How Much You Can Earn From Dropshipping
What if I tell, you can earn over a million dollar from the dropshipping business.
I am not kidding, you can actually earn in a six figures revenue form dropshipping with right targeting and finding the right niche.
I have gone through the interview the multimillionaire dropshipper Fred Lam who earn millions in a year just by identifying his winning products.
Here are some outtakes from his interview,
Create Connection between Product and Customer
Fred said that it is really important that your customer feels a connection with the products.
He tried to target the niche of accessories such as jewelry, watches, wallet, etc. However, the focus of Fred was to create a connection between the product and the customer.
To achieve this goal Fred aimed for narrow targeting. Here how he did it.
Fled adopted the approach flex approach – narrowing your audience. The product that helped Fred to earn a million dollars in a year was this butterfly watch.
To narrow down his target audience he targeted those who have a keen interest in butterflies after that he made it narrower by targeting those who are interested in accessories.
This step gave him the potential customer base for his store and took his store earning in five figures in just the matters of days.
Continue data analysis
He constantly emphasized in his interview to focus on data and continue to analyze. Run ads and see the result as that is an effective way you will get to know what your audience is demanding.
By continuously running ads and taking insights into your ads, you will get to know about the products that your audience like or dislike.
Start eliminating the products that receive few or inadequate responses and increases the advertisement of products with good response. That is how you will find your winning product.
Switch Targeting from Narrow to Broad
Once you find your subscriber (those who like your page, response on your post or purchase from your store), you need to find out the lookalike audience, similar to your subscriber.
Facebook ads will do the job here and it is the time to do aggressive advertisement on the lookalike audience to get three times to return on sales.
The Facebook insight will help you to pick up more winning products. An average ad price that is recommended to spend on an ad is $5 dollar a day.
In that price with the help of click, impression, CPA (cost per acquisition) and CTR (click through rate) you will easily figure out what is working and what should take off from the listing.
Going for the lookalike audience will lower your risk of ad irrelevancy; it would make sure that the right audience is watching your ad.
This approach helped Fred to earn $6 million in one year.
In our channels there is interview published of a dropshipper Mr. Dishawn Smith who earned 0 to 30K USD in 30 days in his dropshipping business.
Check out his interview to get more ideas to earn money from dropshipping.