Getting Your First Sale Part 4: Shopify Dropshipping
Now we’ve come to the conclusion of the series!
And for this part, we will be discussing the last steps in creating a successful Shopify dropshipping store.
And what better way to do so than compiling the lessons we’ve tackled in the past few days and presenting an actual example of the hardships startups faced.
So without further delays, let’s begin…
How to Create a Successful Shopify Dropshipping Store
Facebook Ads Analysis
As we discussed in the previous series, evaluating the performance of our ads is essential to determine the overall status of our company.
And it is for this very reason that we can come up with better decisions regarding the affairs of our business.
In the video description above, you’ll see that the student made her first sale after spending over $300. It’s still pretty bad to some degree, but you also have to remember that it’s a common struggle all startup companies are facing.
If you’re experiencing any of them, take note that you’re not alone. And what matters here is that you don’t give up and keep pressing forward.
Defining KPIs and Killing Rules
Referring to our KPIs and sticking to them will help us save a lot of time, and more importantly, money.
Again, referring to the student in the video, you’ll find that she’s spending a lot on Ad Sets where she could’ve killed some of them earlier.
With this being said, it is important to note that you have to consider the cost per content view.
If you only got one content view for the longest time, and allow it to continue running and already costing you $7, then you might have just killed it earlier.
Again, always refer to your KPIs to be sure of the specific actions you have to take in order to prevent such a situation from occurring.
Critiquing Product Selections
As an entrepreneur, our main priority should be providing value to our customers and client.
And this includes how we price our items. As I emphasized in the previous series, you need to come up with a price that’s competitive.
In the video, we see that the price of that the necklace seems to be overpriced. For the cost, it also looks like a normal necklace.
Thus, it doesn’t come as a surprise that she’s not getting any clicks, right?
It was also mentioned that there’s an alternative product that’s 50% less than what she’s offering.
Understanding Facebook Ads Data
For this section of the instructional video, the basics of how to read and analyze data, and how you can utilize it to your advantage were also briefly discussed here.
Referring to the example in the video, you’ll also find products that there are super cheap items in here stocks but apparently not gaining any conversions.
For this reason, the price of the product is no longer the problem. But the issue may lie in the product.
If the products aren’t converting any clicks for long periods now, then you have to set limits in regards to the expenses you are willing to tolerate.
Like the example in the previous section, one item she has only had one conversion yet incurring a $7 cost. She should have quit the product at around $3 but allowed it anyway.
So yes, this is a glimpse of how essential data analysis is.
It is a must-learn tool if you ask me since you’re going to depend on analytics for business decisions. Therefore, it is an important factor in creating a successful Shopify dropshipping store.
Keep Testing Products
Advertising a product on Facebook Ads doesn’t guarantee any success.
And it is for this reason that you may have to test various products along the way.
It can be frustrating, I assure you that, but the important thing here is to keep moving forward no matter what.
Interest Targeting for Similar Products
You might be tempted to venture into a different niche if you feel that your products aren’t working.
Well, this isn’t a problem, really. But no matter what direction you turn to, just be sure that you stick to whatever plan you have constructed.
However, the advantage of trying out a different field of interest is that you widen your target market as well.
Don’t Give Up, Keep Testing
And the most important factor here is just not to give up!
As I repeatedly emphasized, dropshipping is still a type of business that you have to tend to and properly give attention to.
It’s not going to be easy, and you may engage in testing many times and fail. But never give up!
So that wraps it up!
I hope the information relayed in this article has given you ideas for creating a successful Shopify dropshipping store.
Thank you for the time! And I hope to see you in the following series that we’ll be making!
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