So throughout my time doing e-commerce I’ve introduced many people to the scene and it’s a common question that EVERY SINGLE PERSON has asked. They try to make a cookie cutter store with a “trendy” product and expect it to sell like hot cakes. Some times you’ll strike gold, but other times you’ll strike bankruptcy.
Here’s my steps to finding a winning product on a budget!
1) Survey the quality of product and size of the audience who will buy it.
2) Once finding 4-5 products, split test! (Audience, image, text, delivery, etc.)
3) Take the 2 best performing products and split test further.
4) Design/Theme your store around your winning product and up sell the 2nd and 3rd place products if they compliment your winning product.
1 a.) Quality of the product should be number 1! – Did this product hold up to shipping? – Is this product safe for my intended audience? – Is this product on par with competitors products?
1 b.) Audience Size – The larger the audience, the more you’ll need to spend on order to narrow that audience for a higher conversion rate – Facebook’s “Audience Insights” tells you the potential reach of different audiences (USE IT)
2) Split testing – testing different aspects of an ad 1 by 1 to find out what works and what doesn’t -Split testing never stops, the changes just become less drastic – Split testing generally doesn’t generate as much revenue but loads more data
3) Refined Split Testing – Push a larger budget to find out what product will perform better on a larger scale (after all scaling is where money is likely to be made) – YOURE INVESTING THE MONEY – data is not free. Let Facebook guide you, you can’t guide it
4) Redesign – Multi-Product stores don’t thrive in the e-commerce industry without fame – Focus on how to sell this 1 item better and better and the up-sells with happen naturally – Build this environment to make your PURCHASING audience comfortable
Let me know if this helps!