Dropshipping is one of the sought-after ecommerce businesses and one of the easiest online business idea to start in this era. Almost one-third of online retailers have adopted the dropshipping business model for fulfillment.
It is hands down the easiest gateway to set up an ecommerce business without having to worry about inventory, product storage, and shipment.
However, most of the newbie dropshippers failed and considered it as a competitive and unprofitable business.
That is so not true. Dropshipping is still profitable and worth it. Nonetheless, it requires some marketing expertise and most importantly a winning dropshipping product to generate large profits.
Therefore, in this post, I am going to show you a proven process that can help you to find a winning dropshipping product and helps you to generate great revenue from your dropshipping business.
So, let’s begin.
Start with Narrow Targeting
The best place to market your dropshipping business is Facebook where it is most convenient to find out audience preferences.
For example, your product is a butterfly watch and want to target via Facebook advertisement.
This approach we would adopt here is called Flex Targeting – narrowing your audience. For butterfly watches, target those audiences who have a keen interest in butterflies, after that he made it narrower by targeting those audiences who are interested in accessories as well as in butterflies in the Facebook detailed targeting section.
This is just one product. If you have 20 to 30 items listed on your store; you will need in-depth targeting for your products.
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Don’t Assume – Analyze Data
There is one mistake that most of the dropshipper does; they assume.
They offer products that they like the most and that is how they get the first step wrong. Your audience will tell you what your winning product is; let the data do the talking.
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Find the Winning Product by Testing
To pick the product, you need to test your products to find out that one item that could get you seven figures in a year.
Well, finding your winning product from testing requires a bit of luck, but the key is being persistent. It could take 10 to 100 product testing or even more get you that one winning product.
The average ratio of finding out a winning product is 20 to 1, which is actually a pretty decent ratio.
Product testing continues from flex targeting. Once you run ads for your entire product with narrow targeting and you get the success that means you have found the right audience for your store. From here you can easily identify the winning product that gets the maximum clicks.
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Shift Your Targeting from Narrow to Broader
The second thing to do here is to go for broader marketing. This can be done after you get to know your target audience. By target audience, I mean those who have clicked on your ad, visited your website, or bought your product.
For broader marketing, you need to find out lookalike audience, similar to your subscriber. That’s where Facebook ads will do their job.
Facebook audience insight will also help you to pick up more winning products. An average ad price that is recommended to spend on an ad is $5 dollar a day.
In this price with the help of click, impression, CPA (cost per acquisition), and CTR (click through rate), you will easily figure out what is working and what should take off from the listing.
Going for the lookalike audience will lower your risk of ad irrelevancy, it would make sure that the right audience is watching your ad.
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Use Upsell
After finding out the winning product, use upsell to boost sales and scale up the earning.
Upsell works as the complimentary thing likes gums and chocolate present at the counter of the superstore.
In an ecommerce store, upsell works best on the exit page of your website. Let say your winning product is butterfly watches and your customer buys the watch and lands on the thank you page, offers him a discounted butterfly bracelet or locket.
Remember, if a customer is visiting your website and putting credit card information on your website that means he or she is inclined to make a purchase from your store.
The provision of discounted prices and coupons has to be planned earlier. Therefore, pricing strategy matters a lot here.
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Pricing Strategy
In the dropshipping business, 4x the cost of the product will help you to offers discounts and coupons in the future. Otherwise, it would give you an excessive amount to spend on advertisement.
By ordering the items from general dropshipping suppliers such as Aliexpress will cost you much lesser with free shipping that will allow you to go easily up to 3x or 4x the rate.
Offer Free Shipping
Free shipping always gives an edge to your product.
For instance, if the product is listed as $6.95 and a $3 shipping charge is applied, it will most likely turn away the customer and influence their purchase decision.
Instead, list the item’s price inclusive of shipping charges e.g. $9.95. It would help them make them feel they are getting a perk by shopping from your online store.
Wrapping Up:
Dropshipping is all about taking a chance, testing the market with trending products. I hope this post will help you in finding the best dropshipping product for your online business and target it to the right audience to generate revenue.
