Wednesday, 6 September 2017

Strategies that will help you succeed in your Dropshipping Business

In this post, I will show you how you can succeed in your Dropshipping Business in 3 Weeks!

It is very important that you must follow all of the following process step-by-step if you want to see results in your life and business. One of the most important secrets that you need to follow is: "Don't try to do anything that is Original when starting out".

Before we start talking about the strategies that will help you succeed when starting dropshipping business, let's get the basics clear:

What is Dropshipping?

You must have heard the word "Dropshipping" before, but have no clue of what Dropshipping means. Well, here it is:

Dropshipping is a low-risk business where YOU(Retailer) never actually own the inventory you are selling. In other words, you are the middle-man who actually sells the products in your website - and when you receive the order - you pass on the order to the dropshipping company. The dropshipping company will do all the required work for you - pick, pack and shipping to the customer. Your profit is actually the difference between what you charge the customers on your website - and what the dropshipping company charges to you.


Now, we will talk about the Strategies that will help you succeed in your Dropshipping Business. 

If you follow these steps, I am sure that you will be able to succeed in your Dropshipping Business in 3 weeks. They are as below:

Week 1: Product Selection

Week 1 is all about laying the foundation for a successful store. You want to pick a product category that will make you money - no matter what. 

As you can imagine, selling a product that is hot selling in the market, makes the rest of your work a lot easier. 

The Product Selection phase consists of two main steps. They are:

  1. Choosing a Product.
  2. Researching Suppliers.
Now, we will discuss in detail about the above two steps.

Choosing a Product:

A successful dropshipping product consists of three major points. They are as below:

  • Choosing the Right Price Point.
  • Getting the Right Target Market.
  • Brand Loyalty.

Choosing the Right Price Point:

In choosing the product with the Right Price Point, it is very important to choose products that price between $200 to $1000. This way, you can cover the processing, shipping and other miscellaneous costs.

This way, you will be able to cover your required profits which will become a LOT easier for you to make more money.

Getting the Right Target Market:

In getting to choose the Right Target Market, it is very important that you target the upper middle class families who earn between $100K - $200K.  Choose those products that appeal to them.

Both low income and ultra-high income class families, customers require more customer service. They tend to be less satisfied with the products - which can result in more returns.

Brand Loyalty:

It is very important that you must try to avoid selling products that have a strong-brand association with. Try to avoid selling products like Apple iPhones, Nike etc.. You will be competing with the big branded companies.

Researching Suppliers:

Once you have your product picked out, spend some time online finding out suppliers that drop ship that product. The best way to do is to "buy [your product] online". Then, look through the websites for stores that only drop ship.

You will know that they are dropshipping sites. The best way to do this, it to check the "About Us" and "Contact Us" pages. If they have a physical location, then they will mention it.

If they don't have a physical location - then you hit the jackpot! Because, if they are a drop shipping store - then that means all of their suppliers are willing to drop ship. 

When you find stores like these - copy all their suppliers into a spreadsheet for a later research. Repeat this process until you have atleast 20 suppliers that you know dropship.

Week 2: Build a Website

The next step is to build a website. You need to do this before researching out your suppliers. Building a website makes it look as though you are ready to start making sales. It is very appealing to potential suppliers.

The minimum requirements of a proper website are:
  • A functional website.
  • 10-20 demo products uploaded.
  • Contact Information.
In order to build this website, you can use different CMS platforms - Magento, Shopify and Wordpress.

One of the best ways to do an excellent job in building your website is - to check your competitor websites and model their strategies.

Your website does not need to have all the bells and whistles that this one does before you start selling. The main goal at this point is to get approval from your suppliers so that they can trust the credibility of your website.

Week 3: Start Selling!

Week 3 is the super-exciting week. If you have followed everything upto this point, then this week- you will be securing partnerships, generating traffic, leads and then start making sales.

Getting Dropshippers:

Now that, you have a great website in place - it is much easier to contact the different dropshippers and start negotiating the deals with them. Upon approval from the different dropshippers-  you can start to list the products in your website.

Get Traffic:

Once, you have listed a handful of products in your website, it is important to drive traffic to your website. One of the best starting points to drive traffic to your website is PPC (Pay-per-Click) Marketing. Upon a few test runs of the traffic flow to your website it becomes easier to analyze the traffic that is converting vs the traffic that is not converting. 

Some of the best ways to drive traffic to your website are: SEO, Social Media promotion, PPC, Native Ads, Solo Ads, Quora, Yahoo Answers etc..

With time and effort, you will be able to test split-test your traffic for conversion and focus on the traffic that is give your website sales and profit.

One of the best places where you can advertise your business is Google Shopping. Google Shopping is a very robust shopping platform where we can work on getting more conversions and sales.

Week 4: Increase your Promotions!

Congratulations on making your first few sales in the third week. Now, it is time for you to start making improvement in your results.

Some of the most important steps that you need to follow are:

  1. Continue to get approved by more suppliers so that you can offer more and more products.
  2. Increase your traffic sources.
  3. Optimize your store for conversions.
  4. Start selling related products.