The ecommerce business model runs on products. That’s the fuel that drives the enterprise. And while the goal is to identify one product that you can sell for ever, that is not the reality. In today's cut throat environment it’s more important than ever to have an air tight, rock solid Product Testing System.
A system that works on autopilot with minimal inputs required from you, that can be delegated completely and that is self liquidating.
Self liquidating is defined as an asset that earns back its original cost out of income over a fixed period or a sales promotion offer that pays for itself by generating increased sales.
Said differently it means that your Product Testing System should be designed to at MINIMUM break even, in other words it shouldn’t cost you anything on average. Some products you test will be home runs and could make you a lot of money over a long period of time. Other products that you test might be a base hit or a double or a triple and some products that you test might strike out. But imagine how powerful you would feel if even when you struck out you didn’t lose any money!
This is HUGE and a lot of ecommerce store owners miss how important this one component is.
The tale of two stores.
Store A, let’s call him Confused Charlie, he doesn’t really know how to test products and he just kind of throws some mud up against the wall. Once in a while he hits but it’s not predictable and he spends a lot of time worrying if he picked the right product or the right niche or the right targeting. And because he loses money with most of his product tests he is extremely limited in how much he can test and in fact his first year in ecommerce he lost money the entire year. He was very frustrated and almost gave up.
Store B, Rockstar Ralph, he has a totally dialed in and has a bullet-proof product testing system that is engineered to be self liquidating. So Ralph is free to test as many products as he wasn't because he knows that he won’t lose money. Because he can test a lot of products he is able to find winners much faster and with his business operated with a very high degree of certainty.
Who would you rather be?
Well, I used to be Confused Charlie, my first year I almost quit and then finally I engineered what I believe is the ultimate Product Testing Strategy and I haven’t looked back over the last 6 years.
Here's what we cover:
1. Step by Step Product Testing System
2. How to NOT lose money (99%) of the time testing ecommerce products
3. Step by step system
4. What’s working now
5. Goals of the Ultimate Product Testing System:
Cost effective (can’t spend $$$)
Fast (want to know quickly)
Clear on “go/no go” (no zombie products)
6. Viral product offers
7. How to set up a product test in 30 minutes or less
8. Leverage Facebook pixel to test intelligently
9. How to pick your audience in 60 seconds or less
10. Solves the problems that plague most product testing systems:
-Difficult Facebook setup / architecture
-Have to give up profit to test at cheaper prices
-Stuck with Aliexpress and Chinese suppliers
-Don’t really know what creatives or offer or ad copy to use and if use the wrong one was that why the product test failed?
-Time consuming to research targeting in Facebook and what if the targeting was off, was that why the test failed?
-Total dependency on Facebook and being a rocket scientist with their ad platform
-Stuck with Facebook volatility
-Too many advertisers
-Wims of people on FB
-Outside events (super bowl / 911)
-Day of the week
Check out the video.
I release one of these most Tuesdays.
To your success!
Paul Bocco & the team at eStoreIncubator.com.
And if you’re interested in more training on ecommerce, dropshipping, business and mindset, check out our Case Study Training here: https://go.estoreincubator.com/case-study
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