Market research is the foundation of any successful Etsy shops. It should be the first step of starting any Etsy businesses.
We all have limited time, and one of my biggest fear of starting a new business is that I’m wasting my time working on projects that have a low change of success.
Market research helps you make informed decision on every aspects of your Etsy shop. And not waste time and money on product niches and product ideas that have little chance of working.
That’s why I built the Etsy Niche Discovery System - A systematic method to discover your most profitable niches on Etsy. These are the steps I use every time I start an Etsy shop to ensure I have the best chance of success.
Here are the steps we will go through in this system:
- Brainstorm potential niches
- Gauging demand of potential niches
- Understanding their competition levels
- Identifying market gaps
- Strategies to niche down and face less competition
- Identify your target customer/Customer profiling
- Using all the information to make better decision for your Etsy shop and products
After this course, you’ll able to find market niches that have a high chance of success because you’ll know there’s demand, and the competition level is manageable. And you can stay ahead of competition by identifying market gaps and niching down the right way.
First, a question that many students have asked me before:
Market Research Isn't The Same As Keyword Research
Market research involves the areas listed above and the aim is to get a deep understanding of your niche and identify opportunities to stand out.
Keyword research, on the other hand, involves researching and analysing the long-tail keywords that customers use to search for products on Etsy. The goal is rank higher on Etsy search through SEO (search engine optimisation).
While keyword research is an important part of Etsy market research, it's just one aspect of a broader analysis of your market and competition. This course will focus on the broader market research and analysis. For more specific strategies of keyword research, please read The Definitive Etsy SEO Course.