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Syed Rahman

LESSONS FROM FAILURE

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I believe we can learn so much from our failure more than our success. I consider a store is a fail if I haven't been profitable after running it for months and spending thousands of dollars. Here are the lessons I compiled for you all to learn from.

LESSONS LEARNED FROM MY PREVIOUS FAILURES

 

PRODUCT:

  • Sell a product that really solves a problem. Not gimmicky solution that people are skeptical about.

  • Be 200% sure of the product before launching it. It NEEDS to meet these following criteria:

  • High Demand: People should say “I want this” or show engagement in the ads running.It should solve a problem that people are suffering from. 

  • Low Availability: This product should not be available in the local stores and other big brick and mortar stores like Walmart. It should only be available online. 

  • WOWFactor: The product functionality should be out of the norm and people should be taken back when they see the ad. 

  • Check products analysis in aliexpress dropshipping center.The trend need to be going up. 

  • Check google trends with keywords related to the product. 

  • The product should not be too expensive and it needs to have at least 3x margin. 

  • If the product can be paired up with another one in frequently bought together it make a great upsell.

  • Find products with high perceived value.

  • Create a bridge page similar to click funnels.

 

MARKETING:

  • When starting out stick with instagram promotions. They are cost effective and a great way to get traffic and collect data to your sites. 

  • Be careful with instagram promotion. It is really easy to find a page that doesn’t match your target audience location. A lot of indian instagram pages are cheap but advertising on them will only get traffic that is hard for conversion.

  • Once you have enough data move to Facebook marketing. You should have one or two purchases at least from the instagram promotion of $100 you can negotiate to 4 pages for $25 each. 

  • With Facebook marketing, have 3 different ad video with different 3 sec scroll stoppers. First test which video is the best in a PPE campaign.($60 budget)

  • Once the best video is chosen test 3 different thumbnails to choose which works the best. ($30)

  • Take the top 2 performing videos and create top 10 broad interests in your niche. Test out this 10 interests in a campaign.

  • At this point, you will have enough data and sales. Using the available data, launch a LAA. Create a CBO campaign and create as many top 1% US LAA ad sets in this CBO. 15 LAA is good target. Allocate $20 to each adset.

  • Take the top 3 performing LAA and create super LAA campaign. 1%,1-2%,2-3%,4-5%. 1 campaign for each of the following countries: USA, CAN, AUS, UK.

  • Use multi channel marketing. Take advantage of google ads.

  • Kill bad ad sets early. As soon you reach target CPP and you don’t have a sale. Kill it.

VIDEOS:

  • Use the cut-band aid method in video creation. Clearly highlight the pain point and follow up with how the product solves the problem.

  • Use people in videos that matches the target audience.

  • Be the one directing how you want your videos to be

  • Don’t rush the content creators to deliver fast. Emphasize quality over time. 

  • Make the ad similar to the competitor with their pain points addressed. For example, if the comment says “use old man to show the effects” then do that. 

  • Make revisions to the videos you created

  • Just make 1 video for each product. Then use animoto or filmora to test different leading clips.

 

STORE:

  • Create a solid brand name and logo for launching. At the beginning if you can create a logo at least come up with a catchy brand name.

  • Don’t just copy and paste the content. Model after high converting brand like HiSmile, FoxyBrows etc.

  • Take advantage of free app trials, especially abandoned checkouts and upsell. 

  • Create product offers. Buy 1 Get 1 Free..etc.

  • Combine different products together to create variants.

  • Don’t worry too much about conversion rate at the testing phase. 

  • Improve stores SEO score.

 

OTHER:

  • Set goals for the shop. Daily improvements add up.

  • Write down the strategy for the product.

  • Do Daily Finances Everyday to see how you are measuring up. In testing phase your goal should be with minimal loss, or breakeven. If you are spending a lot and not getting enough sales. Something is wrong with the ad or product or the page. DO NOT SPEND MORE MONEY UNTIL YOU FIGURE OUT THE ISSUE.

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