Video Lesson 01: Brainstorm brilliant product ideas
Jessica tells us that we will be building a Niche Store, based on the Platinum Product Method.
However, in order for this method to work, our Product Research needs to be spot on. Product Research can make or break you...
Jessica advises us on which websites to look for best selling products and then she also interviews successful dropshippers who share what they look for in a winning product.
Jessica sums it up into the Five Pillars of Success. These tips are extremely helpful and will definitely narrow down your field of prospective products.
To help you along, Oberlo has included a Product Research Spreadsheet. Jessica then shares some techniques to help us find our first 20 products, using Amazon, Wish, Etsy and a few others.
Just be warned though. It's not as easy as it looks to find prospective products. And this is just the first step to finding possible products for our store.
Jessica leaves us with some homework to do - we have to populate our Product Research Spreadsheet with 20 products... It took me just over an hour to compile a very "quick" list that ticked most of the boxes.
My advice - It helps if you have a niche in mind already, but don't focus on just one. Try to have at least two so that you cover all the bases and limit the chance of being too emotional when making a decision. It's all good and well that you love underwater welding, but does that mean there is a niche for selling products related to it...?
Total video length for Lesson 01: 26 minutes 36 seconds
Video Lesson 02: Choose winning products for your store
Jessica states that; "Great entrepreneurs are defined by their EXECUTION, not their ideas...", which is why we learn how to execute in this lesson. At the end of this lesson, Jessica promises that we will know which products we're going to sell in our store.
The key here is that you need to be passionate about your products.
Jessica then gives some golden advice - check that your product does not violate Facebook Advertising Policy. FB is pretty strict on what it allows you to advertise. You can check their Ads Policy here. It's good to go through it - for example, you can't advertise before and after pics, nor surveillance equipment...
The we head off to Google Trends for some tips on whether your products are trending or not, whether their seasonal only, or whether they have dropped off the radar. Jessica shares some truly insightful tips here.
Just remember that Google Trends show you data based on product searches - so if you have a new product, it won't show, which is why we also use FB Ads for product evaluation.
If a product has high engagement, it has great potential BUT the niche will be very competitive. Jessica says not to be scared of the competition as competition is a healthy sign that there are lots of customers which means the product has lots of potential...
It's true that in the digital world, you don't necessarily have to compete with the guy across the street. Your success of failure will be determined by your Product Research, and your Marketing. More on that later...
Total video length for Lesson 02: 23 minutes 12 seconds
Video Lesson 03: Find trustworthy suppliers
Jessica starts the lesson by mentioning something very important: "...This isn't easy."
I hope you didn't get sold on the dropshipping lifestyle that many of these courses advocate - this is not a get rich quick business model where you run a business for only a few minutes a day off a laptop, sitting on a beach drinking cocktails. Anyone that sells you this dream is a liar. That's the simple truth. Just like EVERY other business, you're going to have to work hard at it to make it a success.
Jessica shows an interview with Paul Lee, who also reiterates that a successful dropshipping business requires hard work and perseverance.
The goal for this lesson: to have inventory for our store set up.
Jessica shows you how to quickly open an AliExpress account. Then, using your Product Research Spreadsheet, you search for each of your 5 chosen pillar products. Once you have your 50 000 results per product (:-)), Jessica shows you how to find the best possible suppliers.
Jessica offers seven criteria to look for when finding a good supplier.
For our convenience, Oberlo has included a Supplier Research Spreadsheet for us to use in narrowing down our product suppliers list.
Lastly, Jessica orders a product to show you how the process work.
These are good tips, but I have found that looking at the Store Ratings, are much more important than the number of orders. You might have a brilliant supplier, who has recently added the product you are interested in to his catalog - if that's the case, you might miss a good supplier simply because he hasn't sold the most uniths of that specific product yet...
Total video length for Lesson 03: 29 minutes 24 seconds