Podcast Episode 157: Study Shows Etsy Sellers Undercharge for their Products –Dr. Danny Zane
Nov 27, 2024
WATCH THIS EPISODE ON YOUTUBE: https://youtu.be/DpERfY4koZI
About Dr. Zane:
Danny Zane is an associate professor of marketing at Lehigh University who specializes in consumer psychology. His research explores the inferences consumers draw about themselves and companies based on the information they have available in the marketplace and how these inferences impact their consumption behaviors. His work explores the effects of consumer inference-making in domains such as advertising, promotions and social media. With an interest in consumer well-being, he has also examined such processes in sustainability, pharmaceutical marketing and public health.
Professor Zane’s research has appeared in top outlets including the Journal of Marketing Research, Journal of Consumer Research, Journal of Consumer Psychology, Journal of Public Policy & Marketing, Journal of the Association for Consumer Research, and Harvard Business Review. His dissertation received the first-place award in the Mary Kay Inc. Dissertation Proposal Competition sponsored by the Academy of Marketing Science. He was a recipient of the Emerging Scholar in Marketing Communications award by the AMA Marketing Communications SIG. His work has also been featured in numerous media outlets, including NPR, Dow Jones MarketWatch and Reuters.
Professor Zane holds a Ph.D. in marketing from The Ohio State University and previously worked as a marketing analyst for Harte-Hanks.
SUMMARY
In this episode of "How to Sell Your Stuff on Etsy," I’m thrilled to welcome Professor Danny Zane, an Associate Professor of Marketing at Lehigh University, to the podcast. With a specialization in consumer psychology, Professor Zane brings a unique perspective on how consumer behavior impacts marketing strategies, particularly for Etsy sellers.
We kick off the episode by discussing Professor Zane's background and his passion for understanding consumer behavior. He shares how his love for school and interest in psychology led him to a career in academia, where he focuses on the intersection of marketing and consumer psychology.
Professor Zane provides a comprehensive "Marketing 101" lesson, breaking down the essential steps for anyone looking to succeed in business, especially Etsy shop owners. He emphasizes the importance of understanding the marketplace, defining a marketing strategy using the STP (Segmentation, Targeting, Positioning) framework, and utilizing the marketing mix (the four P's: Product, Price, Place, Promotion). He stresses that building profitable relationships with customers is crucial for long-term success.
As we delve deeper into the conversation, we explore the impact of the COVID-19 pandemic on consumer behavior. Professor Zane highlights the shift towards authenticity and the growing demand for handmade products, which aligns perfectly with the ethos of Etsy. He shares insights from his research on how Etsy sellers can signal their enjoyment of creating products, which can lead to increased customer interest and willingness to pay more.
One of the key takeaways from our discussion is the surprising finding that many sellers tend to underprice products they enjoy making. Professor Zane encourages Etsy shop owners to communicate their passion and enjoyment in their listings, as this can significantly influence consumer perceptions of quality and value.
Throughout the episode, we also touch on practical strategies for Etsy sellers to convey their enjoyment within their product listings, especially since many shoppers may not engage with the entire shop profile. Professor Zane suggests using text, images, and videos to highlight the joy behind the creation process, making it relatable and authentic to potential buyers.
This episode is packed with valuable insights and actionable advice for Etsy sellers looking to enhance their marketing strategies and connect with customers on a deeper level. Join us as we explore the fascinating world of consumer psychology and its implications for your Etsy shop!
EPISODE DETAILS
Professor Danny Zane studies and teaches marketing at Lehigh University. Listen in as he shares fascinating consumer insights about the Etsy Marketplace and how many Etsy sellers have the potential to earn even more from their listings.
**“How to Sell Your Stuff on Etsy” is not affiliated with or endorsed by Etsy.com
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Where to find Dr. Zane:
Website - https://business.lehigh.edu/directory/daniel-zane
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HOW TO SELL YOUR STUFF WEBSITE: https://www.howtosellyourstuff.com/
HOW TO SELL YOUR STUFF SHOWNOTES: https://www.howtosellyourstuff.com/blog/157
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