Let us first discuss WHAT IS A WINNING PRODUCT?
If you are an aspiring dropshipper then you must have repeatedly heard this term in dropshiping industry as the whole business revolves around finding that one winning product which will make your campaigns insanely profitable.
So, WHATS THE CRITERIA TO FIND $10,000/MONTH WINNING PRODUCT?
Here’s the criteria that you show be looking for:
1. "WOW Factor" aka "Scroll Stopper"
The product should have some uniqueness which will make your customer say ‘wow’. It can be innovative or have a cool-functionality or design which will grab customers attention and stops them from scrolling. Usually the product is what causes the wow factor; however, your marketing of the product can also cause wow factor.
2. Not found in stores
It should be new and never seen before or unheard of.
3. Value Adding or Problem Solving
-
- Pain Killer: It should alleviate or solve not just real problems, it can be inconveniences. For example back pain, clogged drains, car scratches, etc
- Value Adder: Its should add value to something, time saving or make something easier or better.
- Saves time and effort (i.e. vegetable slicer)
- Provides massive benefits and convenience (i.e. mosquito killer)
- Ego/Vanity/Status/Luxury (i.e. car shine or ab stimulator )
- Emotional
- Which generates emotions like love, laugh, fun or sad (e.g. galaxy rose, mother daughter necklace)
- Exception: Viral Products or Trending Products (Unpredictable)
- Products with no inherent value, but are highly engaging or provoking (i.e. dog costume, fidget spinner)
4. Healthy Profit Potential
It should be new and never seen before or unheard of.
5. Healthy Profit Margins
You should be targeting a gross profit margin of $30 (product price- all cost). $20 profit is still decent but nothing below $15. Remember of goal is to have profit and high volume. Product price depends on its perception value and which in turn depends on the product quality, design, product photos etc. I suggest you to charge shipping as well for AOV <$50.
6. Marketability
- Easy to advertise
- Existing product photos and videos are available for making ad creatives (suppliers footage, FB & YouTube Videos,etc)
- Easy to Understand
- The products and its benefits should be self explanatory
-
- High Perception Value
- Good Design, elegant, professional branded looking photos and videos
- High Perception Value
7. Mass Market Appeal = Scalable
-
- The broader the market size, the more you can scale
- Can the product be sold to multiple audiences and niches
- For example, an car phone mount can be sold to car owners only but a pair of headphone can be sold to gamers, entrepreneurs, students, parents, etc.
8. Timing
This is something that most dropshippers do not acknowledge but its very important.
- This is technology adoption curve. A lot of winning products are in the “innovators” and “early adopters” stage. This is where you can make the most share of profits. Many gurus mislead you by suggesting to test products which is already working, do not reinvent the wheel and stuff like that. If you are doing the same then you fall into the “late majority” group where you complete with big dropshippers and all those beginners who are follow the same strategy and end up loosing money on ads as you all are competing for the same product and using the same creative. So be an innovators or early adopters. Look for untapped products, products which have low orders, little or no results on FB and research tools.
- Test forgotten winners: You can test or re-introduce an old winner after the laggards have stopped testing.
- Seasonal: Holiday, Festivals, Cultural, Trending
These are essentially the points that you should be focusing on while doing your product research. Do not just read, follow these steps and find your next winner soon.
