Fundamentals -­‐ Product Selection Physical Product System

Fundamentals -­‐ Product Selection Physical Product System

Bonus By Rachel Rofé, Stephanie Henry, Keith Dougherty, and Don Wilson Fundamentals -­‐ Product Selec2on " All right everybody, in this video, we're going to be talking about product selec:on. We just covered finding our niches, and we went a?er niches that have proven compe::on in that market. We're going to take that same logic and apply it to product selec:on. What do I mean by that? We're going to search popular sites for popular items, items that are already proven to sell. We are not afraid of compe::on, we talked about that last :me. I actually like going a?er markets that have other marketers already in them. Let the other marketers do the homework for you. Is there money there? I know there is money there if there is other marketers ac:vely promo:ng things. What I am going to do or what my goal is to be, is unique. I'm going to have a unique angle in the market posi:on my product in a very unique way, and that's what is going to make me stand out in the news feed. We're going a?er people who are scrolling on their news feeds. They are going as fast as possible, so you have to get them in what's called an impulse purchase. It's the candy bar at the check-­‐out lane, that last liHle thing that you pick up before you walk out the door. That's where we're going here, it's the same mentality, we have to go for as much impulse as we can. That's why something like a free plus shipping o?en works so well, because the angle is that the item is free and you just have to pay shipping, and it's only there for a limited :me. If you are a t-­‐shirt seller, that's why limited :me offer always works so well in your text. Limited is scarcely so you have to get them into that impulse mode, "I have to do it now, or it could be gone RachelRofe.com Page B2 forever." That's what we're going to be essen:ally doing with our products, we're going to be very unique. Not sold in stores will be a good text to accompany the products that we are going to go a?er. What we're going to do is find that unique product, and then review that product's pricing elsewhere in the market, because we don't want to outprice ourselves. We don't want to be much higher than the compe::on, you can be higher than the compe::on, but if you're 3X, 4X, it's not going to sell. There is logic behind pricing in the market. The impulse purchase will only get yourself far. There's two things you can do here, if you do one angle of free plus shipping, you can get unexpected higher conversion rate than you would otherwise if you put that item on retail. The reason for that is that impulse. We're going to have a lot in the advance videos talking about conversion rates focusing on how that affects your pricing model. Right now what we're going to do is kind of put ourselves against the compe::on, and see where we can fit in, and then we'll focus on really pricing that product later on. Let's actually go over the shoulder. Again, I'm not going to be reinven:ng the wheel here, you guys have probably seen these sites before, I just want to show the logic that I take when I'm doing this. WatchCount if you've never seen it before, is a great site that searches eBay for items that have lots of people watching them, people watching them shows intent for purchase. You poten:ally have lots of sales, and you can actually double check the amount of sales there as well. Let's go a?er something like ... We are going to s:ck with our firefighter theme, let's go a?er shirt. You can see real quick, how many watchers, how many per sales. The caveat here and the reason that we have the tool that's available on the upsell, is that you have sales but they're not necessarily sold in that fashion. Watchers are a great first look at finding something. One more thing, let's go find a necklace. Okay, so real quick you can see, here is a liHle pocket watch, here's a cross made of firefighter tools, that's preHy cool, let's take a look at that. This is preHy unique I would say, I probably can't even find this in RachelRofe.com Page B3 the market anywhere. The one thing here to realize is that there's only 27 available, and there is 34 sold. 34 sold is nice, but I think these are maybe handmade and ... Are all items custom-­‐made or? There you go, so, I think what you need to realize here is that this is not something we can pursue as unique as it is. We can't really pursue it if we don't have the manufacturing capability to serve lots of people. Going back through here. Here is a similar item, no, same concept, okay, so we will abandon that. You can start to see lots of unique items, but I was looking for some sales to happen there. Let's go back up here and ... check out this. This has a lot of sales, it has a good amount of watchers rela:ve to the market, we have more than 10 available with almost 500 sold. It's a preHy cool item, right? It's a pocket watch, and the price is cheap. We can definitely have some markup here available. What I would do from here is take basically Bronze Firefighter Pocket Watch, and take that over to Amazon. Let's go here, here is one for $69.95, $15, $25, $12.98, $5.99, this is probably more aligned with what we are actually selling here, and looks exactly like the item, but you have some in the teens and the twen:es. As long as the quality of your item is good, you have some opportunity here to sell this item at a markup. We can even do $14, $9.99. This is available for a free plus shipping as well if you do it correctly. You can see that it comes from China. Another thing to pay aHen:on here is, September 19th to October 7th, it is the 9th here today. So, that's a good window of a couple of weeks, but be aware of the shipping here, and then make sure to tell the people who are buying that this is how long it's going