Dropshipping is a great solution for many eCommerce entrepreneurs. Dropshipping has its downsides, which are worth looking into. Andrew Egenes, Shoplio, has taken the time to weigh the pros and cons and analyzed the data and built an eCommerce company that is now worth millions of dollars in just a few years.
This episode features Andrew’s methods of determining whether a niche is profitable, his systems for working closely with drop shippers and many other topics.
Here’s what you’ll learn
- To create highly profitable partnerships with drop shipping suppliers, you should work closely with them.
- How to use data to find a profitable niche.
- These are the details that make a first day of business drool-worthy.
- Drop shipping business marketing with 95% paid media (even with small margins).
- To increase conversions, you can use self-paid warranty extensions.
What was Mentioned
- Andrew Egenes – Shoplio
- Drew Palmer – WeatherBalloons.net
- Peter Jeon – RelevantNails.com
This Week’s Winner
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Tammy, congratulations for getting your free guide. Watch out for your free copy of Beer, Food and Flavor in your mailbox. This book is a sophisticated guide to pairing beer and food. It will help you enjoy microbrews at your next dinner party. Thank you Tammy for your time and I hope you enjoy it.
Data is an integral part of any business in the 21st Century. It allows them to perform various operations, such as analyzing customer behavior.
We recommend the data-driven marketing approach if you want to start an online eCommerce shop and establish yourself as a brand.
You may be asking yourself, “What is data-driven market?”
Data-driven Marketing is a way to gather customer data and make predictions.
Data-driven marketing, in a nutshell is a way to understand the data you already have & get from customers, and then organize, analyze, and use it for future marketing campaigns.
We are a top Magento eCommerce company and have been creating responsive and customer-centric eCommerce apps. We are experts in all aspects of launching an eCommerce store.
You should also know what an eCommerce website costs before you launch it. This will help you plan your eCommerce store budget.
We will be highlighting some important steps to take before you start an eCommerce business.
Start an eCommerce store online using data-driven strategies
1. Get the traffic distribution for the entire idea
You must first determine if your idea is feasible in real life. You need to determine the market demand for your idea. To check the traffic distribution for your concept, you can use these tools.
Google Trends: This tool will allow you to see the market trend for your idea.
You can validate your idea by performing a thorough analysis with the tool above.
2. Choose the Playground
Once you’ve finalized your idea, there are many things you need to do in order to make it a reality.
If you sell green tea online, you will need to make many decisions. You must create a user persona.
You will need to answer the following questions in order to create a user profile:
What country would you like to target?
Who is the potential customer?
What price will tea be for customers?
What will happen to the supply chain?
Answering all of the questions will give you a clear picture about product development and a guideline for your marketing strategy.
3. Dropshipping or DIY
The next step after evaluating the playground is to decide how to distribute your product. You have two options here: either you purchase a warehouse/ distribution facility and invest in stock, or you can drop-ship your product directly.
This decision can be made based on your ability to manage things and the total margin of profit. You have two options here: you can manage the entire supply chain yourself or you can do effective marketing and dropship your products to the location you choose.
4. Before you launch the store, build the brand
This step will amaze you with the results. Search engines have given greater importance to brands in recent years.
The Ex-CEO at Google also stated:
Brands are the solution and not the problem. Brands can help you get rid of the mess.
If you want to be able to maintain your presence on search engines for a while, it is worth establishing yourself as an established brand. Your search engine traffic will rise as your brand becomes more popular.
There is no magic formula to instantly grow a brand. However, there is a strategic proven way to grow brands both personal and corporate.
There may be a question: What is the best way to do it?
You must be bold.
You must first establish your business within the corporate world.
5. Do Something Unique
You should be doing something different if you want to grow your brand quickly compared to your competition.
If you do the same thing as your competitor, people won’t switch to your brand.
These are some of the most unique ways you can grow your brand.
Establish a Newsletter
Email newsletters are a great way to market your business.
Email marketing is unlike any other marketing method. Email marketing can also be called a direct type of marketing, as it allows you to place yourself regularly in the customer’s email inbox.
This is a great place to offer discounts and coupons, promote new products and deals, and provide valuable information.
First, choose an email marketing platform. MailChimp and Aweber are some of the most popular email marketing platforms.
Next, choose a template and customize it. Finally, write the content for your welcome email. Don’t forget to include an email subscription option on the site.
Before you launch your website, you must set up an email subscription. You must send at least one email to anyone who visits your website and wishes to receive updates on when it launches.
Create a blog
A blog is another important tool to market products and services of your company. Blogs are loved by many people. You can reach them by creating a blog. You can inform people via the blog when your store is opening, what progress has been made, and offer discounts or offers.
A blog can be created alongside your website to address the needs and interests of the users.
Register your business on social media platforms
A strong social media presence is essential when you run a store online. You will also find your products online, so it is important to have a profile on these social media platforms.
You should use the same username across all social media sites. For instance, the Facebook profile is (www.facebook.com/brandname) should match with (www.twitter.com/brandname).
It is not a good idea to have a page on every social media site in the world. It is better to concentrate on the most popular platforms and create solid engagement with your audience.
Reach out to Influencers
YouTube, Instagram, TikTok are the most popular platforms for influencers. You can also reach out to popular creators via these platforms to promote your products.
These influencers will charge money to promote products/services through their videos. Your brand will be exposed to a wider audience if you promote your products through these influencers.
Make Facebook groups and go to LinkedIn
Place your products on platforms that other people do not use.
We recommend that you create a Facebook Group with a proper title. The group should be kept public. You can share important information about your business and your industry.
You can also join relevant LinkedIn groups and promote your products there. Your traffic will grow if people find your product/service useful.
Brands should feel personal, real and evoke emotions.
Your brand should be able to evoke different emotions in your target audience. How do you do this?
This is possible only if you can resolve issues at the user level, not at the brand or industry level.
If you sell green tea, you might consider naming your company Healthgenic.
Make pages on social media platforms such as Twitter and share relevant and unique news with your audience.
Quora also allows you to create a space and share articles about your company as well as the industry. You can also answer Quora questions and build a relationship with people by asking them questions.
Make a YouTube Channel
A YouTube channel is one of the best ways you can establish your brand. You can show off your products on this YouTube channel. You can also explain all details about the products and services your business offers.
To attract new customers, showcase testimonials from your customers after your brand has been successful.
Help customers to grow your community
There are many brands that publish new content online; but only a few spend the time to respond to the community.
Only a small percentage of people are willing to take the time to help the community. This will allow you to grow your brand faster than your competition.
6. Start your online store
Consider these important things before you release the final version to your eCommerce store:
- Simple Design
- Instant Search
- Navigation is quick and effective
- Different payment options
- Quick Checkout Options
- Add to Cart
- Add to Wishlist
- Video and Images High-Resolution
- Security and Safety
Finally, the data-driven approach to starting an online eCommerce shop will allow you to reap the following benefits:
- Enhanced Personalization
- Better Market Reach and ROI
- Quicker Segmentation
- Marketing Personalized
- Get Customer Insights