July 2020 Update
Goal = achieved. We’ve done it: $1,000 revenue in a month!
For July, I made one big change: marketing on Pinterest. I also kept one big thing constant: launching more SKUs.
Let’s started with the big change. So this month I spent time getting all of my Etsy listings onto Pinterest. You can check out the board here. I’d been tipped off that Pinterest could be an interesting channel via many other Etsy sellers that had found significant success on the platform. Since it’s visually driven and D&D minis are by their nature an aesthetically-driven product, I thought the fit would make sense. Moreover, the marketing would be scalable since I’d only need to pin all of my minis on a board and sit back.
Some quick stats on the impact of this minimal work:
- 37.7K impressions
- 15.3K audience
- 660 engagements
- 392 engaged audience
Not. Bad. Especially for what amounted to an afternoon of ‘work’. Now - Etsy’s stats are quite bad, so it’s hard to say exactly how much of this traffic converted to sales. But if I even generate 10 sales in perpetuity from Pinterest - it would be worth it.
In terms of the status quo, I continued to launch more models. We’re now at over 100 listings, which was a soft (& arbitrary) goal I wanted to reach.
As I said at the beginning of this post - GOAL = ACHIEVED (post about the goal here)! It’s been extremely thrilling to watch the shop continue to grow (33% m/m) and knowing that I achieved my goal with a month to go in the summer feels great. However, my ambition is already forcing me to think about the future and what could be.
I’ll likely spend the next week reflecting on the journey thus far and exactly what the path ahead holds.
Avg Order Value
This chart is my personal favorite because it validates some of the massive bets I made at the beginning of June. Average cart values continued to trend upwards as more customers bought many minis in a single order. The correlation of this metric with my SKU expansion is pretty telling.
Man, it’s hard to believe I was celebrating breaking 100 orders last month and this month I’ve easily burst through 200! Again, this metric isn’t really a great financial indicator of success - but it is an important indicator of impact.
With my initial goal achieved, it’s time to start thinking about the next big goal. $10,000? $100,000? I don’t know. The fact that the summer is winding down and classes will be starting up again are definitely on my mind. Also the fact that I’ll have to put some thought toward whether I want to try growing this business post-MBA or if I should focus on recruiting during the 2nd year of my MBA weighs heavy on the mind.
But for now I’ll enjoy a small victory lap :)