Monday, September 24, 2012

The statistical data I avoid

So this is a little (well a lot I guess) off topic from Jewelry.  However, later this week, I will start looking into October's Birthstone, "Opal"  which is just super fun.

So, over the weekend, I have been playing with statistical data on the shop.  I do this not because I am any good at mathematics nor because I understand what any of it means-- but because it seemed interesting at the time.

I have been watching my Etsy shop a lot lately, not only because I hope that my customers really enjoy what I try to do.  Which honestly, what I want to accomplish is to bring very high quality, heirloom level jewelry to customers at the most reasonable price I can muster. 

However, there is a lot of talk about "everything having a value"  I have been reading up on.  Which is absolutely true.  But, I also know that because I lower my prices to almost cost of components and production -- if you get my designs appraised, they will be valued by appraisers for much higher than you paid.   Trust me, I have seen it done.

But the statistical data I am looking at is really a basic visual of views to sales, and favorites to sale, which any Etsian may see as well in a similar fashion.

I opened my Etsy store in 2010, after much prodding and pleading by my dear old friend in Vermont, who incidentally designs fantastic jewelry herself every once in a while -- although right now she is focused almost entirely on her absolutely stunning photography of Vermont. (Moonshine Designs and Photography)

Since 2010, I have gotten a total of 5,989 views on either my shop or my items within the shop.  However, it should be noted that during the year of 2011, I did almost zero marketing of my store as I was on a mad quest to get a J-O-B.    Those views have generated 41 orders of over 50 different items.   That gives me an all time average of 146 views to 1 sale.

The kicker is, however, I started seriously marketing again about 30 days ago.  During that 30 days, using such social media locations as Pinterest, Twitter and Facebook, I have generated 1998 views and 6 orders of seven items.
 Making my 30 day average about 285 views per purchase.   Kinda blows the overall average out of the water.

So my mother says I need more data -- which I wholeheartedly agree, because you can't really make a statistical revelation based upon such different data sets.  (3 years versus on month).

So I tried two things over the weekend -- a facebook deal, and asking some followers to retweet some of my items.

From the deal, there were no sales, even though I broght the price down to below cost by offering a 20% off sale on all earings.  Seriously, my prices are that low compared to how much the items are worth.

For the Retweets, I asked ten people to RT one single item so I could track over the course of several hours the number of views for a timely item (A pair of earrings that are October's birthstone).  From my own tweet today, and 10 other people tweeting the same item, I garnered a whopping 26 views today.  6 of which I know came from my tweet alone, making my tweet to view ratio of others tweeting my item 1 tweet to 2 views. 

That's kind of not good news when it comes to marketing. There really should be better views and views to purchase ratios, wouldn't you say.  Or better, at least views to "favorites" ratios.

Again, I certainly need more data, but I wonder if other Etsian's have run into similar statstical data?  Tell me about it in the comments section.

These are the test Earrings--Pink Peruvian Opal



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