New Audience 1

Summary

In this master class, Bailey, owner of Bailey Design Co, shares her expertise on finding profitable digital products for Etsy. She emphasizes choosing an audience first, understanding their needs, and then developing a cohesive product lineup. Bailey outlines steps to set sales goals, differentiate between products and audience niches, and validate profitability with data. She advises creating products that align with seasonal trends and offers examples of successful niches, encouraging sellers to choose an audience they're passionate about to avoid burnout.

Takeaways

• 🎓 Start with a clear financial goal for your Etsy shop, whether it's $1,000 or $45,000 a month.
• 🤔 Understand the difference between products, audience, and niches; a niche is a combination of both.
• 🧐 Choose your target audience first, then develop products that cater to their needs and interests.
• 📈 Use tools like Everb to validate the profitability of your chosen audience through data and numbers.
• 🛍 Focus on audiences with a continuous need for new products, seasonal changes, and at least three to five different product types.
• 📊 Analyze Etsy listings with high reviews and revenue to ensure there's a market for your products.
• 📈 Consider the listing age to identify newer, successful products that confirm the demand in the market.
• 💡 Use brainstorming tools like eRank or ChatGPT to generate ideas for digital products that fit your audience's needs.
• 📝 Calculate the number of sales needed per day to meet your monthly financial goal based on your product's price point.
• 🔄 Remember, it's easier to choose an audience first and then create products, especially if you're interested in or have experience with that niche.

Q & A

What is the main focus of the master class presented in the script?

The main focus of the master class is to guide participants on how to find a profitable digital product audience to sell to on Etsy, emphasizing the importance of choosing the right audience before selecting products.

What is Bailey's role in the master class?

Bailey is the presenter of the master class and the owner of Bailey Design Co, one of the largest digital product shops on Etsy. She shares her expertise on finding profitable digital products and audiences.

What are the three key traits Bailey suggests a profitable audience should have?

A profitable audience should have a continuous need for new products, require changes based on seasons, holidays, and trends, and need at least three to five different types of products that can be incorporated into the lineup.

Why is it important to have a clear monetary goal for your Etsy shop before choosing products?

Having a clear monetary goal helps in choosing the right products and audience, setting realistic goals for the number of products needed, and understanding what it will take to reach the desired sales numbers each month.

What is the difference between a product and a niche according to Bailey?

A product is what you sell, such as SVG files or ebooks, while an audience is who you sell to. A niche is a combination of both your products and your audience, creating a specific market segment to target.

Why does Bailey recommend choosing the audience first rather than the product?

Choosing the audience first allows for a more cohesive product lineup that fits their needs, encourages repeat business, and helps in building a loyal customer base, leading to more sales in the long run.

How does Bailey use Everb to validate the profitability of an audience?

Bailey uses Everb, an Etsy keyword research tool, to analyze product analytics and monthly revenue to determine if there are multiple listings with significant sales, indicating a profitable audience.

What is Bailey's advice on how to brainstorm product ideas for a chosen audience?

Bailey suggests using tools like eRank for keyword research, considering seasonal and trend-based needs, and even using AI like ChatGPT to generate ideas. She also emphasizes the importance of products that can be applied across different seasons, holidays, and trends.

How does Bailey demonstrate the profitability of the sublimation niche using Etsy data?

Bailey shows that even in a seemingly saturated market like sublimation, there are many listings with high monthly revenues and short listing ages, proving that with the right design, it's possible to succeed.

What is Bailey's strategy for ensuring that the chosen audience and products meet her sales goals?

Bailey recommends repeating the research process with different product and niche combinations to find live examples of products selling well. Then, using a calculator to do the math and ensure the numbers align with the set sales goals.

What are the next steps Bailey outlines after validating an audience and choosing products?

The next steps include creating products that sell to the chosen audience, setting up the Etsy shop with proper SEO, selling the products, and maintaining customer relationships to encourage repeat business.