Have you ever thought about running a one product business?
For some dropshippers, it’s a simple formula for success.
So stick around, cos we’re going to break down that formula for you today.
Hi world how goes it, it’s Mark from Oberlo.
Welcome to Show and Sell.
Usually in this series we take a look at a product niche and the ways in which merchants
can sell in that niche.
But not today.
Instead we’re going to talk about how to sell a single item with a one product store.
First we’re going to identify reasons why you may want to run a single product store,
and then we’ll explore how you can make that store a success.
Every entrepreneur is different.
Some might be awesome at running a general store.
But if you’re more suited to running a streamlined, straightforward outfit then you’ll probably
appreciate setting up a one product business.
It only takes one good idea for you to make it big.
And without the distraction of building a store for multiple products, and then managing
and marketing those products, you can focus all of your energy, attention and resources
into selling your one product better than anyone else.
I don’t want it to sound too good to be true.
Because there are challenges that come with setting up a one product store.
Unlike a general store, a one product business goes all in on a single item.
And that is perhaps the gnarliest challenge of them all,
how to find
that one product you want to sell.
So that seems like a good point for us to start.
There are five things to keep in mind when you go looking for great dropshipping product.
One.
It’s not easy to find elsewhere on the web.
Two.
It’s tricky for shoppers to guess the price.
Three.
It’s interesting enough to entice consumers to click.
Four.
It can be purchased by consumers with no need for any prior research.
And five.
It’s inexpensive.
A product price of $5 or less, including shipping, is ideal.
Using this criteria I searched the Oberlo marketplace for an example of what could be
a good dropshipping product for a one product store.
And I found this interesting solar-powered cranium-cooling accessory.
Right, I know this looks a little goofy but hold on.
It fits our five search criteria quite nicely, and there already appears to be a market for
this cap, as it has got multiple sales in the last month and six months.
And it has a couple of five out of five customer reviews.
On top of that, it’s novel, and pretty eye-catching, meaning it would make for a great product
to advertise in a video.
Let’s say you’ve also found your product.
What now?
Well, now it’s time to build a winning store that’s optimized to sell one product and
one product alone.
Shopify has a few store themes which are ideal for single product businesses.
Startup is one of those themes for one product stores or stores with small inventories.
This theme adheres to a golden rule of one product marketing: it provides merchants with
a powerful space above the fold for their product to immediately hook the user.
Above the fold refers to what is visible on the user’s screen.
In this context, it’s what is visible once a user arrives to your online store.
Anything below the fold requires the user to scroll.
A large hero image above the fold is a golden opportunity for single product store owners.
This is premium real estate to build your brand, highlight your promotions, and bring
your flagship product to life.
As you can see with the Startup theme, a hero image above the fold also works as a great
spot to allow your customers to order the product directly from the hero image itself.
It acts as a guiding hand, waving away distractions and enticing customers to fill their cart
and go to the checkout. ASAP
After all, it’s a one product store – there’s nothing else for customers to
browse for.
But hold up: we’ve gotten a little ahead of ourselves.
How do we even get customers to our store and interested in our solar powered ventilator
hat in the first place?
To do that, we have to get smart with social media.
Start by optimizing your Shopify store so that it can leverage the power of Facebook
to the max.
You do this by connecting your store to a Facebook Pixel.
And then run ads to drive traffic to your store.
Our ventilator baseball cap is attention grabbing enough to drive traffic to our one product store.
People are likely to want to find out more about this unique headpiece.
Once we generate traffic, the Facebook Pixel monitors what visitors do once they are in
the store.
The goal is for the Facebook Pixel to help you optimize your ad strategy.
With the data recorded by the Facebook Pixel, you can segment your store’s visitors into groups,
and then hit get those groups with hyper-targeted ads.
Do you like the sound of the Facebook Pixel?
You should do, because it is a powerful way of figuring out which customers are likely
to buy your product.
Try setting up a Facebook Pixel for your store.
We can help you do it.
Simply click this link right here and watch how to set up the Facebook PIxel in under
two minutes.
All right, your Facebook Pixel is operational.
You’re running ads, you're collecting data, and now you’re running even better ads
Pretty soon you should be getting some traffic and sales.
If not, Facebook has another way of helping you out.
Once you collect Facebook Pixel data on one hundred people from a single country, you get access to
the Purchase lookalike audience feature on Facebook ads.
A lookalike audience is an effective way to reach new people who are similar to your visitors
and customers.
You can use a lookalike audience to target a new market, or to simply find a new audience
in your existing market.
You create a lookalike audience based on the people the Facebook Pixel has already seen.
Facebook recommends that you build this base list for the lookalike audience out of people
who have made a purchase in your store, and not just every single person who has visited
your store.
This generally leads to better results for merchants who use lookalike audiences.
That’s because the Facebook Pixel helps bring traffic to your store made up of people similar to
customers and not just similar to store visitors.
It’s an effective, hard working Facebook Pixel too.
Around ninety percent of the time, lookalike audiences average a higher click-through rate
than other audiences on Facebook.
Have you thought about what kind of ads work best on Facebook?
I can tell you that the trend is pointing very clearly toward video, which is the most
popular medium for Facebook campaigns.
Facebook users spend 100 million hours a day watching videos.
And the clickthrough rate for video is as high as 57 percent.
It’s generally advisable to make your ads eye-catching and fun so as to encourage impulse
buys.
But if your product is not suited to impulse purchases you can make a functional video
instead.
After all, there is data to say it’s worth it.
Ninety-six percent of consumers said they find videos helpful when they are choosing
what to purchase online.
And here’s the kicker: nearly three quarters of consumers are more likely to buy a product
if they have watched a video explainer prior to hitting the checkout.
So this is definitely a medium worth exploring for one product stores.
As the merchant, you can focus your time and creative energy on making o ne hit video for
your product, you don't have to stretch resources to make multiple videos for multiple products.
Now I know not everybody has access to filming equipment, or maybe their product is not well
suited to video ads.
But there’s good news: good old photos are still popular, and are second best to videos
when it comes to attracting customers on Facebook.
If you’re considering a one product business but still need some convincing, then you should
read one of our merchant success stories.
Click the link in the description below.
This success story is all about how one dropshipper took a single product and turned it into a
six figure ecommerce business.
What one product would you sell in your online store?
Have you tried using lookalike audiences?
Let me know what has worked and what has not worked for you, and I will get back to you.
Thank you for watching this video.
Until next time: learn often, market better, and sell more.