I was just about to start testing a new batch of ecommerce products when I thought it might be a good idea to just record the process.
People put a lot of thought into selecting the right product. They're scared of losing money, (I guess we all are to a certain degree), and 'wasting' money on campaigns that don't make any sales.
Although this is a legitimate concern and I understand people not wanting to lose much money especially if you're trying to do this business from a country where the currency conversion isn't great but the reality is you have to get comfortable with burning money. Literally.
I can't put it any lighter than that. I try and be honest with my blog posts and cut out any fantasy depictions of how this business is just so everyone knows what they're getting into and can get into the right mindset.
At the start, you know nothing. I knew nothing. I read a lot of videos, went through a lot of courses but in reality, I still knew next to nothing.
The only way to solidify your learning and grow as an ecommerce entrepreneur is to spend money and learn from the data you get back.
You spend money on testing 10 broad products.
You test products that are toys, jewellery, books, figurines, outdoor, etc.
$10 test for each one = $100 cost.
You get 0 sales, you move on.
You spend another $10 on 10 products.
Another $100 spent but this time you make 2-3 sales on jewellery products.
Ok, let's investigate further.
You spend another 10 x $10 on 10 different types of jewellery items. They're similar to the one that worked for you.
You get 5-6 sales but are still in a loss.
At least you've narrowed down a selling niche.
Now it's a process of testing every product under this micro jewellery niche to see if one i scaleable.
You eventually find one that you spend $10 on and make 3 sales. Wooo!
Next day 4 sales, you bump the budget up to $30.
You make 10 sales that day.
Congrats! You now found yourself a profitable campaign. Now you begin to scale scale scale.
- Lookalike audiences
- Retargeting lists
- Website conversion ads
- Product variations
- Different countries
You make $3,000 profit by the end of that campaign.
Was the initial $400 - $600 you spent testing worth it? Of course! Overall you've made $3,000 - $600 = $2,400 profit!
This is how it works.
As you can see, there's just no way to tell which product will make you money till you spend money to test hence you need money to test/burn to learn.
Any real business requires you to get comfortable spending.
Back to Selecting Products to Test
Don't think much of this, if you feel like it will work, test it out.
My general rule is to find something that has is currently selling.
You can go to ebay and search under 'sold listings.
You can go to the oberlo app and see how many sales products have had in the last 30 days.
You can go to amazon and search the 'movers and shakers' section.
Hell, you can even ask your younger cousins if they know anything trending right now. The key is to just test test test. Spend money and find that gold mine.
All you need is 2-3 working products and you can scale them hard.
Overtime you will get comfortable with this as you trust yourself more. You know you will find a profitable campaign eventually so being a few hundred dollars down is no biggy.
But it takes time and money to get to that point.
As always, wish you guys the best!
PS - Sorry I haven't posted in a while,
I've been crazy busy with ecomuniverse, the forum seems to be growing quite fast and we're getting some members with impressive ecommerce numbers!
Here's what's been happening currently,
>> Join Here <<
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