How do you know if your product is a winning product? What are the signs? This is what we shall be discussing in this article.
although this article is about knowing when a product is a winning product but is there really such a thing as a winning product?
I have built various dropshipping stores and I know from my experience that there is no such thing as a winning product. What we actually have is a “winning product strategy”. Meaning that you find the right products combined with the right marketing strategy and the right audience.
So “a winning product” should more correctly be known as “a winning product strategy” because you can have the best product but if you give it the wrong price tags, target it on the wrong audience and promote it on the wrong channels then it’s very unlikely that you’ll be profitable.
A winning product is therefore a good combination of the right product and the right strategy and that’s why we like to call it “a winning product strategy.
Now the question is, when you spent all that time, all that money and all that Efforts working on your product strategy yet your dropshipping store remains unprofitable! This situation can be very frustrating, so when do you know that it’s time to give up on that store and start something else? What are the signs for you to accept that the product strategy was a failure.. if you’re wondering the answers for these questions, check out this other article.
This post is good juice and it’s all about knowing when you’ve found that “winner” so here are the 3 most common signs that you’ve found a winning product strategy!
- Consistent sales;
The sales are consistent, you are not stuck in a situation where you made one sale this month and no sales for the next 6 months!
You keep getting consistent sales, through the days, through the weeks, through the month!
You can definitely build a dropshipping store around a trend and make money off it but one thing about trends is that it fades off!
A sustainable dropshipping product strategy is one that offers an evergreen product. This is a product that makes constant sales throughout the year.
Getting consistent sales is a good sign of a winning product strategy. It’s okay to make seasonal offers and promotions. for example Halloween, Christmass, Valentine themed offers and promotions but it’s also pertinent to be able to make sales outside the holiday season!
- Repeat purchases;
This is a huge indicator of a winning product strategy and a successful ecommerce store. If you have repeat purchases, it shows that the people who have once bought from your store are coming back to make more purchases!
It shows that you’re gaining loyal customers and you are making some sales organically without depending on paid ads to drive all your sales.
Loyal customers are often happy customers and happy customers become advocates of your brand. They refer your brand to others!
- Staying profitable
In Dropshipping being able to make sales does not always mean a store is profitable. You got to do the maths and minus your expenses, such as your marketing and web maintenance expenses from your gain and see what you are left with as profit at the end of the month.
Staying profitable is a good indicator that you have found a winning product strategy.
Conclusion
In this article we looked at the 3 most common signs to know that a product is a winner, more correctly put; the 3 most common signs to know that you’ve found a winning product strategy. The signs are consistent sales, Repeat purchases and staying profitable.
If you have any contributions or think we missed out on an important point, let us know in the comments!
