybe not that different from one another, but they’re all going to be different for different keywords. So the more keywords you consider, the better idea you’ll have of what your market actually looks like from your customer’s perspective when they’re doing a search and finding your product.
Definitely keep in mind where you see your product when you’re looking at these things. If you feel that you’re a premium product, don’t even consider what the bargain price breakdown is at that point. That’s not you and that’s not going to help you. Make sure you know the identity of your shop and where you belong for which pricing you should be looking at, and you should be comparing your own listings against.
Sticking with this example
Keep in mind that you could have different ranges within your own shop. To stick with the same painting example, if you sell those original oil paintings over here, then you sell prints of them over there, the prints could be more mid-range (even bargain price) against other listings in your shop. So you’re bringing in those more bargain buyers.
Then you can have your original oil paintings over here (priced in premium) all in the same shop and that’s totally fine. It just depends on how you see them and making sure that they are all priced within the right spots.
Lump them together
If you want to make sure that you’re pricing based on where this traffic is coming from keyword-wise (and if you have something that’s a broad term) the price range might be different than what it’s going to be for these long tails over here. You’re going to want to find those clusters for your keyword. You’re going to want to look at it like, “Okay, I’ve got these three keywords. This is the range for these different keywords. Okay, these here are close together, and this one’s an outlier. This one just doesn’t fit the other ones.” You want to find the ones that lump together.
Once you’ve done that, you’ve really come back with, “What does the market pricing look like for my listing that I’m reviewing right now?” And you can take a look at that and consider if that makes sense. Is it lower than your current pricing? Is it way higher than your current pricing, and should you make any adjustments to your pricing based on this information that you just found out about what the market is willing to pay for these sorts of listings?
Final thoughts on pricing your Etsy listings
Now, again, there’s more that goes into pricing. We did another Jam on cost-plus pricing versus market-based pricing, and we talk about why both are very important. So this right here is market-based pricing, this research from Marmalead. We wouldn’t say you necessarily want to slap these prices on your listings right away. You want to make sure that you’re covering your costs with things, so go back and review that Jam that really dives deep into how to do those things and make sure that you’re not leaving money on the table or losing money. There is that additional step to do, but this is how you would use Marmalead most effectively to be able to compare yourself against that market-based pricing.
So there you guys go! There are some tips on how to make the most out of Marmalead when you’re doing pricing on your listings. We hope you guys enjoyed it!
Happy selling everyone!
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