All you need to know about Shopify “Winning Products”: Small winners, Decent Winners, and Blockbuster Winners.
Each and every person who is involved in the Dropshipping business is concerned about that one winning product that could take their Dropshipping business to the next level. We all know that every Dropshipping business needs that one winning product in order for its growth.
You might have heard this statement thousand times that “All we need is that one winning product”. We come across this type of statements many times. We keep on hearing that our Dropshipping store’s success in just one product away. Today, in this article, we will discuss the importance of the “winning product” of your Dropshipping store and all its other aspects. This article will reveal the truth behind that one product.
We will specifically discuss the Shopify Dropshipping store in this article. We usually get to hear about the winning product in Shopify Dropshipping store. We will tell you how to recognize that one winning product as identifying that product will reap huge profits for your store. If you know what product can be a winning product for your Dropshipping store, you can create a huge impact on your business. A winning product will let you earn an amazing passive income on the weekly and monthly basis.
We will also break down some myths about the winning products in this article. Also, we will tell you what is a winner in the real sense. However, the first thing you need to keep in mind is that not every winner is created equal. This is a very important aspect to earn a credible income from your store. We have been testing thousands of products and we must tell you that not all winners are the same.
We are emphasizing on the fact that not all winners are the same because some winners will give you huge profits but on the other hand, some winners might not help you to reap good amount of profits. In order to save yourself from the second kind of winner, you must understand the nature of the products that you have.
We will tell you how to identify the ‘True winner’. This winner product will basically be able to scale and give you profits.
Facebook ads might end up giving you false positives that will ultimately make you spend a huge amount of money on ads. The first thing that you need to do is to go way above the budget that you were supposed to spend on a certain product or we can the winning product. This will cause a loss to your Dropshipping business. So, there is a need to prevent this thing from happening. In order to avoid such loss, you must focus on all the false positives. Preventing false positives is important in order to identify if the product that you are advertising is a true winner or not.
We will cover all of these winning products in this article. Keep on reading if you want to have a good understanding of these products.
There are basically three types of winning products:
- Small Winner
- Decent Winner
- Blockbuster Winner
The Blockbuster winners are everything that you need to know about. These are the actual winning products that can do some good for your Dropshipping business. People who tell you that you only need that one winning product is talking about these Blockbuster winners. Blockbuster winners play a very crucial role in the income of your Dropshipping store.
Due to so many myths circulating in the market, Dropshipping business might face some problems. The problem here is that when people get even a little sale from some particular product, they end up thinking that product as the winning product. However, this is not right. You might miss out on major strategies if you think in the same way. To analyze the nature of the product you need to be very quick and alert. You need to analyze that which product is which kind of winner and which winner is best out of all the products.
The first thing that you need to do is to sort out these three categories among your products. Sorting your products into categories will help you in making good strategies for your advertisements and Facebook ads.
Firstly, we will talk about the small winners. The small winners help you to get some sales during the time when your testing those products.
You might be wondering ‘’How to test products?’’ we will tell you all about it. If you want to know how to test small, decent and blockbuster winners then read on.
The first thing that you need to do is to create ads sets. For testing a single product, you might need to spend an amount of somewhere between $15 to $45. However, you need to keep one thing in mind that you don’t need to spend more than $25 to $35 on an average for testing one product. You might be doing something wrong if you are spending more than $30 for testing a product. You need to do a proper research on your sale charts in order to utilize your testing products for your income.
If you carefully follow the above method for testing, you can easily get a few sales on some of your products in the testing phase.
You might end up getting a few sales in the first testing phase i.e. when you are launching the first three AdSense. However, the sale of the small winner will ultimately decline in some time. Small winners may give you a few sales for a few days but you won’t get good results on your ads and your returns might decrease at a very high rate. By a few months, your returns will totally diminish and your entire campaign will be destroyed in no time.