to take. This is a cool item and I think we're going to pursue it. What I want to do now is double check a bit on the item itself. Another thing that I can do besides Amazon is go to Google Shopping and put in that same search. Here you're going to find a bunch of things that are very similar to what we're selling. You're going to get a lot of deal site here. There are people, and your poten:al customers, are going to search Google Shopping as well. What's important for you to do is make sure you understand that you're going to have to posi:on RachelRofe.com Page B4 this correctly to make a sale. If it's very well known that it's a very cheap item, or at least you're going to have to up the perceived value of the item in certain ways that we'll discuss later on, to make sure that they know that it's ... they're buying this, possible it would have been more. That helps them jus:fy the price of paying maybe $9.95, or $14.95, so on and so forth, to make sure it's not just the item. We'll cover that in later videos. That's preHy cool, we basically listed this to a place where I would feel comfortable selling it. These are deal sites, but I'm going to go with Amazon here and put myself in the $9.95 to around $14.95 I think would be the max that I would do that based off of here. You can be slightly higher than some of these things, but not as high as obviously the higher quality items. You come in, in basically mid-­‐:er. Not down the low end, not on the high end, but right in between. Let's go to AliExpress. If you've never been here before, this is a great resource for you as well. You can probably find that item since it's coming from China, there is a good instance of that actually being sold here, and, check it out. Now we found it for $3.29, we've squeezed out some 81 cents more essen:ally than the eBay version. It's probably coming from the same loca:on. You can look around him ... The great thing about AliExpress is if you buy bulk, you actually can increase your margins quite a bit. You can ask the supplier to lower the price of the item that you're buying from him if you say buy a hundred or a thousand, or you can actually ask them what are their price breaks. Do you have price breaks at 50, do you have price breaks at a hundred, do you have price breaks at 150? Then you can try to hit those as best as possible when you're cufng orders. You don't want to leave that to, say, I got to wait two weeks before I order, but if you can :me it correctly when sales are coming in quite a bit, you might be able to op:mize your price breaks. That's cool, we found a cheaper op:on. What you want to do is just go in there and kind of look at the supplier, he's got a good feedback rela:vely. There's a lot of sales that have happened under the supplier, and a lot of feedback score that has rolled in. A?er all those RachelRofe.com Page B5 sales and feedback, he is s:ll at 96.9%. You can check out the feedback on the product itself, you have 163 orders with 100% of the buyers enjoyed this product, that's a great indica:on that this is a solid product. These pictures are what I would use on your eventual shopper flyer lis:ng, you can ask them for pictures or try to find some available on the internet that do not have the watermark. Lastly, eventually what you can do is double check anything that you buy once you're doing the high volume, this is the last step. Once you're doing the high volume, come over to Alibaba and see if there is any suppliers that are known here that weren't listed on the AliExpress, because AliExpress is the sister site to Alibaba. This is made for smaller orders, and then this is made for large bulk orders. What you need to understand is not all suppliers list themselves from here on to AliExpress, so you might be able to find somebody selling the exact same product at a much lower price. You can see that 10 cents here to $3, you cannot be able to buy it for 10 cents unless you're ordering a ton. That's just showing you the possibility. Once you're doing serious volume, that's a great opportunity for you to go a?er. We found something that's preHy unique, it's a necklace, it has high perceived value. You can go through here and any niche, and really look for something. Necklaces, shirts, all the things that have expression to them. People are wearing them to express themselves. Bracelets even like cool things like socks, hats, different types of things where people can wear the item, express their passion within a niche to other people around them. That's why shirts are so great, everybody needs a shirt and it's an outlet for everyone to express themselves, while a lot of physical products are in that same boat. If it's not on them, it could have to be on somebody else like a dog or something like that. That's why dog clothing, dog collars, things like that work very well as well, because it's basically an extension of the person buying the item ... or babies and things like that. Have that mentality when you're star:ng off. We're looking for unique things for people to wear to express themselves within that niche, and really make themselves different from everybody else who's RachelRofe.com Page B6 outside of that niche. PreHy cool, we're going to be going from here into targe:ng. We found our niche, we found our product, and now we're going to go a?er specific interest to go a?er. The important thing to do is never go from product to the niche. Don't waste your :me looking for the product or even crea:ng the product if you're doing t-­‐ shirts, and then going to find the niche. It's important to understand the size, basically the market, is it developed, are there people selling things there? It's important to understand that before you actually go into the targe:ng aspect and find your product as well. I will see you in the next video, catch you mate. RachelRofe.com Page B7