In the status quo, e-commerce dictates the overall state of selling. Gone are the days where people have to visit physical stores and pick out the assortment of goods that they wish to purchase and here are the days where the internet allows any person to choose what they prefer to have at a click’s notice. As entrepreneurs have been collectively trying to find ways to profit off of e-commerce, the dropshipping business model has never been more lucrative. As numerous successful entrepreneurs have shown, though it takes learning to start a dropshipping business, it is quite lucrative when it begins to sustain itself.
So a while back I decided to reach out to Cameron Conrad, a successful dropshipping entrepreneur, to hear his thoughts on what he believes are the five keys to success in running a dropshipping business. Cameron initially shares that he has had an entrepreneurial spirit throughout his life, as he began his business journey selling duct tape wallets back in elementary school, and generalizes his experiences to help budding entrepreneurs make their own transitions into dropshipping. Here are the specific keys that I learned from Cameron’s success:
Specialize in Particular Goods
You don’t want just to sell iPhone cases. You want to sell iPhone cases with the cutest dog on the back of them. Specializing allows you to compete in a smaller field and target in on a specific audience. The more stores specialize, the more successful they tend to be. Specializing in particular goods also has the benefit of allowing you to develop a competitive edge over your closest competitors. More often than not, it’s possible to outwork your competition just by ideologically offering a slightly more complicated product than they are, one that may be more custom-tailored to your targeted customer demographic.
Offer Amazing Customer Support:
As is true for all businesses, it is much easier to make a sale to a satisfied customer than to try to convince a new prospect to buy. If you treat your customers well, they are likely to spread the word and refer their friends your way. With top-notch service, you can build a business where repeat customers generate much of your revenue. Just as it is in normal customer engagement procedures, you want to take good care of your existing consumer base. Sure, it is appealing to expand the said base, but if you want to increase the lifetime values per customer, it is essential to prioritize customer relationship management.
It is important to understand that the first few months are the most difficult. You will struggle with doubts, run into website issues and will likely make no sales your first couple days. But, this is normal! Rome wasn't built in a day, and neither were any successful dropshipping businesses. As a result, it will take time to revise your strategies, both on what to sell and how to market your products. But in the long run, you’ll be able to have a good idea of what kind of products your consumers want and what they don’t - this kind of data would be invaluable to you going forming your next dropshipping ventures.
Test Like A Mad Scientist:
This is the true key to success. You test, test, test. Everything. You will soon find out what works and can put your full weight on that one thing. Finding what sells is much more effective than trying to pull teeth by something of sale your consumers do not want to them. Finding out what products your consumers wish to will in the long term allow you to make them happy, which ties back into the importance of effective customer relationship management, and will let you grow your audience much more efficiently and effectively.
Michael Jordan didn’t become the best basketball player of all time from taking days off. Put 1-2 hours at least per day into your Dropshipping business. When you do this, you mind is constantly thinking about the business, even when you aren’t by the computer. Thinking about your business for more than just your working hours will allow you to subconsciously develop strategies to improve your performance. Simply keeping your business in mind at all times will allow you to maintain the consistency in sales that will be integral to the success of your dropshipping venture.
With these five main keys to success, shared with us by Cameron, any budding entrepreneur can take a stab at forming a dropshipping venture. It is essential to keep in mind the essence of efficiency and consistently, and by being motivated, open to revising your marketing and selling strategies, and thinking long term, you’ll be on track to achieving great heights in dropshipping.