You need to be aware of realizing this issue. We can not expect might from these small winners as they can only work for a little period of time say for a few days or one month at the maximum. They will give your profits for a few days and can not work in the long run.
You might not realize the importance of the decent winners but they play a crucial role in your entire journey of profits. Decent winners indeed help you in getting some profits by the time you don’t have your blockbuster winners.
In your whole Shopify journey, you might have to go through the huge amount of small and decent winners. It is very important to test all kinds of products to identify that one winning product. Some people might find the blockbuster winner in a very small amount of time and on the other hand, some people might actually test hundreds of products to find out that one blockbuster winner.
Decent winners play a very important role in your Dropshipping sales. They help you to get a few sales in the testing phase. The more ads you launch, the more sales these decent winners give you. You can easily keep a record of looks alikes and manual bidding for this kind of winners.
However, decent winners also help you for a few weeks. They might work well enough for 2 to 3 weeks or up to one month but they fizz out after that. You won’t be able to see any growth on your ads and returns. Your conversion rate might also go down after some time. Your sales will drop but you might get a few clicks and engagements. However, those clicks and engagements are of no use to you are not getting any sales.
You need to focus on when the sale of decent winners starts to decline. Once, decent winners stop giving your any sales, you need to shut down those ads. After that, you can focus on your next product. One thing that you need to note is that in order to get that blockbuster winner, you need to test more and more products.
These are the most important products that will help you to get maximum sales. They will work in every situation including your testing phase, when you launch a few ads, at the time of launching some manual bidding campaigns or when you scale internationally and you launch lookalikes. Blockbuster winners keep on working until your look-alikes become prominent.
These products will keep getting you sales over a long period of time. These Blockbuster winners are exactly what when people are talking about that one winning product. When you finally have one winning product, you can easily have profitable ads and campaigns for up to many months.
After identifying your blockbuster product, all you need to do is to handle your Facebook account manager ads. It takes about 30 to 40 minutes to check out the performance for the last few days. You need to keep a good account of the sales for the last seven days. You can alter your ad setting accordingly and increase your profits from the winners for a long period of time. This is how the winning product helps you to get profits.
It is very important to find out the true winning product.
Now, we will talk about the numbers and how do they add up. As we already said that you have to test hundreds of products in order to get small, decent, and blockbuster winner for your Shopify store. You can opt reverse competitor analysis, go for Facebook searches, you can also go for sources like peg star or shop genius for finding out that one winner. You need to find out as many products as you can that are proved to be profitable for other Dropshippers out there so that you can also test those products on your shop and actually find your blockbuster winner. By testing the products which are already working for other Dropshippers in the market, you increase the chances of finding a blockbuster winner for your own store and that too way faster. We will say it again and again that you need to find out a few small winner and decent winners before finding out the blockbuster winner.
We highly suggest you to at least keep a budget for testing a hundred products. You have to keep yourself ready to actually find the winner even if it takes hundreds of product testing. As we already told that some people might get the winner in a very small amount of time while some might take a long time.
We are asking you to test one hundred products because logically speaking, if your testing hundred products that are working for other Dropshippers, there are huge chances that you can find your Blockbuster winner very easily. You will need a budget of at least $25 to $35 in order to test one hundred products. You need to spend about three thousand dollars in total on an average.
Talking about false positives, we will tell you how they cause you loss of sales. Lots of people might have a budget for testing Facebook ads and they might end up getting a few sales. However, the one thing that they don’t realize is that this might actually cause you loss. You might be losing your money by testing these ads. If there are ads which give you very little sales, you need to close them and move on to other ads. You need to be very quick in realizing the nature of your products.
You always end up getting some small and decent winners if you spend a good amount of money. You may end up spending a lot of money in your testing phase that is why it is important to keep a check on the products which are getting you small sales. You need to keep on moving from one product to another in order to get that blockbuster winner.
This was all about winning products and how to identify them. In case you have some queries and doubts, you can write in the comment section below.
Content Source: Thanks to Braden Wuerch